public affairs
What is sociocultural context?
The social environment, social context, sociocultural context or milieu refers to the immediate physical and social setting in which people live or in whi...
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Public Affairs
public affairs
What are the important role of entrepreneurship in the economy and economic development?
Entrepreneurship is important, as it has the ability to improve standards of living and create wealth, not only for the entrepreneurs but also for related...
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public affairs
Why do governments provide private goods?
The majority of the goods and services consumed in a market economy are private goods, and their prices are determined to some degree by the market forces...
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How much did the original refrigerator cost?
1920’s – The invention of the electric refrigerator The first ever electric refrigerator was invented by General Electric in 1927, costing each eager home...
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public affairs
What was a major cause of US prosperity in the 1950s quizlet?
An increase in economic activity, increased consumption, the growth of suburbs, and growth in agriculture all happened in the late 1940s and 1950s as a re...
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public affairs
What is the difference between ordinal utility and cardinal utility explain why the assumption of cardinal utility is not needed in order to rank consumer choices?
What is the difference between ordinal utility and cardinal utility? Cardinal utility is not needed in order to rank consumer choices because economists ...
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public affairs
What determines how money moves through the economy in the United States?
Monetary policy is controlled by the Federal Reserve. That banking system is guided by the Federal Reserve Chair Jerome Powell. 9 The Federal Reserve too...
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public affairs
What type of fiscal policy is used when unemployment is a problem?
The goal of expansionary fiscal policy is to reduce unemployment. Therefore the tools would be an increase in government spending and/or a decrease in tax...
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public affairs
What two major inventions led to the globalization of production and world trade apex?
What two major inventions led to the globalization of production and world trade? Railroads and steamships led to the globalization of production and worl...
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public affairs
What was the Embargo Act and why did it fail?
Jefferson’s embargo was a major failure because in his attempt to force the English to recognize the U.S. as an equal partner to the high seas by denying ...
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