Chapter 4.1 – What is demand? Demand – combination of desire, ability and willingness to buy a product Microeconomics – part of economics that studies small units, such as individuals and firms An introduction to Demand Market economy – economic system in which people and firms make all economic decisions Demand schedule – a table…
MERCOSUR is an economic and political union formed in 1991 by Argentina, Brazil, Paraguay, and Uruguay to promote the free movement of goods, services and people among member states. MERCOSUR’s primary interest was to eliminate obstacles to regional trade, such as high tariffs and income inequalities. In 1994 the MERCOSUR countries also established a protection…
Political Subsidies and mandatory blending have created an artificially rapid growth in biofuel production, worsening some negative impacts. Existing policies have had a limited effect in achieving energy security and climate change mitigation and therefore need to be reviewed. Government incentives and support for biofuels have been largely guided by national or regional interests rather than a more global perspective. There is…
The basis of economics is not entirely on the study of economic trends, or on the efficient use of scarce resources to satisfy unlimited wants, it is also based on using this information to best meet the needs of society. If indeed this is true, the prospect of the privatization of our most important industries…
An academic thinker named Edward Fenton came up with the acronym PERSIAT. He wanted to find a way to structure intellectual analysis so that concepts and subconcepts could be quickly and properly classified. In the last few years, Fenton’s original concept has been expanded upon and the idea of Geographical analysis has been added. Currently,…