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A binding price ceiling is a maximum price set by the government a seller is allowed to charge. Explanation: Free markets, when left to their devices, tend to achieve a state – equilibrium, in which the quantity supplied by producers will be equal to the amount demanded by consumers. The...
An approach-approach conflict arises when there are two equally attractive objects, and an individual must choose between them. That person would like to choose both of them, but the two are incompatible. Explanation: Conflict is an intrapersonal or interpersonal contradiction perceived by an individual as a significant psychological problem that...
Absolute advantage theory implies that a specific entity, whether it is a country or a business organization, can produce a more significant number of goods than another establishment can within the same period. Another angle that one can look at it is that a company has higher production abilities, manufacturing...
Congress is responsible for creating independent regulatory agencies. The core of those agencies lies in the fact that they have independency from the executive offices. Those entities do not have the responsibility of applying their propositions for the review to the Office of Information and Regulatory Affairs. The primary aim...
Global stratification speaks to the presence of hierarchy among groups and individuals worldwide, due to the unequal distribution of various resources and benefits. Explanation: Our global society is stratified according to socioeconomic status. An individual’s social and economic level varies according to his or her occupation, education, wealth, income, and...
Tenement houses are the buildings that have many apartments and the entrance to which is possible through auxiliary premises, usually the main entrance. Explanation: The issue of tenements has originated centuries ago in history, and since then, this concept has changed and received substantial attention. Tenements aimed to solve the...
Any research study conducted by individuals must seek the approval of the Institutional Review Board (IRB). This regulatory group offers exemption for six categories of studies. The IRB carefully reviews each research study to determine if it can be approved for exemption. Explanation: The exempt categories include Research of an...
Average Total Assets can be characterized as the average number of assets owned by a company during both the current and previous year. The formula for Average Total Assets can be calculated as follows: (aggregate assets at the end of the current year + aggregate assets at the end of...
Economic Entity Assumption is a concept that proposes that the activities of any economic entity, such as a hospital, municipality, or business, should be separate from the activities of its stakeholders. Explanation: Every economic entity should be constantly analyzed in terms of profitability and overall efficiency. In order to make...
There are many advantages of globalization, such as an increase in revenue, a wide choice of products and services for consumers, reduction of the monopoly’s scale, poverty reduction, innovative and cultural development. However, there are still some negative consequences, such as inequality, environmental degradation, and a high rate of unemployment....
In psychology, there are three significant stages of processing memories: encoding, storage, and retrieval. A malfunction in the encoding process leads to forgetting essential things that might have significance in the future. Explanation: Encoding is responsible for imprinting our experience on our brain, whether it be an event, situation, person,...
Delegated powers, also called enumerated or expressed powers, can be defined as a federal government’s ability to take important measures and make crucial decisions on behalf of its country. Explanation: Delegated powers are directly connected to the way a country is organized. If the founders of a country’s government aim...
An excellent teacher should be able to address a wide range of skills in a classroom. There are five pivotal skills and attributes needed to be an outstanding teacher: being enthusiastic about for a subject; effective use of body language; being a lifelong learner in education; having knowledge of various...
Quarantine speech is a talk given by Franklin D. Roosevelt on October, 5, 1937, in Chicago on the topic of America’s neutrality policy towards the issue of violence in the period between the world wars. Explanation: World War I left the national leaders dealing with the chaos in both internal...
Independent executive agencies are the organizations that are responsible for the supervision and the administration of specific purposes. Congress establishes those organizations to assist in different areas of the authority of the federal government and supervising complex aspects, unlike the government corporations that are owned by the government. The primary...
The Corwin Amendment was the document issued by Thomas Corwin, the US governmental representative, in 1861, and its main objective was to prevent state residents from the abolition of slavery. Explanation: The ongoing debate over the position of slavery on a governmental level has been one of the most severe...
The three components of Henry Clay’s American System were directed at strengthening of domestic businesses, national commerce and national currency, and infrastructure. Explanation: After the war in 1812, the US was not in the best position because it had substantial debts and a weak economy. At this point, Henry Clay,...
Federal laws are made by Congress, the process of which includes seven coherent steps. Explanation: The federal organization of any country allows its government to delegate powers between the national level and the state one to achieve the goal of harmonized policies. Such an approach requires developed legislation and reasonable...
Revenue Act of 1913, also known as the Underwood-Simmons tariff was signed by President Woodrow Wilson in 1913 after successfully passing both houses of the Congress. Its primary purpose was to cut or, in many cases, eliminate tariff rates on goods, thus encouraging import. The Underwood Tariff Act established the...
The function of the Office of War Information of the US was to use various types of information influence during World War II to achieve propaganda goals. Explanation: At the beginning of World War II, Germany and its allies were holding a successful campaign forcing their enemies to give up...
Four factors of production are labor, capital, land, and entrepreneurship. The importance of them is founded on their contribution to the production process, economic growth, and competitiveness. Explanation: Economics is an essential power that has been directing people throughout history. Humanity faced a plethora of hardships, crises, and obstacles that...
The National Response Framework is a guide that teaches U.S. citizens and authorities how to act in case of various disasters. Explanation: The National Response Framework (NRF) is an essential tool that provides guidelines for actions during severe disasters, catastrophes, and other emergency situations. The current official document is the...
A supply schedule is usually presented in the form of a table that shows the price for the quantity supplied of a particular product. Quantity supplied is a term that refers to the number of goods that producers are willing to sell for a certain price. Explanation: Economics is the study...
Minimum Efficient Scale, or MES, is “the quantity at which a firm’s long run average total cost curve stops falling.” In other words, an efficient scale of production is part of the output scale, specifically the point at which a particular business reaches productive efficiency. Explanation: Economic competition is one...
Voluntary exchange occurs when sellers and buyers engage in trade operations or in employment relationships willingly and freely and when both expect to benefit from the transaction. This assumption serves as the basis for the market economy as it explains the free choices that consumers make basing on their interests....
A cash crop is a crop grown only for generating a profit by selling. Cash crop definition is used to differentiate it from food or subsistence crops produced for the consumption by a farmer’s family or feeding livestock. Explanation: Cash crops are generally grown on big farms that focus on...
Jesus Christ is most widely recognized as the founder of Christianity as His life and death are the foundations of faith. However, there is an opinion that Paul founded Christianity as a religion by setting its doctrines and sharing the word of Jesus among the early church. Explanation: The roots...
Banks earn money by taking it from savings and checking accounts of their customers and lending to other customers who pay higher interest rates. Other sources of banks’ profit are interchange and banking fees that help to cover the cost of major services. Explanation: Banks make most of their money...
The contribution margin income statement is used in economics for analysis of the effectiveness of all the efforts taken in order to achieve higher revenue during a certain period. It is also called as income statement and its purpose is to calculate the contribution margin of the company, which helps...
The current balance is the amount of money on one’s credit card when the bank accounts for prospective transactions. If one wants to understand precisely how much money he or she has on the credit card, it is necessary that one knows the differences between the current, the available, the...
Prosperity is the state of good fortune. It can be described as thriving, flourishing, or having a successful social position. Prosperity is usually associated with wealth but may also include other factors, such as happiness, love, and health, which can be independent of wealth. Explanation: Economic prosperity means that either...
The Ten Percent Plan is a scheme proposed by Abraham Lincoln,according to which, if ten percent of the rebellion state voters claimed their allegiance to the US nation, they could be reintegrated into the US Union. Explanation: The American Civil War, which took place from 1861 to 1865, put the...
The National War Labor Board (NWLB) was an American federal agency established during World War I under the presidency of Woodrow Wilson. After the war, the board ceased its operations and was reestablished by President Franklin Roosevelt only in 1942, during World War II. The National War Labor Board was...
The Office of Price Administration was a federal agency created in August 1941 under the Office for Emergency Management of the U.S. government. The initial purpose of the OPA was to help control the price of rent and essential goods after the United States became involved in the Second World...
The economic system represents a combination of methods, means, and ways that help to organize the production of goods and services, its distribution, and allocation within one territory. In general, economic systems regulate different factors in economics, such as capital, labor, physical resources, and entrepreneurs. Nowadays, economists reveal four types...
Nowadays, the term “market-clearing price” (or “equilibrium price”) is actively used in economics. Market clearing price is the value of the goods or services that is established when “the quantity supplied is equal to the quantity demanded.” In other words, this price exists when there are no shortages or surpluses...
The history of the United States of America is rich with many different events. One of them is the Credit Mobilier scandal that erupted in 1867 and was exposed by the New York Sun in 1872. The Credit Mobilier scandal destroyed the careers and reputations of several Gilded Age politicians...
Government corporations represent special institutions that are established in order to create products for society. Government corporations are under the control of the state but usually operate like any other private business company. Explanation: The primary function that is carried out by a government-owned corporation is the performance of the...
The law of increasing costs is an economic concept that demonstrates the relationships between the factors and costs of production. In other words, this principle describes how opportunity costs increase as resources are applied. For a better understanding of this idea, it is necessary to know the meaning of the...
A job order costing system is used when a company needs to identify the manufacturing costs associated with certain products. Explanation: The job order costing system is used when a company produces several items are different from each other and each has its own cost. To understand the advantages of...
Variable expenses show what amount of money was spent on a person’s needs and change week-over-week, month-over-month. Fixed expenses stay the same almost all the time and are usually paid on the same date. As these expenses differ from each other, it is essential to know how while planning one’s...
The residents of the American colonies were divided by the Revolutionary War into two groups: the patriots and the loyalists, or Tories, as they were also called. The patriots wanted their own country to obtain independence from the British Empire. The loyalists did not want to break away from Britain...
Democracy and the Republic are two governance models that are accepted by most countries of the world. However, not only these two models are different from each other, but the government of either is also formed otherwise. Explanation: Foremost, it is necessary to give a definition to both forms of...
The adoption of the Declaration of Independence stimulated the legislative process in all states. The declaration preamble announced the destruction of the political dependence of the colonies on the king and the British government, proclaiming them free and independent states. Explanation: In July 1776, the preamble of the United States...
The Articles of Confederation were the first U.S. constitution that was submitted to the states for immediate consideration on November 17, 1777. Unfortunately, there were many more weaknesses than strengths of the Articles of Confederation, and it was replaced within a decade. The main flaw was that the central government...
The United States called the Washington Naval Conference in 1921 to discuss security issues in the Pacific region. The United States, Great Britain, Japan, France, China, Belgium, Italy, Portugal, and the Netherlands made up the Washington Naval Conference countries. They created some essential treaties that answered the following question: How...
The First Triumvirate was an alliance of three political figures in Ancient Rome: Pompey, Crassus, and Julius Caesar. Even though these men had different opinions concerning the development of their nation, they decided to join forces to overcome the existing difficulties. Those efforts, however, did not create significant positive consequences...
The Treaty of Verdun is a historical event that marked the beginning of the Empire’s dissolution; it was signed due to the necessity of dividing European parts into separate independent states. Explanation: In 843 August 11, Europe took the first significant step towards those state orders that determined its entire...
Communism economic type assumes strict regulation of production and consumption following the capabilities of the economy, the interests of society, and then the interests and status of individual citizens. The presence of a market for goods and services under capitalism and the absence of such a market almost or completely...
The impact of the Commercial Revolution on the world economy has contributed to the expansion of trade borders, the creation of a single currency for accounting, and the development of international entrepreneurship. Explanation: The definition of a commercial revolution can be attributed to the period of economic expansion of Europe....
The Great Railroad Strike of 1877 occurred when railroad companies cut wages, leading thousands of their American workers to show their dissatisfaction with working conditions through massive protests and demonstrations. Explanation: Even though the strike included almost 100,000 workers, the industry companies and the government managed to suppress the protests,...
The Emergency Banking Act of 1933 was passed to restore and strengthen public confidence in the US banking system. This legislation was a response to the fact that American citizens were massively withdrawing their money from banking accounts. Explanation: Consequently, the Emergency Banking Relief Act provided the president with the...
The statement of owner’s equity is the financial statement used to represent the changes in the capital of an individual owner of a business, indicating the net value of the owner’s share. Explanation: Equity is the difference between the value of a company’s assets and its financial obligations, thus, reflecting...
Bad debt expense is the amount of money that a debtor owes to a creditor and is not able to pay due to a lack of finances. Companies write off bad debt, since it is not collectible. Explanation: If a company provides goods and services on credit, the amount of...
The cost of goods manufactured is the monetary amount that indicates the total expenses incurred by an enterprise during the production of goods that can be sold in the market. Explanation: In order to make a profit, a business needs to sell goods in the market for the amount of...
The definition of proportional tax is that all taxpayers make a contribution to the state budget according to the same percentage rate, irrespective of their income. For instance, people might pay 20% of their income, regardless of whether they have earned $20,000 or $5,000 a year. Explanation: A tax is...
There are two types of official currency that are used in Cuba, which are Cuban peso and convertible peso. Depending on a particular kind of shop, one of them might be more accepted than the other. Explanation: Cuban peso is referred to as “national currency”, and it is used to...
Marginal cost is defined as the cost of production of an additional unit of a good or a service. The figure is calculated at a given level of output and indicates the amount of inputs required to increase outputs by a specific constant. Explanation: Total costs of production can be...
In order to minimize the risks involved in social-behavioral studies, it is important to immediately remove all of the participants’ direct identifiers from the data. Additional safeguards are described in the section ‘Risks to Research Participants’ of the Human Subjects Protection Program, including research methods for vulnerable populations. Explanation: Additional...
A demand schedule is a table showing the quantity demanded of a good or service at different price levels. It can be graphed as a two-column table or as a continuous demand curve on a chart where the Y-axis represents price, and the X-axis represents quantity. Explanation: According to the...
The Embargo Act of 1807 was a piece of legislation that forbade American merchants to trade with any foreign nation, and was intended to be a coercive measure against France and Britain. Explanation: The Embargo Act of 1807 was passed in the United States during the Napoleonic wars in Europe....
Historical context provides an understanding of the conditions in which certain events took place. It is critical to pay attention to the surrounding context in order to correctly interpret historical information. Explanation: Historical context provides insights into the circumstances that influenced people’s actions and decision. To a significant extent, these...
Predetermined overhead rate is calculated by dividing the estimated total overhead costs by expected activity level, which can be one of the following: total expected machine hours, total expected direct labor hours, or total expected direct labor cost for the period. Explanation: Predetermined overhead rates are established at the beginning...
A trial balance is a bookkeeping worksheet in which the balance of all ledgers is compiled into debit and credit account column totals that are equal. A trial balance is prepared after entering the regular transactions of the period, and the second trial balance follows after posting the adjusting entries,...
In economics, marginal cost is the increase or decrease of the cost of producing one more unit of a good or serving one more customer. It is also referred to as an incremental cost. Marginal costs help businesses define achievement in economies of scale. Explanation: To demonstrate how marginal cost...
The Credit Mobilier scandal was a symbol of corruption in the post-Civil War era that highlighted changes in business and political ethics in the United States of America. This series of shocking events took place from 1872 to 1873 and ended with a massive political scandal that tarnished the reputation...
Reserved power, according to Merriam-Webster, is a political power reserved by a constitution to the exclusive jurisdiction of a specified political authority. The Tenth Amendment indicates that the powers not delegated to the United States by the Constitution, nor prohibited by it to the states, are reserved to the states...
What is annual net income? Annual net income is the remaining amount of earnings after the deduction of expenses from total revenue. Both “annual net income” and “net income” terms can be used in such sense, but annual net income specifically refers to a complete fiscal or financial year. Explanation:...
According to the doctrine of incorporation, the personal status of a company is determined by the state law where the company was created. The actual transfer of the company to another state does not lead to a change in personal status, and the international law based on the legal capacity...
Autonomous consumption is the level of customer’s expenditures that have to be made if there is zero income. Even when people have no disposable income, they still need to buy food, pay for electricity, or rent a flat. Under such circumstances, they start borrowing or spending money from their savings...
Implicit cost defines the cost that has already been spent but has not been reported or shown as a distinct expense that a company had. Referred to as implied, notional, or imputed costs, implicit cost show that when a business allocates resources, it eliminates the capacity of earning income off...
A categorical is a grant sent to the national budget to use for specific purposes, which are established by the body that transfers funds from a higher level budget. Part of the federal budget allocation is distributed among the regions to finance their participation in the implementation of national programs....
Customer service is a process of meeting the demands and expectations of customers and keeping them as satisfied as possible. Employees working in customer service are expected to answer questions and resolve arising issues positively, with the satisfaction of clients being the key priority. Support departments ensure that customers become...
The Battle of Timbers took place on August 20, 1974. It was the last significant conflict in the Northwest Territory Indian War in which the United States fought against Native Americans. The US troops were led by General Anthony Wayne, who managed to obtain victory in the brief opposition, which...
Credit unions are not-for-profit organizations that are owned by account holders, members, with the funds invested in the institutions being invested back or paid out to members as dividends. Such unions do not pay federal or state taxes, which allows them to charge lower rates on interests compared to banks...
The marginal product of labor (MPL) is the indicator of a substantial increase in a firm’s or economy’s output. In other words, the term explains the shift in production that stems from increasing the number of labor units, such as hiring new workers. When the demand for goods is high,...
Homeschooling presupposes receiving education at home. K12 is not homeschooling. It’s also not free. It is funded by taxpayer money since it is a public school program through which you get enrolled in a school in your state. This program follows all the requirements that exist for the regular schools...
Acknowledging that there is a problem is a great first step to solving it. But the position you’ve decided to take is the part of the problem itself. If you realize how important it is for you to get educated, it’s unwise to blame your parents in your laziness and...
Good news is that the society is evolving and people are getting more tolerant (especially when kids in school are getting older). That’s not to say that bullies are getting extinct completely, however it’s not as bad as you’re afraid it to be. The last thing you want to do...
Computers and phones do make our lives easier and help us to be more productive. With computers, you can perform a myriad of tasks and look up any information you need. Phones have been constantly evolving and nowadays they can provide practically the same functionality but in a portable form-factor....
You need to make sure that it’s not only you who are unsatisfied with your teacher’s performance. In every class, there will always be one or two students who are unhappy with how things go, and teachers would just ignore them, because it’s impossible to leave everyone satisfied. It’s a...
There’s a number of ways you can produce a well-written essay of required length regardless of what your source is. First things first, stick to the basic essay structure: introduction, background information, main thesis, arguments, and conclusion. This step alone will help you make your writing more convincing and concise....
The role of education cannot be overestimated. Education is what gives people the possibility to become better and grow as personalities. It is believed that one cannot open his or her individuality without being educated. Two reasons predetermine the importance of education. First, people can develop only with the help...
The main intention of a research paper’s conclusion is to help your readers understand why your research matters. It’s not supposed to be only a summary or restatement of what you talked about in the paper. Instead, you should use the conclusion to highlight the key points of your work....
Suicide among teens is a serious and growing issue, which has become the second major cause of death for children, teenagers, and young adults aged 15-24 years old. The majority of adolescents attempting suicide experience mental health disorders, mainly depression. A lot of attempts are impulsive and caused by strong...
Here’s an outline of sections you can include into your paper. You can use these as a basis for creating the structure of your own. 1. Definition. 2. Significance of the topic. 3. Research question or thesis. 4. Responsibility in a family as a social institution. 5. Responsibility in the...
Try to shock your audience like Tim Burton does with his audience. Since he is known for his unique vision and unmatchable creative approach, it is a good idea for you to echo his creativeness. You may choose some title that reminds of his strong features. That is the kind...