Economics Terms A-Z
Also known as consumer choice, this term refers to the study of how and why people spend their money based on their preferences, and how they maximise the utility of their purchases while working within budget restraints. Some of the basic ideas of consumer theory state firstly that people try to make rational decisions which bring them the greatest utility; secondly, that people will always make multiple shopping trips, one not sufficing; and thirdly, that the more you use a product, the less you want it.
Consumer theory helps businesses predict which of their products is going to sell the best, and helps economists predict how the economy is going to change and develop. Businesses may use it to predict what the demand curve of a product is going to be, meaning they can figure out quantities. Consumption also generally contributes a lot to a country’s GDP, meaning economists use it as a part of their analysis of the economy.
- A Short History
What is Supply-side Economics?
Supply-side economics. Since its conception in the 1970s, debating its merits – or lack thereof – has been at the heart of political discourse, demarcating Republican from Democrat, Tory loyalist from Labour devotee, and informing not just an economic outlook, but a world view.
- Improving Muslim Lives
The Lives and Livelihoods Fund
Four years ago, the world adopted an ambitious set of Sustainable Development Goals (SDGs) designed ‘to end poverty, protect the planet and ensure that all people enjoy peace and prosperity by 2030’. Despite rising life expectancy and the eradication of many endemic diseases, more than 400 million people in the member states of the Islamic Development Bank (IsDB) still live in absolute poverty, subsisting on less than US$1.90 per day. It is, perhaps, these countries that face the greatest challenges in fulfilling the SDGs.
- COVID-19 and the Transport Sector
How the Coronavirus Pandemic Broke the Commercial Freight Transport Sector
Coronavirus has had a broad impact on the global economy. Particularly affected were the tourism, trade and industrial sectors, including the export and import markets. Demand for and consumption of goods decreased, and so did the international freight transport sector. The COVID-19 crisis continues to severely affect the container transport market and the current economic situation gives no hope for short-term recovery.