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Substitute Good
In microeconomics, substitute goods are two goods that can be used for the same purpose by consumers. That is, a consumer perceives both goods as similar or comparable, so that having more of one good causes the consumer to desire less of the other good. Contrary to complementary goods and independent goods, substitute goods may replace each other in use due to changing economic conditions. An example of substitute goods is Coca-Cola and Pepsi; the interchangeable aspect of these goods is due to the similarity of the purpose they serve, i.e. fulfilling customers' desire for a soft drink. These types of substitutes can be referred to as close substitutes. Substitute goods are commodity which the consumer demanded to be used in place of another good. Economic theory describes two goods as being close substitutes if three conditions hold: # products have the same or similar performance characteristics # products have the same or similar occasion for use and # products are sold in th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Microeconomics
Microeconomics is a branch of economics that studies the behavior of individuals and Theory of the firm, firms in making decisions regarding the allocation of scarcity, scarce resources and the interactions among these individuals and firms. Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the economy as a whole, which is studied in macroeconomics. One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses. Microeconomics shows conditions under which free markets lead to desirable allocations. It also analyzes market failure, where markets fail to produce Economic efficiency, efficient results. While microeconomics focuses on firms and individuals, macroeconomics focuses on the total of economic activity, dealing with the issues of Economic growth, growth, inflation, and unemployment—and with national policies relati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Utility
In economics, utility is a measure of a certain person's satisfaction from a certain state of the world. Over time, the term has been used with at least two meanings. * In a normative context, utility refers to a goal or objective that we wish to maximize, i.e., an objective function. This kind of utility bears a closer resemblance to the original utilitarian concept, developed by moral philosophers such as Jeremy Bentham and John Stuart Mill. * In a descriptive context, the term refers to an ''apparent'' objective function; such a function is revealed by a person's behavior, and specifically by their preferences over lotteries, which can be any quantified choice. The relationship between these two kinds of utility functions has been a source of controversy among both economists and ethicists, with most maintaining that the two are distinct but generally related. Utility function Consider a set of alternatives among which a person has a preference ordering. A utility fu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Granola Bar
Granola is a food consisting of rolled oats, nuts, seeds, honey or other sweeteners such as brown sugar, and sometimes puffed rice, that is usually baked until crisp, toasted and golden brown. The mixture is stirred while baking to avoid burning and to maintain a loose breakfast cereal consistency. Dried fruit, such as raisins and dates, and confections such as chocolate are sometimes added. Granola is often eaten in combination with yogurt, honey, fresh fruit (such as bananas, strawberries or blueberries), milk or other forms of cereal. It also serves as a topping for various pastries, desserts or ice cream. Muesli is similar to granola, except that it is traditionally neither sweetened nor baked. Granola is sometimes taken when hiking, camping, or backpacking because it is nutritious, lightweight, high in calories, and easy to store (properties that make it similar to trail mix and muesli). Manufacturers also add honey, corn syrup, or maple syrup to it and compress i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Effect
The theory of consumer choice is the branch of microeconomics that relates preferences to consumption expenditures and to consumer demand curves. It analyzes how consumers maximize the desirability of their consumption (as measured by their preferences subject to limitations on their expenditures), by maximizing utility subject to a consumer budget constraint. Factors influencing consumers' evaluation of the utility of goods include: income level, cultural factors, product information and physio-psychological factors. Consumption is separated from production, logically, because two different economic agents are involved. In the first case, consumption is determined by the individual. Their specific tastes or preferences determine the amount of utility they derive from goods and services they consume. In the second case, a producer has different motives to the consumer in that they are focussed on the profit they make. This is explained further by producer theory. The models ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Competitive Equilibrium
Competitive equilibrium (also called: Walrasian equilibrium) is a concept of economic equilibrium, introduced by Kenneth Arrow and Gérard Debreu in 1951, appropriate for the analysis of commodity markets with flexible prices and many traders, and serving as the benchmark of efficiency in economic analysis. It relies crucially on the assumption of a competitive environment where each trader decides upon a quantity that is so small compared to the total quantity traded in the market that their individual transactions have no influence on the prices. Competitive markets are an ideal standard by which other market structures are evaluated. Definitions A competitive equilibrium (CE) consists of two elements: * A price function P. It takes as argument a vector representing a bundle of commodities, and returns a positive real number that represents its price. Usually the price function is linear - it is represented as a vector of prices, a price for each commodity type. * An allocation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
MOM Brands
MOM Brands Company (formerly Malt-O-Meal Company and Campbell Cereal Company) was an American producer of breakfast cereals, headquartered in Northfield, Minnesota. It markets its products in at least 70% of the country's grocery stores, with estimated sales in 2012 of US$750 million. It operates four manufacturing plants, in Northfield, Minnesota; Tremonton, Utah; Asheboro, North Carolina; and St. Ansgar, Iowa. The company has distribution centers in Grove City, Ohio; Coppell, Texas; and Salt Lake City, Utah. MOM Brands produces both hot and cold cereals, including ''Malt-O-Meal'', a combination of farina wheat and malted barley. As of 2012, cold cereals manufactured by MOM Brands accounts for over 75% of its total sales. Most of its cold cereals are similar to cereal brands produced by its competitors, Kellogg's, Quaker Oats Company, and General Mills. Even so, between 2001 and 2012, Malt-O-Meal more than tripled its market share during a very challenging time for the breakfa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Froot Loops
Froot Loops is a sweetened, fruit-flavored breakfast cereal made by WK Kellogg Co for the United States, Canadian, and Caribbean markets and Kellanova for the rest of the world. The brand was solely owned by the original Kellogg Company before it spun off its North American cereal division as WK Kellogg Co in late 2023. The fruit-flavored cereal pieces are ring-shaped, with a variety of bright colors. Although appearing in different colors, every color has the same flavor. History Kellogg's introduced Froot Loops in 1963. Originally, there were only red, orange and yellow loops; green, blue and purple loops were added during the 1990s, with blue being introduced last in 1996. The loops all share the same fruit-blend flavor. Different production methods are used in the UK, where the company misleadingly suggested that each individual loop color was a different flavor. Mascot Toucan Sam has been the mascot of Froot Loops since its first appearance. Toucan Sam is a blue a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rice Krispies
Rice Krispies (known as Rice Bubbles in Australia and New Zealand) is a breakfast cereal produced by WK Kellogg Co for the United States, Canadian, and Caribbean markets and by Kellanova for the rest of the world. Rice Krispies are made of crisped rice. When milk is added to the cereal the rice tends to collapse, creating the characteristic "snap, crackle and pop" sounds. Rice Krispies cereal has a long advertising history with the elf cartoon characters Snap, Crackle and Pop touting the brand. Background Rice Krispies was released to the public by the Kellogg Company in 1928. The original patent called for using partially dried grain, which could be whole or broken, that would have 15–30% moisture which could then be shaped by existing processes for cereal production that include rolling, flaking, shredding, etc. After being processed to the desired shape the grain is dried to around 5–14% moisture content at which stage the grain will expand when subjected to a hig ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indifference Curve
In economics, an indifference curve connects points on a graph representing different quantities of two goods, points between which a consumer is ''indifferent''. That is, any combinations of two products indicated by the curve will provide the consumer with equal levels of utility, and the consumer has no preference for one combination or bundle of goods over a different combination on the same curve. One can also refer to each point on the indifference curve as rendering the same level of utility (satisfaction) for the consumer. In other words, an indifference curve is the locus of various points showing different combinations of two goods providing equal utility to the consumer. Utility is then a device to represent preferences rather than something from which preferences come. The main use of indifference curves is in the representation of potentially observable demand patterns for individual consumers over commodity bundles. Indifference curve analysis is a purely technol ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Country Crock
Country Crock is a food brand owned by Flora Food Group. It originally sold spreads such as margarine (and cheese for a limited time), but later extended to side dishes, particularly mashed potatoes and pasta, made by Hormel under license. The original Shedd's brand was a product of Shedd-Bartush Foods based in Detroit. It made and marketed margarine (beginning in 1945) and Shedd's peanut butter as well as salad dressing and prune juice. It merged in 1959 with Beatrice Foods before they sold the Shedd's business to Unilever Unilever PLC () is a British multinational consumer packaged goods company headquartered in London, England. It was founded on 2 September 1929 following the merger of Dutch margarine producer Margarine Unie with British soap maker Lever B ... in 1984 following Beatrice's merger with Esmark. The peanut butter business was sold to Algood Food Company. During the 1980s and 1990s, a series of commercials for the brand's margarine featured a married ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price Competition
A price war is a form of market competition in which companies within an industry engage in aggressive pricing activity "characterized by the repeated cutting of prices below those of competitors". This leads to a cycle, where each competitor attempts to match or undercut the price of the other. Competitors are driven to follow the initial price-cut due to the downward pricing pressure, referred to as “price-cutting momentum”. While price wars can offer short-term benefits to consumers by providing them with lower prices, they can have a negative impact on the companies involved by reducing their profit margins. Moreover, the negative effects of price wars on companies can extend beyond the short term, as the companies involved may struggle to recover their lost profits and maintain their market share. Firms may be cautious when engaging in price wars as this competition can lead to prices that are unsustainable for long-term profitability. Definition The repeated cutting of pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
