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What is true in the feudal system?
Feudalism was a system in which landowners pledged loyalty to more powerful landowners, becoming their vassals. The majority of people were peasants, farm...
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What is goods and services in business?
Goods and services are the outputs offered by businesses to satisfy the demands of consumer and industrial markets. They are differentiated on the basis o...
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What was the cause of the recession in 1937?
The 1937 recession occurred during the recovery from the Great Depression. According to the literature on the subject, the possible causes of that recessi...
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What can cause a parallel outward shift of the PPF?
A production possibility frontier (PPF) illustrates the combinations of output of two products that a country can supply using all of their available fact...
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Why is it important for business to consider economies of scale in its operation?
This practice helps individual stores gain collective buying power and reduce average unit costs. Economies of scale result since each business owner redu...
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What is the growth rate of real GDP year 1 to 2?
For example, if real GDP in Year 1 = $1,000 and in Year 2 = $1,028, then the output growth rate from Year 1 to Year 2 is 2.8%; (1,028-1,000)/1,000 = . 028...
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What type of economy is a socialist economy?
A socialist economy is a system of production where goods and services are produced directly for use, in contrast to a capitalist economic system, where g...
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How has the development of technology affected the UK economy?
The UK’s digital tech sector continues to accelerate faster than the rest of the economy, according to Tech Nation 2018. Turnover of digital tech companie...
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What contributes to Brazil economy?
Brazil’s Income Decomposed Decomposing Brazil’s income, we find that it is derived from the following three sectors: agriculture, industry, and services. ...
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What domestic problems did the new nation face?
Internal problems, especially with taxes and the economy, led to protests and rebellion. The government also had trouble with foreign trade and treaties. ...
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