Economics

Economics

basics of economics

Contributors in Economics

Economics

Complementary goods are products that are often purchased together. If products are complements to each other, then a change in the price of one of the products will lead to a change in the demand ...

Substitute goods

Economy; Economics

Substitute goods are goods that can be used in the place of another good. If products are substitutes to each other, a change in the price of one of the products will lead to a change in the demand ...

Economic goods

Economy; Economics

Economic goods are products that have an opportunity cost and are relatively scarce, so it will have a price.

Free goods

Economy; Economics

Free goods are goods that are not relatively scarce and so will not have a price.

Salary plan

Economy; Economics

A salesforce compensation method in which salespeople are paid a straight salary; a salary plan approach provides security and stability but may not provide the incentive associated with commission ...

Safety recall

Economy; Economics

The request by a manufacturer for the return of a particular batch or model of a product (for repair, replacement or credit) when the product has been found to be defective or unsafe.