Search results
Nov 11, 2014 · Economic development can be best described as policies, programs, and activities designed to increase communities' quality of life and well-being. Economic development can be classified into...
- Help Center
© 2008-2024 ResearchGate GmbH. All rights reserved. Terms;...
- Help Center
Economics Defined - Economics is the study of the allocation of SCARCE resources to meet unlimited human wants. Microeconomics - is concerned with decision-making by individual economic agents such as firms and consumers. Macroeconomics - is concerned with the aggregate performance of the entire economic system.
- Supply and Demand
- Market Demand
- Willingness to Pay
- Conjoint Analysis
- Cognitive Biases
- Key Strategies
The relationship between supply and demand sits at the heart of most economic theory, for a simple reason: They are inextricably linked. The law of supply and demand can be explained as follows: When supply of a good or service exceeds its demand, prices will fall until an equilibrium is reached. Conversely, when demand for a good or service exceed...
In order to effectively develop, market, and sell your product or services, you must have a firm understanding of the market demand that exists for them. This is particularly important in the earliest stages of launching your business or product, as you decide whether or not it’s likely you’ll achieve a positive return on investment (ROI) for your ...
Willingness to pay (WTP)is the maximum price a customer is willing to pay for a product or service. These prices can also be a part of a scale or range of prices, depending on the differences in the customer population. Because your customers’ willingness to pay will impact everything from the features you include in your product or service to the ...
If you want to dive deeper into demand for specific product features, you need to know conjoint analysis—a statistical approach to measuring consumer demand for specific product features. This tool will allow you to get at the surprisingly complicated feature and price tradeoffs consumers make every day. For example, imagine you work at Apple Inc. ...
There are hundreds of examples of cognitive biases that affect customers’ decision-making processes, and as such, are useful to understand in an economic context. For example, there may be an element of your product or service that clashes with a belief or assumption a potential customer has. Being able to listen, understand, and address these conc...
Business strategy is a field in and of itself, but because many business strategies directly tie back to economic performance, it’s important to understand key strategies at a high level. Some of the most important tools and frameworks to understand are Porter’s Five Forces, SWOT Analysis, and Core Competencies.
Mar 4, 2022 · Using the framework of Polanyi, I show that the mainstream view of development, based on a formal definition of economics, has not only failed to address the needs of many but also built a strong imbalance between the Global North and the Global South.
We take “economics” to include the study of various social phenomena in economics and related fields, such as political science, finance, decision theory, game theory, and so forth.
When they see an economic issue or problem, they go through the theories they know to see if they can find one that fits. Then they use the theory to derive insights about the issue or problem. Economists express theories as diagrams, graphs, or even as mathematical equations.
People also ask
What is a vision for government?
What if there is no consensus vision for government?
What is a substantive vision?
How important is an articulated vision for government?
Should economic development be redefined as a human economy?
What is a long-run view of the Phillips curve?
Behavioral economics gathers insights from numerous disciplines including economics, psychology, sociology, anthropology, neuroscience, and biology to determine and predict how people actually make economic decisions.
