Definition A price ceiling is a price limit set by the government to control the pricing of a product within a market. Governments set price ceilings to regulate prices so as to protect consumers from overpricing or exploitation by the market especially on the prices of goods. Price ceiling aims at making products affordable and […]
Nature of the commodity The nature of a commodity determines elasticity of demand. Those products that are necessary in life are generally less elastic. The demand for comfort products have neither very elastic nor very inelastic because changes in prices results to relative changes in demand. Lastly, the demand for luxurious goods is very elastic.
Public goods are those that can be consumed by more than one consumer. They have two distinct characteristics, one of them is non-rivalry. This means that many people can consume the available goods without diminishing or reducing its value. An example is the benefit from street lights by an individual does not in any way
The Spillover Principle states that sometimes decision makers are not in positions to achieve all their desired benefits or bear all the costs that occur as a result of their decisions. For example, poor disposal of wastes from a manufacturing company can have negative impacts to the people living next to the plant. On the
Production possibility curve is a graphical representation of alternative production possibilities that face an economy. A given economy can attain points that fall on the outside of the production possibilities curve in many ways. The first one is by facilitating trade with other external producers, since points outside the curve cannot be attained with existing
Police Defectiveness In a typical state, the police department should be a law enforcement agency responsible for providing security, besides promoting peace within the community and amongst its citizens. However, research shows that the department has, over the course of history, and at one time, remained unsatisfactory and substandard. The shortcomings and weaknesses have affected
Crime, delinquency, and gangs in the United States have traditionally been linked to children from low-income families. Nevertheless, the figure of crimes committed by children from the middleclass has increased in recent years(Siegel & Senna, 1994). Violent youth who appear to be beneficiaries of the society hasgenerated a breed of delinquents who are financially secure.
Illegal drug use, illegal prostitution, and money laundering are some of the vice crime that the American society is striving hard to fight every day (Mooney et al., 1997). Vice crimes are crimes often thought to go against morality. They are illegal activities that usually have no complaining participants and are simply regarded as victimless
Stratification – the differentiation of people according to property, power and prestige – exists in all societies throughout the world. Indeed functionalism theorists argue that stratification is necessary and inevitable to ensure people with special skills, knowledge and attitudes take up the most important jobs (Rose, 2015). On the other hand, conflict theorists argue that
An ethnic stereotype is a system of beliefs about typical characteristics, status and norms of members of a certain ethnic group. In America, there are a lot of stereotypes about certain ethnic groups always expressed in repugnant ethnic jokes, with the concomitant prejudices and phobias. This is because most groups stereotype themselves positively while stereotyping