What is Purchasing Power? Purchasing power refers to a family’s income or a currency’s ability to buy goods and services. A high purchasing power means that a household can purchase more goods and services while the inverse happens when a household has a low purchasing power. There are some factors affecting purchasing power, like inflation,…
Ano ang Pangangailangan at Kagustuhan? Ang pangangailangan at kagustuhan ay dalawang salitang madalas na ginagamit sa pag-aaral ng ekonomiks. Ang pangangailangan ay tumutukoy sa mga bagay na kailangan ng tao upang mabuhay at mapanatili ang kanilang kalusugan, kaligayahan, at kaayusan. Ang kagustuhan naman ay tumutukoy sa mga bagay na hindi naman talaga kailangan ng tao…
Outsourcing is to obtain the service or product of another company or individual. It means that you are contracting work outside of your company. Its main purpose is to lessen the burden of work of a company so that they can focus on what they think is the most important segment of production. An example…
Development often refers to the gradual change, advancement and growth of something or an activity When it comes to socio-economic development, development is more associated with changes that bring about positive outcomes. But one person’s idea of what constitutes progress may be different from another’s idea of development might mean because they may measure progress…
What is the Industrial Revolution? The Industrial Revolution (c. 1760 – 1840) was a transitional period in Europe and America that focused on change in manufacturing processes, from the development of products by hand to the use of machinery and automation. This period is characterized by the rapid development in manufacturing and various industries due…
Definition of Mercantilism Mercantilism is a political and economic doctrine that aims to improve national development and strengthen state power by doing the following: Mercantilism became popular in Europe in the 17th century, especially in the countries of Britain, France, Spain, and Germany, where it became their main political and economic ideology. Brief Explanation of…