Public Goods Definition
A public good is a good whereby no individual can be excluded from benefiting from it. In other words, everyone can benefit from its use.
Macroeconomics
SWOT Analysis Definition
SWOT Analysis is a strategic management tool to help individuals and businesses identify their Strengths, Weaknesses, Opportunities, and Threats. These help identify the viability of a new project, business venture, or the existing competitive environment.
PESTLE Analysis Definition and Template
PESTLE analysis is a strategic management tool that businesses use to identify macro-economic factors that it needs to consider. The word ‘PESTLE’ stands for the six factors – Political, Economic, Social, Technological, Legal, and Environmental. Together, they form the basis for identifying key issues that may impact the strategic direction of the company.
Vertical Integration Definition
Vertical integration is where two businesses at different stages of the supply chain join together. Examples include Netflix, Zara, and Amazon
Keynesian Economics Definition
Keynesian economics is a school of thought that originated from economist John Maynard Keynes in the late 1930s. Its basic premise is that government intervention should be used to stabilize the economy.
Protectionism Definition
Protectionism is whereby nations aim to prevent or restrict the supply of goods coming into the country. In other words, it employs various tools to prevent international competition competing with local businesses.
Capital Markets Definition
Capital markets are where savers come to invest their capital in long term investments such as corporate debt, equity-backed securities, and government bonds.
Price Elasticity of Demand Definition
Price Elasticity of Demand (PED) measures how customers change their behaviour when prices change. In other words, it refers to the relationship between price and demand, and how demand reacts when prices change.
Foreign Direct Investment (FDI) Definition
A foreign direct investment (FDI) is where an individual or business from one nation, invests in another. This could be to start a new business or invest in an existing foreign owned business.
Absolute Advantage Definition
Absolute advantage is where a nation is more efficient at making a product than another. In other words, it requires fewer resources to make a final good or service.
