What does the economic term "market wage" mean?
The market wage is the price for labor determined by the labor market. The supply of labor is determined by the workers or employees. The demand for labor is determined by employers. The intersection of demand and supply determine the quantity and price of labor. In some markets, the market wage for labor is too low to support a suitable standard of living. Thus, the government has come up with "minimum wage" which is a price floor on the price of labor. This means that there will be more labor supply than demand. More workers will want the higher wage, but employers may not be able to afford to pay the higher wage, so as a result, there are less jobs available.
What does economics mean?
Hi XhunnyX. I hope you read all the answers from other people here.The opinions should give you a pretty good idea of what economics means.The viewpoints on this subject could go too far off topic to help you.Personally,I say ask him!You will be able to get past the fear of sounding dumb and start an interesting conversation which is what I think you really want to do.Ask what economics means to him which will allow you to learn something about him and his outlook for the future.Read more about the subject now that you have a better idea of what it means and you will be able to answer if he asks you a question. I hope this helps...let me know.
What does the term 'transfers' mean in economics?
In economics, a transfer payment (or government transfer or simply transfer) is a redistribution of income in the market system. These payments are considered to be exhaustive because they do not directly absorb resources or create output. Examples of certain transfer payments include welfare (financial aid), social security, and government making subsidies for certain businesses (firms). Transfer payments are a form of income to individuals for which no current good or service is expected in return. They differ from other payments to individuals for which either a service (including labor services) is performed in return for such payments or a good is exchanged. Transfer payments can originate from either business or government sources. Business transfer payments include corporate gifts to nonprofit institutions, payments for personal injury, and taxes paid by domestic corporations to foreign governments. Far more important, both in dollar terms and policy significance, are transfer payments originating from government sources.
What does the term 'premium' mean in economics?
It is the specified amount of payment required periodically by an insurer to provide coverage under a given insurance plan for a defined period of time. The premium is paid by the insured party to the insurer, and primarily compensates the insurer for bearing the risk of a payout should the insurance agreement's coverage be required.
What does economic vitality mean?
a growing economy where people have jobs, pay taxes, and are buying and selling goods and services. - low unemployment, less people on welfare, etc
What does economic status mean?
Hope this helps: http://www.macses.ucsf.edu/Research/Soci... - 42k
What does the term 'economically viable' mean? How do you tell if something is economically viable?
Economic viability means economic feasibility i.e. it should be able to secure financing – whether from public, commercial, or concessional sources – while having a positive impact on society and the environment. Avoiding the wasteful consumption of material resourcesFunding sources and profits earned must be legitimate and transparent.Projects should cover operating costs over their lifetime and generate an acceptable rate of return.Integration of the project into the wider economic framework of local, regional, and global monetary flows.Demonstrate flexibility to adapt to future changes of user needs, ownership, laws, regulations, and economic fluctuations.Robust economic models are sought that take unpriced external costs into consideration from the outset.Full utilisation of resources ( optimization)
What is the literal meaning of economics?
We all know what money is. We may have different terms for it—smackers, c-notes, dead presidents, Benjamins, bucks, bones, clams, dough, moolah—but money usually finds a way to overcome these barriers of dialect and speak to us all. Money is a medium of exchange in the sense that we all agree to accept it in making transactions. Merchants agree to accept money in exchange for their goods; employees agree to accept money in exchange for their labour As a unit of accounting, money provides a simple device for identifying and communicating value. How much is that bicycle? It’s $200. Without this convenient, readily understood unit of accounting, setting and communicating value would be difficult. How much is that bicycle? Well, less than a piano but more than wheelbarrow—I’d say that bicycle is worth about one third of a piano plus two backpacks and a small pizza.
What are ends and means in economics?
A basic definition of economics which states ‘economics as a science that understands human choices and responses to the limited resources'Ends = Human needsMeans = Available resourcesSuppose you have Rs.50 with you. But you wish to eat an ice cream or buy sweets or buy a chocolate or give to your sibling. Then you make a choice of your need by prioritizing your requirement and follow your choice accordingly with the same available resource of Rs.50 at that point of time.The choice that an individual make at any point of time differs from other.Let's say that at a time of festival, some more individuals make the same choice of buying sweets. At that time the equation of Demand and supply comes into picture, with the demand of sweets going higher. And with the supply of sweets(resources) remaining constant, the prices rise.Thus, as coined by Lionnel Robinson, economics relies on the fact that needs of humans is balanced with the available resources.