Month: <span>July 2021</span>

Economists prefer to differentiate normative economics (“what should be”) from positive economics (“what actually is”). However, much normative analysis (value judgments) are subject to change if facts or knowledge changes. Amartya Sen, a welfare economist, distinguishes between basic (normative) judgements that do not depend…

Both skilled and unskilled workers have seen a dramatic shift in the market. There is an increasing demand for skills, especially specialized skills. The United States has experienced a higher need for education. When a person’s educational attainment is measured, unskilled labor refers to…

“Per capita” is “per person.” It is a Latin term which more directly means “by the head”. This term is used to report an average per individual in statistics, economics and business. Per capita can be described as another way to say “per person”….

An investment philosophy is a way of conducting business necessary to make a profit from the investments made. It is the overall approach or way of looking at an investment and indicating financial future returns. In other words, it is how you choose to…

Telemarketing refers to the use of the telephone to create leads, make sales or gather information. Small businesses can find telemarketing a valuable tool because it is faster and more cost-effective than personal selling. However, it offers the same benefits as personal selling in…

The economic environment refers to all economic factors that influence consumer and commercial behavior. All external factors that affect the economy, both in the immediate market and the larger economy, make up the economic environment. These factors can have an impact on a business’s performance and…