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Back in 1879, Thomas Edison invented incandescent light bulbs. This wonderful invention made life a lot easier for people around the world. The compact fluorescent light bulbs are extremely popular because they last a long time and use about one-fourth the amount of electricity than the familiar standard bulbs.
Published by Cynthia Roberts 83 months ago in Economics | +13 votes | 9 comments
Poorhouses were funded by federal, state, and local taxes. They were residential institutions where indigent and unemployed people were committed before public assistance and social security benefits were available to the elderly, disabled, and needy. There were some benefits given to the poor, but they were unlike Temporary Assistance for Needy Families (TANF), Aid for The Permanent and Totally Disabled (APTD), or Aid for Families With Dependent Children (AFDC), three of the more current welf...
Published by Amy Russell 71 months ago in Economics | +9 votes | 6 comments
While some are living in luxury, billions are living very obscure life due to poverty. Remarkable Slum Areas in the World.
Published by Nobert Bermosa 72 months ago in Economics | +3 votes | 6 comments
What are the babies of the intertidal zone and how valuable is this part of the coastal ecosystem?
Published by Patrick Regoniel 75 months ago in Economics | +11 votes | 6 comments
Facts and information of the Industrial Revolution, Industrial Revolution inventions, women and child labor during the Industrial Revolution, technology and inventors.
Published by Tel Asiado 86 months ago in Economics | +13 votes | 4 comments
There are unimaginable riches that can be won from outerspace from near-earth asteroids and the solar system. The skill is already there what is lacking is the will.
Published by John Carter 78 months ago in Economics | +4 votes | 3 comments
Kmart and Sears closing stores. Kmart and Sears two cultural icons maybe on their knees.
Published by Jaz 73 months ago in Economics | +3 votes | 2 comments
Defination (Meaning) of Demand Demand means the quantity of a commodity demanded per unit of time at a certain price. Types of Demand, (a) Price demand means the quantity demanded at a certain price. (b) Income Demand means the quantities demanded at the various levels of income. (c) Cross Demand denotes the quantities demanded with reference to a change in price of some other goods.
Published by Gazu Lakhotia 81 months ago in Economics | +3 votes | 2 comments
Facts and information about the founder of modern economics, Adam Smith, and his famous economic theory, The Wealth of Nations, that laid the foundation for free trade and open market.
Published by Tel Asiado 86 months ago in Economics | +5 votes | 2 comments
The assumptions of Indifference Curves and their properties The indifference curve technique does not make use of the Marshallian concept of measurability of utility in quantitative terms. On the other hand, it is based upon the concept of scale of preferences and the ordinal measurement of utility. Utility is a subjective entity, a psychological feeling and is, therefore, not amenable to quantitative measurement.
Published by Gazu Lakhotia 81 months ago in Economics | +0 votes | 1 comments
Elasticity of demand and its practical importance The concept of elasticity of demand is not merely an abstract idea and of academic interest. Its practical importance is very great. (i) The concept of elasticity of demand is made practical use of by the Finance Minister and the monopolist. When the Government imposes a tax on a commodity, its price will tend to rise. But if the demand is very elastic, it will considerably fall when the price has risen. The result will be that Government will ...
Published by Gazu Lakhotia 81 months ago in Economics | +1 votes | 1 comments
Degrees of Price Elasticity of Demand A change in price leads to a change in demand. If price increases, demand contracts, and vice versa. But variation in demand is not always uniform when there is a change in price. In some cases, with a given change in price, demand shows a marked change, whereas in other cases the demand is not so responsive to changes in price.
Published by Gazu Lakhotia 81 months ago in Economics | +1 votes | 1 comments
Definition of the law of demand and the exceptions to the Law of Demand Generally the demand curve slopes downwards from left to right. Or, in other words, the higher the price of good, other things is remaining the same, the smaller will be the quantity normally bought. Similarly, the lower the price of a good, the greater will be the quantity normally purchased. This is in accordance with the law of diminishing marginal utility.
Published by Gazu Lakhotia 81 months ago in Economics | +4 votes | 1 comments
Basic Assumptions of Marginal Utility Analysis We shall first mention a few basic assumptions on which the marginal utility analysis is based. We shall see later how the marginal utility analysis has been criticized on the ground that the assumptions on which it is based are unrealistic or invalid. The following are the main assumptions:—
Published by Gazu Lakhotia 81 months ago in Economics | +0 votes | 1 comments
Practical importance of the law of Diminishing Marginal Utility The law of Diminishing Marginal Utility has enormous sensible importance. It is used in the discussion of various aspects of economic theory. For example, it is applied to the discussion of the theory of value. The law of Diminishing Marginal Utility furnishes the basis for the law of demand which together with the law of supply influence the determination of value
Published by Gazu Lakhotia 81 months ago in Economics | +0 votes | 1 comments
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