{"id":299,"date":"2024-04-01T14:10:26","date_gmt":"2024-04-01T13:10:26","guid":{"rendered":"https:\/\/tutors4you.com\/?page_id=299"},"modified":"2024-04-01T14:10:27","modified_gmt":"2024-04-01T13:10:27","slug":"some-economics-terms","status":"publish","type":"page","link":"https:\/\/tutors4you.com\/index.php\/some-economics-terms\/","title":{"rendered":"Some Economics Terms"},"content":{"rendered":"\n\n\t\t<div class=\"well well-sm\">\n\t\t\t<h1>Some Economics Terms<\/h1>\n\t\t\t<h3>Substitute goods <\/h3>\n\t\t    <p>These goods can be used in place of each other. For example tea and coffee.&nbsp;<\/p>\n\t\t    <h3>Complementary goods <\/h3>\n\t\t    <p>These goods are used together by a consumer to satisfy a particular want. For example cars and fuel complement each other.&nbsp;<\/p>\n\t\t    <h3>Stock <\/h3>\n\t\t    <p>It is the total quantity of a commodity available with the seller at a given time.<\/p>\n\t\t    <h3>Utility <\/h3>\n\t\t    <p>Goods and services vary in their usefulness for   the purpose they are required to fulfill. Utility is a measure of this   usefulness.<\/p>\n\t\t    <h3>Comparative Advantage <\/h3>\n\t\t    <p>Comparative Advantage is the   ability of an entity, for example a firm or even a country, to produce   wealth by doing what they do best. &nbsp;The production of these goods and   services will benefit the entity. By focusing on such goods and services   the entity is able to trade the surplus for other goods and services   which it may need. By knowing the areas in which there is comparative   advantage the entity stands to gain and so does its trading partners.   Each will produce the goods and services in which they have comparative   advantage.<\/p>\n\t\t    <h3>Competition<\/h3>\n\t\t    It is believed that competition between firms selling the   same products and services will lead to the consumer getting the best   price. So competition is struggle between firms to win the patronage of   the consumer.\n\t\t    \n\t\t<\/div>\n\t\n","protected":false},"excerpt":{"rendered":"<p>Some Economics Terms Substitute goods These goods can be used in place of each other. For example tea and coffee.&nbsp; Complementary goods These goods are used together by a consumer to satisfy a particular want. For example cars and fuel complement each other.&nbsp; Stock It is the total quantity of a commodity available with the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-299","page","type-page","status-publish","hentry"],"blocksy_meta":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Some Economics Terms - Tutors 4 You<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tutors4you.com\/index.php\/some-economics-terms\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Some Economics Terms - Tutors 4 You\" \/>\n<meta property=\"og:description\" content=\"Some Economics Terms Substitute goods These goods can be used in place of each other. 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For example tea and coffee.&nbsp; Complementary goods These goods are used together by a consumer to satisfy a particular want. 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