MIT offers unofficial “Pirate Certificates” for archery, fencing, pistol or rifle shooting, and sailing. In 2011, the university’s physical education department began issuing official certificates to those who completed all four disciplines. The certificate is an incentive for students to complete their physical education requirement and shows the school’s sense of humor. Actor Matt Damon […]
Aggregate demand is a measure of total demand in an economy at different price levels. It is calculated by adding consumer spending, capital investment, government spending, and net exports. It can be used to predict spending habits and is part of the AS-AD model. Rising unemployment leads to a contraction in consumption and a shift […]
The increased demand for corn-based ethanol has led to a rise in the cost of corn, causing a potential nutritional crisis for poor Mexican families who rely on corn tortillas for food. While ethanol is a renewable energy source, the rising cost of corn has also affected food prices globally, with many countries experiencing a […]
Demand Flow® Technology is a manufacturing process that uses just-in-time inventory, lean manufacturing, and six sigma efficiency standards to produce products based on customer demands. It requires employees to move from station to station as workflow demands and is geared towards product runs designed to fulfill current customer orders. The methodology reduces lead times by […]
The demand factor is a ratio used to calculate the total demand for a system generated by different portions. It helps engineers and power grid managers make informed design decisions and redirect electrical loads to prevent failures and increase efficiency. The maximum demand factor can be constructed in anticipation of the demand load, and capacity […]
An electric demand meter charges customers more for peak demand periods, as electricity cannot be stored. It measures the highest level of demand over a period of time and allows the company to recoup costs while maintaining affordable prices. An electric demand meter works on the principle that customers who require a higher or more […]
Electricity demand fluctuates throughout the day due to various factors, and managing it is crucial for utilities. The outdated infrastructure of power grids is a potential threat to economic welfare. Electricity storage is inefficient, making it difficult to store energy during sudden demand. Utilities can match supply and demand by turning generators on and off […]
Aggregate demand represents the total value of goods and services consumers need to buy for a market to remain in equilibrium. Effective demand captures the total value of products consumers actually buy at a given price. Say’s Law, which dominated economic theory in the early 19th century, was rejected by John Maynard Keynes in the […]
The aggregate demand schedule shows the relationship between national price levels and product consumption levels. It is an important concept in macroeconomics, measured by GDP and a price index. The inverse relationship between the two is shown on a graph, with three main reasons for the relationship being rising prices, interest rates, and imports. The […]
Researchers at the Norwegian University of Science and Technology have found that the world’s growing population will require significantly more calories than previously projected due to changes in the size and energy needs of the average adult. Between 1975 and 2014, the average person consumed 2,465 calories a day, up from 2,615 calories in 2014. […]
The Catholic Church is worried about the increasing number of exorcisms being performed by its priests, with Italy alone receiving 500,000 requests per year. Vatican conferences in 2018 discussed Satanism, the need for more priests, and better training for exorcists. Father Cesare Truqui noted a lack of young priests willing to learn about demonic possession. […]
Derived demand is when demand for goods and services is generated as a result of demand for other goods and services. This can lead to an increase in price for resources needed to produce a product. Companies can take advantage of this by creating product lines where all items produced are related to each other. […]
The demand for labor refers to the price firms are willing to pay for workers, determined by the balance between benefits and compensation costs. Economic conditions affect the demand for labor, with recessions reducing demand. The labor market is not perfectly competitive due to limited worker mobility. A demand for labor is the price that […]
Dependent demand occurs when the demand for one item determines the demand for another. Manufacturers must understand this relationship to efficiently produce and purchase materials, unlike the order point method. Overestimating or underestimating demand can lead to wasted resources and hinder production. A dependent demand occurs when the demand and production level for one item, […]
Marginal demand is used to predict how a change in unit price will affect demand for a product. Companies use this to determine if a price change will improve their bottom line or if the current price should stay in place. Understanding marginal demand requires knowledge of supply and demand for the product. Companies regularly […]
Iron ore exports and imports are a barometer for local and regional economies, affected by supply and demand, economic conditions, seasonal variations, weather, tax increases, freight costs, construction, and financial markets. The demand for iron ore is used to measure the consumption need for similar industrial products worldwide. The export and import of iron ore […]
Income elasticity of demand measures the impact of income changes on consumer demand for goods and services. Companies use this concept to determine how consumers will respond to changes in income and adjust their strategies accordingly. It can help companies prepare for economic downturns by lowering prices or implementing other strategies to maintain demand for […]
Companies can increase market demand by improving quality, opening up communications with consumers, and strong branding efforts. However, external factors like substitutes, demographics, and new competitors can affect it. Improving product quality and opening up communications with consumers are good ways to increase market demand. Companies can increase market demand for branded products or services […]
Cross-elasticity of demand measures how the change in price of one product affects the change in demand for another, and can help manufacturers devise pricing and marketing strategies. The CPEoD is positive for substitutes and negative for add-ons, and industries use it to implement marketing strategies and plan responses to competitors’ moves. Cross-elasticity of demand […]
On-demand computing allows companies to access computing resources as needed, reducing hardware and software licensing costs. Thin clients in large organizations can make use of resources from the network. On-demand computing can also reduce energy consumption and server footprint. Virtualization and new technologies allow for even more efficient use of resources. The trend towards on-demand […]
