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There are many different types of economic goods in the marketplace, and consumers choose between them based on all sorts of dynamic circumstances. Click here for details.
Continue reading "Types of Economic Goods Vs Free Goods (with Examples)"
Examples of Giffen goods, where demand increases for good as its price increases are very rare. However, this is not just a theoretical possibility, read more.
Inferior goods are distinguished by consumers demanding fewer of them as their incomes rise; and many normal goods can become inferior at higher income levels.
Continue reading "Understanding Inferior Goods & how they impact the economy"
Normal goods are everyday items that consumers demand more of as their incomes increase. However, at some point, a normal good may become inferior.
Merit goods and demerit goods come with externalities, meaning that markets tend to over or under supply them, thereby requiring government corrective action.
Continue reading "Merit Goods & Demerit Goods Explained (with examples)"
In economics, Veblen goods are a subset of luxury goods, but they exhibit increasing demand when their prices increase. For real-world examples, click here.
In economics, complementary goods and substitute goods relate to each other in ways that the demand for one good is affected by price changes in the other.
Continue reading "Complementary Goods & Substitute Goods Explained (with Examples)"
Imported inflation refers to the increase in the domestic prices due to the rising cost of imported inputs, and a strong USD makes it worse for most countries.
Continue reading "Imported Inflation; how a strong USD exports inflation"
The marginal propensity to save is defined as rate at which saving increases as income increases. At the level of the economy, it has important consequences.
Continue reading "Marginal Propensity to Save Problems & Criticisms "
The marginal propensity to consume, in economics, relates to how much extra spending on goods and services results from an increase in disposable income.
Continue reading "What is Marginal Propensity to Consume? (Formula & Examples)"
Agreement on what a good unemployment rate is varies depending on circumstances, because a rate that is low is one thing, but sustainably low is another...
In economics, autonomous consumption refers to that part of consumer spending that occurs independently of disposable income i.e., it is funded by dissaving.
Induced Consumption has distinct meanings in both macroeconomics and microeconomics. It can relate either to the consumption function, or to consumer behavior.
Continue reading "What is Induced Consumption, and is it Good or Bad?"
Aggregate Expenditure is a concept from Keynesian economics; it is used to model how changes in the components of overall spending affect economic stability.
Continue reading "The Aggregate Expenditure Model Explained (with Graphs)"
The Keynesian Theory of Consumption underlies mainstream macroeconomic policy formulation with regard to stabilizing the economy. However, it has its faults…
Continue reading "The Keynesian Theory of Consumption Explained"