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The industrial revolution and the development in international trade and commerce has led to the vast expansion of business and trade, as a result of which a variety of consumer goods have appeared in the market to cater to the needs of the consumers and a host of services have been made available to the consumers like insurance, transport, electricity, housing, entertainment, finance and banking.
Alfred Marshall provided a still widely cited definition in his textbook Principles of Economics (1890) that extended analysis beyond wealth and from the societal to the microeconomic level: Economics is a study of man in the ordinary business of life. It enquires how he gets his income and how he uses it.
Price discrimination is a microeconomic pricing strategy where identical or largely similar goods or services are sold at different prices by the same provider to different buys based on which market segment they are perceived to be part of.
Consumer Reports (CR), formerly Consumers Union (CU), is an American nonprofit consumer organization dedicated to independent product testing, investigative journalism, consumer-oriented research, public education, and consumer advocacy.
The nonprofit Ethical Consumer Research Association continues to publish Ethical Consumer and its associated website, which provides free access to ethical rating tables. Although single-source ethical consumerism guides such as Ethical Consumer, Shop Ethical, [4] and the Good Shopping Guide [5] are popular, they suffer from incomplete coverage.
An economic equilibrium is a situation when the economic agent cannot change the situation by adopting any strategy. The concept has been borrowed from the physical sciences. Take a system where physical forces are balanced for instance.This economically interpreted means no further change ensues.
The complaint tablet to Ea-nāṣir (UET V 81) [1] is a clay tablet that was sent to the ancient city-state Ur, written c. 1750 BCE.The tablet, measuring 11.6 cm high and 5 cm wide, documents a transaction in which Ea-nāṣir, [a] a trader, sold sub-standard copper to a customer named Nanni.
Dollar voting has also been criticized for being a sort of consumer vigilantism. While most economists and economic philosophers accept that consumers have a right to their personal moral choices in the market, large-scale movements to influence consumer spending could have potentially dangerous implications. [example needed] [6]