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Knowing the determinants of consumption expenditure is essential. Governments often look for ways to stimulate consumption to encourage economic

Customers are parties who buy goods or services directly. They can be individuals, businesses, organizations, or governments, depending on their

Employees are people who do tasks based on the direction of the manager. They do daily tasks according to job descriptions. In return, they get wages

Before answering how elasticity affects total revenue, you need to recall the following concepts in economics: Own-price elasticity of demand. It

The presence of substitution affects elasticity because it provides alternative choices in consuming products or services If a substitute product

A stable exchange rate is one of the macroeconomic goals. In the flexible exchange regime, the exchange rate of the domestic currency continues to

Economic growth under capitalism may far exceed the growth of other economic systems. However, often, this system produces widening inequality or

The production possibility curve or production possibility frontier is a graphical representation that shows the combination of outputs that might be

Economist John Maynard Keynes spearheaded a revolution in economic thought. His argument overturned the idea prevailing at the time, namely that the

Economists often offer conflicting suggestions regarding certain economic phenomena either because of differences in scientific judgment or because of

Galloping inflation refers to a condition when the inflation rate is extraordinarily high. It is perhaps 20%, 50%, or even higher on an annual basis.

Defensive marketing is a marketing strategy that focuses on protecting the market position rather than expanding the market. It is a common strategy

The labor dispute is a controversy between management and labor over the terms and conditions of the workplace. Disputes are common in the labor

Labor cost ratio is equal to direct labor cost divided by total sales, expressed as a percentage. The ratio shows us labor contributions to produce