In this section of our whatAsker.com we will address themes, definitions, influential currents and main events in Economics as a social science. Economics as a science is linked to the production of the material life of human beings , the first conscious act of survival and preservation of the species. Throughout this section, we will find fascinating articles that address everything from the primitive economic organizations created by man, to the most modern forms of production.
Economics as a science began to occupy a prominent place in the conceptions of human beings from the advent of modernity and the great changes in the forms of production. The massive production of merchandise produced profound social transformations in the lives of men and nations. Therefore, here you can find the different concepts that have had a determining influence on the economic direction of the countries . The work of men like David Ricardo, Adam Smith, Karl Marx, John Maynard Keynes and others, who to this day are the subject of debate.
The WhatAsker.com addresses, in this section, topics and advice dedicated to microeconomics, which have a strong impact on the domestic economy.
The oligopoly refers to a small number of offering products . The word is derived from the Greek and is formed from two different concepts: oligo, which means “few” and polio , which means “seller.” Being this way we can define the oligopoly as a market of “few sellers”. Each salesperson who is part of this process is very aware of the actions of others. The decisions that an … Read more
Economic indicators are a series of statistical data which allows a detailed analysis of the performance of the economy , regardless of the time studied in order to obtain a series of preventions about the evolution of the economy. What are economic indicators? They consist of statistical data that allow us to know the state of an economy, current or not. The measurement and interpretation of these … Read more
In economics, one can come across a multiplicity of economic indicators. Each of these can speak of the state in which the economy of a country or a region is located . One of these economic indicators , which is seen as one of the most significant worldwide, is the Gross Domestic Product, or by its acronym, as it is normally referred to, GDP . What is … Read more
The production costs are those costs that are a vital part to keep a number of services or projects. What are production costs? The production costs are those costs that a company must pay to maintain an enterprise, regardless of its type. Its characterization is one of the requirements to know the scope of the profits of a company. Definition Production cost function goals Elements of … Read more
Many times we tend to buy products or food in supermarkets that satisfy us up to a certain point, but after exceeding that satisfaction they cease to be ” priority ” or “lose satisfaction”. This can be measured by something called utility which we can plot the satisfaction from personal opinion about a product, good or service What is the utility? In simple words, utility in terms of economy refers to that satisfaction that occurs in a user when acquiring a good or product or contracting a specific service. At the same time it allows to measure the impact of a product and how … Read more
Better known as entrepreneurship , it is about starting all projects or ideas in order for them to become a reality. What is Entrepreneurship? Also known as ” enterprise “ , it is all process aimed at capturing some thought into an effective project. It consists of that procedure in which an idea or set of ideas is transformed , through a series of steps, into a concrete reality . Definition Entrepreneurship characteristics … Read more
As an economic concept, the consumer is the person, entity or organization that demands goods and services and is willing to pay for them. A more academic definition holds that it is any person who buys products or services to consume them. It is the final link in the entire production chain and, therefore, the final recipient of production. In marketing, the consumer … Read more
The group of inferior goods is made up of all those products that serve to satisfy basic needs . They are low-cost products and are intended for low-income consumers . These assets have the singular characteristic that they break with the Normal Law of Demand . This means that, as the purchasing power of the consumer increases, the purchase of these products decreases. In economic terms, inferior … Read more
The economy defined as complementary goods to all those products that need to be consumed other than complements. To satisfy a need, complementary goods can be two or more . Although their ratio is not 1: 1, these goods cannot act separately, at least to satisfy the most important need for which they were created or produced. These assets have a cross-relationship with each other. This … Read more
The luxury goods are all those who at cost or demand the kind of satisfying, are consumed by high – income individuals. These goods have a particularity with respect to the Law of Demand , since as the consumer’s income increases, their demand increases in greater proportion. What are luxury goods? Sumptuary or luxury goods are defined as those destined to satisfy needs that are above those … Read more