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Inferior Good
In economics, inferior goods are those goods the demand for which falls with increase in income of the consumer. So, there is an inverse relationship between income of the consumer and the demand for inferior goods. There are many examples of inferior goods, including cheap cars, public transit options, payday lending, and inexpensive food. The shift in consumer demand for an inferior good can be explained by two natural economic phenomena: the substitution effect and the income effect. Description In economics, inferior goods are goods whose demand decreases when consumer income rises (or demand increases when consumer income decreases). This behaviour is unlike the supply and demand behaviour of normal goods, for which the opposite is observed; normal goods are those goods for which the demand rises as consumer income rises. Inferiority, in this sense, is an observable fact relating to affordability rather than a statement about the quality of the good. As a rule, these ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Frozen Meal
A frozen meal, also called a TV dinner (Canada and US), prepackaged meal, ready-made meal, ready meal (UK), frozen dinner, or microwave meal, is a meal portioned for an individual. A frozen meal in the United States and Canada usually consists of a type of meat, fish, or pasta for the main course, and sometimes vegetables, potatoes, and/or a dessert. Some frozen meals feature Indian, Chinese, Mexican, and other foods of international customs. The term ''TV dinner'', which has become common, was first used as part of a brand of packaged meals developed in 1953 by the company C.A. Swanson & Sons. The original ''TV Dinner'' came in an aluminum tray and was heated in an oven. In the US and Canada, the term is synonymous with any packaged meal or dish ("dinner") purchased frozen in a supermarket and heated at home. In 1986, the Campbell Soup Company introduced the microwave-safe tray. Consequently, today, most frozen food trays are made of a microwaveable and disposable material ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sir Robert Giffen
Sir Robert Giffen (22 July 1837 – 12 April 1910) was a Scottish statistician and economist. Life Giffen was born at Strathaven, Lanarkshire. He entered a solicitor's office in Glasgow, and while in that city attended courses at the university. He drifted into journalism, and after working for the ''Stirling Journal'' he went to London in 1862 and joined the staff of the Globe. He also assisted John Morley, when the latter edited the ''Fortnightly Review''. In 1868 he became Walter Bagehot's assistant-editor on ''The Economist''; and his services were also secured in 1873 as city editor of the ''Daily News'', and later of ''The Times''. His reputation as a financial journalist and statistician, gained in these years, led to his appointment in 1876 as head of the statistical department in the Board of Trade, and subsequently he became assistant secretary (1882) and finally controller-general (1892), retiring in 1897. As chief statistical adviser to the government, he drew ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price Elasticity Of Demand
A good's price elasticity of demand (E_d, PED) is a measure of how sensitive the quantity demanded is to its price. When the price rises, quantity demanded falls for almost any good ( law of demand), but it falls more for some than for others. The price elasticity gives the percentage change in quantity demanded when there is a one percent increase in price, holding everything else constant. If the elasticity is −2, that means a one percent price rise leads to a two percent decline in quantity demanded. Other elasticities measure how the quantity demanded changes with other variables (e.g. the income elasticity of demand for consumer income changes). Price elasticities are negative except in special cases. If a good is said to have an elasticity of 2, it almost always means that the good has an elasticity of −2 according to the formal definition. The phrase "more elastic" means that a good's elasticity has greater magnitude, ignoring the sign. Veblen and Giffen goods are t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Demand Curve
A demand curve is a graph depicting the inverse demand function, a relationship between the price of a certain commodity (the ''y''-axis) and the quantity of that commodity that is demanded at that price (the ''x''-axis). Demand curves can be used either for the price-quantity relationship for an individual consumer (an individual demand curve), or for all consumers in a particular market (a market demand curve). It is generally assumed that demand curves slope down, as shown in the adjacent image. This is because of the law of demand: for most goods, the quantity demanded falls if the price rises. Certain unusual situations do not follow this law. These include Veblen goods, Giffen goods, and speculative bubbles where buyers are attracted to a commodity if its price rises. Demand curves are used to estimate behaviour in competitive markets and are often combined with supply curves to find the equilibrium price (the price at which sellers together are willing to sell the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Of Demand
In microeconomics, the law of demand is a fundamental principle which states that there is an inverse relationship between price and quantity demanded. In other words, "conditional on ceteris paribus, all else being equal, as the price of a Goods, good increases (↑), quantity demanded will decrease (↓); conversely, as the price of a good decreases (↓), quantity demanded will increase (↑)". Alfred Marshall worded this as: "When we say that a person's demand for anything increases, we mean that he will buy more of it than he would before at the same price, and that he will buy as much of it as before at a higher price". The law of demand, however, only makes a qualitative statement in the sense that it describes the direction of change in the amount of quantity demanded but not the magnitude of change. The law of demand is represented by a graph called the demand curve, with quantity demanded on the x-axis and price on the y-axis. Demand curves are downward sloping by defin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Giffen Good
In microeconomics and consumer theory, a Giffen good is a product that people consume more of as the price rises and vice versa, violating the law of demand. For ordinary goods, as the price of the good rises, the substitution effect makes consumers purchase less of it, and more of substitute goods; the income effect can either reinforce or weaken this decline in demand, but for an ordinary good never outweighs it. By contrast, a Giffen good is so strongly an inferior good (in higher demand at lower incomes) that the contrary income effect more than offsets the substitution effect, and the net effect of the good's price rise is to increase demand for it. This phenomenon is known as the Giffen paradox. Background Giffen goods are named after Scottish economist Sir Robert Giffen, to whom Alfred Marshall attributed this idea in his book '' Principles of Economics'', first published in 1890. Giffen first proposed the paradox from his observations of the purchasing habits o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Home Brand Beer Nuts
A home, or domicile, is a space used as a permanent or semi-permanent residence for one or more human occupants, and sometimes various companion animals. Homes provide sheltered spaces, for instance rooms, where domestic activity can be performed such as sleeping, preparing food, eating and hygiene as well as providing spaces for work and leisure such as remote working, studying and playing. Physical forms of homes can be static such as a house or an apartment, mobile such as a houseboat, trailer or yurt or digital such as virtual space. The aspect of 'home' can be considered across scales; from the micro scale showcasing the most intimate spaces of the individual dwelling and direct surrounding area to the macro scale of the geographic area such as town, village, city, country or planet. The concept of 'home' has been researched and theorized across disciplines – topics ranging from the idea of home, the interior, the psyche, liminal space, contested space to gender a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Potato Center
The International Potato Center (known as CIP from its Spanish-language name ''Centro Internacional de la Papa'') is a research facility based in Lima, Peru, that seeks to reduce poverty and achieve food security on a sustained basis in developing countries through scientific research and related activities on potato, sweet potato, other root and tuber crops, and on the improved management of natural resources in the Andes and other mountain areas. History The International Potato Center was established in 1971 by decree of the Peruvian government.American Society for Horticultural Sciencebr>Origin of the International Potato Center./ref> In 1991 the World Vegetable Center (WVC) chose to end its sweet potato research. The WVC duplicated and transferred its research and germplasm to the International Potato Center and Taiwan Agricultural Research institute. CIP is one of the 15 specialized research centers of the Consultative Group on International Agricultural Research, an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
French Fries
French fries, or simply fries, also known as chips, and finger chips (Indian English), are '' batonnet'' or '' julienne''-cut deep-fried potatoes of disputed origin. They are prepared by cutting potatoes into even strips, drying them, and frying them, usually in a deep fryer. Pre-cut, blanched, and frozen russet potatoes are widely used, and sometimes baked in a regular or convection oven, such as an air fryer. French fries are served hot, either soft or crispy, and are generally eaten as part of lunch or dinner or by themselves as a snack, and they commonly appear on the menus of diners, fast food restaurants, pubs, and bars. They are typically salted and may be served with ketchup, vinegar, mayonnaise, tomato sauce, or other sauces. Fries can be topped more heavily, as in the dishes of poutine, loaded fries or chili cheese fries, and are occasionally made from sweet potatoes instead of potatoes. Preparation The standard method for cooking french fries is deep f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bangladesh
Bangladesh, officially the People's Republic of Bangladesh, is a country in South Asia. It is the List of countries and dependencies by population, eighth-most populous country in the world and among the List of countries and dependencies by population density, most densely populated with a population of over 171 million within an area of . Bangladesh shares land borders with India to the north, west, and east, and Myanmar to the southeast. It has a coastline along the Bay of Bengal to its south and is separated from Bhutan and Nepal by the Siliguri Corridor, and from China by the List of Indian states, Indian state of Sikkim to its north. Dhaka, the capital and list of cities and towns in Bangladesh, largest city, is the nation's political, financial, and cultural centre. Chittagong is the second-largest city and the busiest port of the country. The territory of modern Bangladesh was a stronghold of many List of Buddhist kingdoms and empires, Buddhist and List of Hindu empir ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Potato
The potato () is a starchy tuberous vegetable native to the Americas that is consumed as a staple food in many parts of the world. Potatoes are underground stem tubers of the plant ''Solanum tuberosum'', a perennial in the nightshade family Solanaceae. Wild potato species can be found from the southern United States to southern Chile. Genetic studies show that the cultivated potato has a single origin, in the area of present-day southern Peru and extreme northwestern Bolivia. Potatoes were domesticated there about 7,000–10,000 years ago from a species in the '' S. brevicaule'' complex. Many varieties of the potato are cultivated in the Andes region of South America, where the species is indigenous. The Spanish introduced potatoes to Europe in the second half of the 16th century from the Americas. They are a staple food in many parts of the world and an integral part of much of the world's food supply. Following millennia of selective breeding, there are now over 5 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
