Microeconomics

Social Capital Definition

Social Capital Definition

Social capital refers to the links and bonds formed through friendships and acquaintances. These links can form through friendship groups, i.e. knowing a friend of a friend.

Coase Theorem Definition

Coase Theorem Definition

Coase theorem is the idea that under certain conditions, the issuing of property rights can solve negative externalities. For example, when a farmer…

Regressive Tax Definition

Regressive Tax Definition

A regressive tax is where the tax rate falls for those who are in higher income brackets. In other words, lower-income households face a higher tax rate – as a percentage of their income – than higher-income groups.

Consumer Goods Definition

Consumer Goods Definition

A consumer good, also known as a ‘final good’, is the end product a business produces and is purchased by the consumer. For example, microwaves, fridges, t-shirts, and washing machines, are all examples of consumer goods. They are final goods that the consumer purchases.

What are the 4 types of economic goods

What are the 4 Types of Economic Goods

An economic good is a product or service that is provided to meet the needs and wants of consumers. When we want to purchase something, we go to the store on log in online and exchange money for it.

Importance of Entrepreneurship

Importance of Entrepreneurship

Entrepreneurship is the act by an individual to start and develop their own business. This involves the willingness to take risks in the hope of profit. We can look at the founders of Microsoft, Bill Gates and Paul Allen, as entrepreneurs. They both invested both time and money into starting and developing Microsoft.

Corporate Social Responsibility Definition

Corporate Social Responsibility (CSR) Definition

Corporate Social Responsibility (CSR) is a type of corporate strategy that looks at how the business can better society as a whole. These can target moral issues such as environmental protection and animal testing, to more ethical acts such as charitable fundraisers.