Rival Good.

A rival good is a good whose consumption by one individual precludes its consumption by another individual. In other words, one person’s consumption of a rival good reduces the amount of the good available for consumption by others. Examples of rival goods include food, water, and shelter. What does it mean for a good to … Read more

What You Should Know About Labor Intensive Workplaces.

Labor-intensive: What you need to know. In which economy capital intensive technique would be choose? There is no definitive answer to this question, as it depends on a number of factors specific to each situation. Generally speaking, a capital intensive technique would be chosen when the benefits of doing so outweigh the costs. This could … Read more