Month: <span>August 2021</span>

We start by defining the term capitalism. It refers to an economic system where private individuals and business owners own capital goods. Production of goods and services depends on the laws of supply and demand in the market, also known as a market economy–…

Marketability may be applicable to people or things. It applies to people. This is how we make them more attractive to potential clients or employers. A degree can help people increase their marketable skills. They believe that a degree will increase their chances of…

Win-win Strategy: a situation, Strategy, or negotiation where all parties benefit in one way or another – there are no losers. A win-win strategy, in which all parties are accommodated and have a common ground, in a conflict situation; all participants come out on top….

The Law of Increasing costs states production increases with higher costs. When all factors of production are at their maximum output, this is called a “maximum output.” If your increase in production goes from 50 to 100 units per day, the costs will rise….

Frictional unemployment or search unemployment as it is sometimes called refers to When workers are unemployed and searching for work in a stable healthy economy. It doesn’t matter whether they are fired or leave involuntarily. Others might be returning to work. It’s differentiated from other type of…

Market forces are the variables that affect the availability and price of goods and services in a marketplace economy With minimal government involvement. When supply decreases or demand rises, economic forces drive prices up and down. They also push them down when demand grows or reduces….