Indian Economy Questions

The annual percentage rate (APR) on a credit card determines the amount of interest you are charged on credit card purchases.

A command economy types of government decide which goods would be produced without any interference of the public.

Command economy ran in Germany during the rule of Adolf Hitler. 

A command economy tends to exist under a socialist government that provides a lot of regulation.

Economic resources include land, labour, capital and entrepreneurship. 

Entrepreneurship is also considered an economic resource because individuals are responsible for creating businesses and moving economic resources in the business environment.

These economic resources are also called as Factors of production.

If the percent change in quantity demanded is less than the percent change in price, economists label the demand for the good as inelastic.

A good that is inelastic does not have very stretchy demand. In economic terms, the quantity demanded does not change a lot when the price changes.

So, if the price of a good increases by 10 percent and the quantity demanded decreases by only 5 percent or less than 10, that good is said to have inelastic demand.

Hence, in this case, consumers are not considered very sensitive, or responsive, to a change in the price of that good.