Definition of Conflict Theory Conflict theory is a theoretical approach that focuses on the power struggles and conflicts within society. According to this theory, conflicts arise between different groups in society due to unequal distribution of resources and power. These conflicts may occur between the ruling class and the working […]
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Consumer Price Index (Cpi)
Definition of Consumer Price Index (CPI) The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a basket of goods and services. This basket represents the goods and services that typical households consume, including food, housing, transportation, and […]
Read moreConsumerism
Definition of Consumerism Consumerism is a social and economic order that highlights the idea of buying and consuming goods and services in ever-increasing amounts. In other words, it is a movement that values the acquisition of material goods and often sees consumerism as a means to attain happiness and satisfaction. […]
Read moreConsumption Function
Definition of Consumption Function The consumption function is an economic concept that describes the relationship between the total amount of disposable income and the total amount of consumer spending. In other words, it is a formula that shows how much people spend on goods and services, given their level of […]
Read moreContractionary Policy
Definition of Contractionary Policy Contractionary policy is a type of economic policy that seeks to reduce the rate of economic growth, often by reducing spending or increasing taxes. The goal of this policy is to control inflation and stabilize the economy. This policy is often used when the economy is […]
Read moreCorporate Citizenship
Definition of Corporate Citizenship Corporate Citizenship, also known as Corporate Social Responsibility (CSR), refers to the actions taken by companies to contribute to the well-being of society while also ensuring their own profitability. This can include initiatives to support social causes, environmentally-friendly business practices, and ethical decision-making that aligns with […]
Read moreCost Of Labor
Definition of Cost of Labor The cost of labor refers to the amount of money an organization has to spend to compensate its employees for the work they have done. There are two main types of labor costs: direct and indirect. Direct labor costs refer to the wages paid for […]
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Definition of Cost of Living The Cost of Living refers to the amount of money required to sustain a certain standard of living, that is, the cost of basic necessities like food, housing, healthcare, and other essential goods and services. It is usually measured as an average across a geographic […]
Read moreCost-Push
Definition of Cost-Push Cost-Push inflation is an economic phenomenon that happens when the cost of production increases, leading to an overall increase in the prices of goods and services. Cost-Push inflation can occur due to various reasons, such as an increase in the cost of labor, raw materials, taxes, or […]
Read moreCottage Industry
Definition of Cottage Industry A cottage industry is a business that is operated from a home, typically by a single individual or a family, using traditional methods of production. This type of industry is usually labor-intensive, relying heavily on manual skills and specialized knowledge. Often, the materials used in these […]
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