A random variable is a variable whose value is not known in advance but is determined by some random process. Random variables can be either discrete or continuous. Discrete random variables take on a finite or countable number of values, while continuous random variables take on any value within a certain range. What is variables … Read more
How Does it Compare to Real Rates? Nominal rates are those that are quoted without taking into account the effect of inflation. In contrast, real rates are adjusted for inflation, so that the quoted rate represents the true cost of borrowing. In general, nominal rates are higher than real rates, because lenders require a higher … Read more
How to Collect, Analyze, and Use Demographic Data What are statistical tools used in data analysis? There are a variety of statistical tools that can be used for data analysis, and the specific tools that are used will depend on the type of data that is being analyzed. Some common statistical tools that are used … Read more
. Degrees of Freedom in Statistics. How do you calculate degrees? In order to calculate degrees, you will need to know the following: -The size of the population -The level of unemployment -The level of inflation The following formula can be used to calculate degrees: [(population size) – (level of unemployment)] / (level of inflation) … Read more
The Labor Theory of Value is an economic theory that states that the value of a good or service is based on the amount of labor that has gone into producing it. This theory is used to explain why some goods or services are more expensive than others. It is also used to explain how … Read more
Economic exposure is the sensitivity of a company’s market value to changes in the real exchange rate. It is a measure of how changes in the real exchange rate will affect the market value of the company. Economic exposure is also referred to as market value exposure. What is the difference between accounting exposure and … Read more
The Federal Poverty Level (FPL) is an economic measure used to determine whether an individual or family is eligible for certain federal benefits and programs. The FPL is updated every year and is adjusted for inflation. The FPL is calculated by the U.S. Department of Health and Human Services (HHS). The HHS uses a “poverty … Read more
Marxism: Its Definition and Comparison to Other Economic Systems. What is Marxism capitalism and communism? Marxism is a social, political, and economic theory originated by Karl Marx, which focuses on the struggle between capitalists and the working class. Marxism argues that capitalism, by creating class conflict, is a powerful engine for social change and that … Read more
A “boon” is a period of time in which economic conditions are favorable. This can refer to a specific sector of the economy, or to the economy as a whole. A boon can also be used to describe a period of strong growth or prosperity. What is a boon from a king? A boon from … Read more
Market: What It Means, Types and Features What are the features of market economy? Market economies are those in which economic decisions and the pricing of goods and services are guided by the interactions of a country’s citizens and businesses. The following are some key features of market economies: 1. Individuals and businesses are free … Read more
