Marketing Fundamentals: Concepts, Strategies, and the Mix
Understanding the Nature of Marketing
Marketing is a group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas. It creates value by allowing individuals and organizations to obtain what they need and want. Importantly, marketing is not about manipulating consumers or merely selling and advertising.
The Exchange Relationship in Marketing
Exchange is the act of giving up one thing in return for something else. This includes the
Read MorePublic Finance Essentials: Taxation, Borrowing, Budgeting
Principles of an Effective Tax System
Equality and Justice in Taxation
A good tax system should follow the canon of equality. Equality does not mean an equal amount of tax for all taxpayers; rather, it emphasizes equity and justice. The heaviest burden should be placed on the broader shoulders. This indicates two principles: equality of sacrifice and ability to pay.
Tax Certainty and Transparency
A good tax system should be clear and certain regarding the amount, time, and method of tax payment. Taxpayers
Global Economic Dynamics: Market Impacts & Policy Insights
The Bretton Woods System: Collapse and Legacy
The Bretton Woods system, established in 1944, aimed to stabilize postwar global currencies through fixed exchange rates pegged to the US dollar, itself convertible to gold. Although it provided economic stability for two decades, by the late 1960s and early 1970s, the system collapsed due to structural flaws, rising inflation, and political unwillingness to maintain the discipline it required.
Inherent Asymmetry in Adjustment
The system suffered from an
Read MoreEconomic Foundations: Demand, Utility, and Saving
Elasticity of Demand: Core Concepts
Elasticity of demand refers to the responsiveness of the quantity demanded of a good or service to changes in its price or other influential factors, such as income or prices of related goods.
Types of Demand Elasticity
- Price Elasticity of Demand (PED): Measures the responsiveness of quantity demanded to changes in price.
- Income Elasticity of Demand: Measures the responsiveness of quantity demanded to changes in consumer income.
- Cross-Elasticity of Demand: Measures
Economic Debates: Austerity, Globalization, and US Politics
Austerity in Spain: Economic Perspectives
Edward Hugh’s View
- Austerity alone is not enough, but it is necessary.
- Spain faces high public debt.
- Rising unemployment and youth emigration threaten the public system.
- The Spanish government must regain confidence and competitiveness, requiring collaboration from EU countries.
David Lizoain’s Perspective
- Austerity measures and increasing taxes are a short-term disaster, leading to more unemployment, poverty, and fewer social services.
- Therefore, Spain needs political
Economics Fundamentals: Scarcity, Choice, and Advantage
A Clinton Foundation success story is that it loaned $23,000 to Rwandan coffee growers to support improvements to coffee washing stations and provided technical support. What was the source of the success? The technical support allowed Rwandan coffee growers to improve their knowledge of coffee farming, which increased their human capital. The improvements to washing stations was a change in physical capital that allowed farmers to increase the quantity of washed coffee.
Economics: Core Concepts