Conglomerate
A conglomerate refers to a large corporation or company that owns and operates multiple diverse businesses across various industries.
Microeconomics
The brand of economics that looks at the behaviour of individuals and businesses. In other words, it examines how consumers and businesses react to changes in variables. For example, how do consumers react to price changes and how does quality affect this decision making.
Eminent Domain
Eminent domain is the legal power of a government to expropriate private property for public use, accompanied by the requirement to provide just compensation to the property owner.
Checks and Balances
Checks and balances is a system that prevents the concentration of power by distributing and restraining the authority among different branches or entities.
Quantity Demanded
Quantity demand refers to the specific amount of a good or service that consumers are willing and able to purchase at a given price and within a particular time period.
Giffen Good
A Giffen good is an unusual type of inferior good in which an increase in price leads to an increase in quantity demanded, contradicting the typical inverse relationship between price and demand.
Inferior Goods
Inferior goods are products or services that experience a decrease in demand as consumer income rises, typically due to the availability of higher-quality alternatives.
Market Penetration
Market penetration is a strategic approach aimed at increasing market share by entering or expanding within an existing market through aggressive pricing, promotional tactics, and improved product or service offerings.
Elastic Demand
Elastic demand refers to a situation where a change in price results in a relatively larger change in quantity demanded.
Indifference Curve
An indifference curve is a graphical representation that shows different combinations of two goods, each providing the same level of satisfaction or utility to an individual.
Unit Elastic
Unit elastic demand refers to a situation where a change in price leads to an equivalent proportional change in quantity demanded, resulting in constant total expenditure.
