How were the North and South economies connected?
Abstract. For years, textbook authors have contended that economic difference between North and South was the primary cause of the Civil War. The northern...
Why do we use percentage in elasticity of demand?
Elastic demand or supply curves indicate that quantity demanded or supplied respond to price changes in a greater than proportional manner. An inelastic d...
What are primary secondary and tertiary economic activities?
The three-sector model in economics divides economies into three sectors of activity: extraction of raw materials (primary), manufacturing (secondary), an...
What were the two main reasons why the Malays opposed the Malayan Union?
The Malays generally opposed the creation of the Union. The opposition was due to the methods Sir Harold MacMichael used to acquire the Sultans’ approval,...
What is the difference between participating and contributing?
The words can be used interchangeably much of the time, but “contribute” has a wider meaning. When you “participate,” that necessarily implies working wit...
What can economists predict?
Economic forecasts are geared toward predicting quarterly or annual GDP growth rates, the top-level macro number upon which many businesses and government...
What is the purpose of a cashless economy?
Going cashless not only eases one’s life but also helps authenticate and formalize the transactions that are done. This helps to curb corruption and the f...
Why do higher prices ration goods?
The rationing function of the price mechanism The effect of such a price rise is to discourage demand, conserve resources, and spread out their use over t...
What is Kaizen innovation?
Kaizen is a Japanese system of incremental innovation, where employees are encouraged to make small changes in their work area on an ongoing basis. Althou...
What is the capital of Chile?
Santiago Chile/Stolice Explore Santiago, Chile, a thriving modern city. Santiago, capital of Chile. It lies on the canalized Mapocho River, with views of ...
