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Purchasing Power Standard
Purchasing power parity (PPP) is an economic theory that states that the exchange rate between two countries is equal to the ratio of the currencies' respective purchasing power. Theories that invoke purchasing power parity assume that in some circumstances (for example, as a long-run tendency) it would cost exactly the same number of, for example, US dollars to buy euros and then to use the difference in value to buy a market basket of goods as it would cost to directly purchase the market basket of goods with dollars. A fall in either currency's purchasing power would lead to a proportional decrease in that currency's valuation on the foreign exchange market. The concept of purchasing power parity allows one to estimate what the exchange rate between two currencies would have to be in order for the exchange to be at par with the purchasing power of the two countries' currencies
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Economic Theory
Economics
Economics
(/ɛkəˈnɒmɪks, iːkə-/)[1][2][3] is the social science that studies the production, distribution, and consumption of goods and services.[4] Economics
Economics
focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics
Microeconomics
analyzes basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the entire economy (meaning aggregated production, consumption, savings, and investment) and issues affecting it, including unemployment of resources (labour, capital, and land), inflation, economic growth, and the public policies that address these issues (monetary, fiscal, and other policies)
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Market Power
In economics and particularly in industrial organization, market power is the ability of a firm to profitably raise the market price of a good or service over marginal cost. In perfectly competitive markets, market participants have no market power. A firm with total market power can raise prices without losing any customers to competitors. Market participants that have market power are therefore sometimes referred to as "price makers" or "price setters", while those without are sometimes called "price takers". Significant market power occurs when prices exceed marginal cost and long run average cost, so the firm makes profit. A firm with market power has the ability to individually affect either the total quantity or the prevailing price in the market. Price
Price
makers face a downward-sloping demand curve, such that price increases lead to a lower quantity demanded
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Big Mac Index
The Big Mac
Big Mac
Index is published by The Economist
The Economist
as an informal way of measuring the purchasing power parity (PPP) between two currencies and provides a test of the extent to which market exchange rates result in goods costing the same in different countries. It "seeks to make exchange-rate theory a bit more digestible".[1] The index, created in 1986, takes its name from the Big Mac, a hamburger sold at McDonald's
McDonald's
restaurants.Contents1 Overview1.1 Variants 1.2 Limitations 1.3 Manipulation 1.4 Comparison issues2 Figures 3 See also 4 Notes 5 External linksOverview[edit] The Big Mac
Big Mac
index was introduced in The Economist
The Economist
in September 1986 by Pam Woodall[2] as a semi-humorous illustration of PPP and has been published by that paper annually since then
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Big Mac
The Big Mac
Big Mac
is a hamburger sold by international fast food restaurant chain McDonald's. It was introduced in the Greater Pittsburgh
Pittsburgh
area, United States, in 1967 and nationwide in 1968. It is one of the company's signature products.Contents1 History 2 Product2.1 Special
Special
sauce 2.2 Packaging3 Advertising3.1 Two all-beef patties slogan 3.2 1980s advertising 3.3 2005 advertising4 Variants 5 McDonaldland
McDonaldland
character 6 Museum 7 Nutritional values per geographical location 8 See also 9 References 10 Further reading 11 External linksHistory The Big Mac
Big Mac
was created by Jim Delligatti, an early Ray Kroc franchisee,[1] who was operating several restaurants in the Pittsburgh area
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Hamburger
A hamburger, beefburger or burger is a sandwich consisting of one or more cooked patties of ground meat, usually beef, placed inside a sliced bread roll or bun. The patty may be pan fried, barbecued, or flame broiled. Hamburgers are often served with cheese, lettuce, tomato, bacon, onion, pickles, or chiles; condiments such as mustard, mayonnaise, ketchup, relish, or "special sauce"; and are frequently placed on sesame seed buns. A hamburger topped with cheese is called a cheeseburger. The term "burger" can also be applied to the meat patty on its own, especially in the UK where the term "patty" is rarely used, or the term can even refer simply to ground beef
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Japan
Coordinates: 35°N 136°E / 35°N 136°E / 35; 136Japan 日本国 Nippon-koku or Nihon-kokuFlagImperial SealAnthem: "Kimigayo" 君が代"His Imperial Majesty's Reign"[2][3] Government
Government
Seal of JapanGo-Shichi no Kiri (五七桐)Area controlled by Japan
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The Economist
The Economist
Economist
is an English-language
English-language
weekly magazine-format newspaper owned by the Economist
Economist
Group and edited at offices in London.[2][6][7][8] Continuous publication began under its founder, James Wilson, in September 1843. In 2015 its average weekly circulation was a little over 1.5 million, about half of which were sold in the United States.[5][2]The publication belongs to the Economist
Economist
Group. It is 50% owned by the English branch of the Rothschild family
Rothschild family
and by the Agnelli family through its holding company Exor. The remaining 50% is held by private investors including the editors and staff.[9][10] The Rothschilds and the Agnellis are represented on the board of directors.[11] A board of trustees formally appoints the editor, who cannot be removed without its permission
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McDonald's Corporation
corporate.mcdonalds.com/mcd.html www.mcdonalds.com/us/en-us.html This box:view talk edit McDonald's
McDonald's
is an American fast food company, founded in 1940 as a restaurant operated by Richard and Maurice McDonald, in San Bernardino, California, United States. They rechristened their business as a hamburger stand. The first time a McDonald's
McDonald's
franchise used the Golden Arches
Golden Arches
logo was in 1953 at a location in Phoenix, Arizona. In 1955, Ray Kroc, a businessman, joined the company as a franchise agent and proceeded to purchase the chain from the McDonald brothers
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Perfect Competition
In economics, specifically general equilibrium theory, a perfect market is defined by several idealizing conditions, collectively called perfect competition. In theoretical models where conditions of perfect competition hold, it has been theoretically demonstrated that a market will reach an equilibrium in which the quantity supplied for every product or service, including labor, equals the quantity demanded at the current price. This equilibrium will be a Pareto optimum, meaning that nobody can be made better off by exchange without making someone else worse off.[1] Perfect competition
Perfect competition
provides both allocative efficiency and productive efficiency:Such markets are allocatively efficient, as output will always occur where marginal cost is equal to marginal revenue (MC = MR). In perfect competition, any profit-maximizing producer faces a market price equal to its marginal cost (P = MC)
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Tradability
Tradability is the property of a good or service that can be sold in another location distant from where it was produced. A good that is not tradable is called non-tradable. Different goods have differing levels of tradability: the higher the cost of transportation and the shorter the shelf life, the less tradable a good is. Prepared food, for example, is not generally considered a tradable good; it will be sold in the city in which it is produced and does not directly compete with other cities' prepared foods. Haircuts and massages are also non-tradable.[1] Price equalization[edit] Perfectly tradable goods, like shares of stock, are subject to the law of one price: they should cost the same amount wherever they are bought. This law requires an efficient market. Any discrepancy that may exist in pricing perfectly tradable goods because of foreign exchange market movements, for instance, is called an arbitrage opportunity
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Product Differentiation
In economics and marketing, product differentiation (or simply differentiation) is the process of distinguishing a product or service from others, to make it more attractive to a particular target market. This involves differentiating it from competitors' products as well as a firm's own products. The concept was proposed by Edward Chamberlin in his 1933 The Theory of Monopolistic
Monopolistic
Competition.[1]Contents1 Rationale 2 History 3 Vertical Product Differentiation 4 Horizontal Product Differentiation 5 Substitute Goods and Product Differentiation 6 Interaction between Horizontal and Vertical Differentiation: An Application to Banking 7 See also 8 References 9 External linksRationale[edit]Aisles in a supermarket
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Substitute Good
A substitute good is one good that can be used instead of another. In consumer theory, substitute goods or substitutes are products that a consumer perceives as similar or comparable, so that having more of one product makes them desire less of the other product. Formally, X and Y are substitutes if, when the price of X rises, the demand for Y rises. Potatoes from different farms are an example: if the price of one farm's potatoes goes up, then it can be presumed that fewer people will buy potatoes from that farm and source them from another farm instead. There are different degrees of substitutability
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Vada Pav
Vada Pav, alternatively spelt Vada Pao, Wada Pav, or Wada Pao, is a vegetarian fast food dish native to the Indian state of Maharashtra. The dish consists of a deep fried potato dumpling placed inside a bread bun (pav) sliced almost in half through the middle. It is generally accompanied with one or more chutneys and a green chilli pepper.[1] It originated as cheap street food in Mumbai, but is now served in food stalls and restaurants across India. It is also called Bombay Burger[2] in keeping with its origins and its resemblance in physical form to a burger.Contents1 Meaning 2 Preparation 3 History 4 Gallery 5 See also 6 ReferencesMeaning[edit] Vada comes from the Marathi compound word batata vada, which means "potato fritter". Pav is a derivative of the Portuguese word "pão", which means sweetened bread. Preparation[edit] Boiled potato is mashed and mixed with spices, usually with green chilli, garlic, asafoetida, turmeric, and mustard seeds
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Price Index
A price index (plural: “price indices” or “price indexes”) is a normalized average (typically a weighted average) of price relatives for a given class of goods or services in a given region, during a given interval of time. It is a statistic designed to help to compare how these price relatives, taken as a whole, differ between time periods or geographical locations. Price
Price
indices have several potential uses. For particularly broad indices, the index can be said to measure the economy's general price level or a cost of living. More narrow price indices can help producers with business plans and pricing
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Commonwealth Securities
Commonwealth Securities, also known as CommSec, is Australia's largest online stockbroking firm operated by the Commonwealth Bank
Commonwealth Bank
of Australia. It offers a telephone based brokerage service and advisory service, though its Internet trading platform constitutes the vast majority of its business.[1]Contents1 History1.1 Mergers and Acquisitions2 Services 3 Cash management 4 References 5 External linksHistory[edit] The brokerage arm started operations in 1995 and launched its share trading website in 1997.[2][3] CommSec initially offered only Australian equities trades, but has since expanded into derivative products, international equities, managed funds, self-managed super fund (SMSF) administration, contracts-for-difference (CFDs), margin lending and short-term deposits
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