Methodological economic and statistical elements of the subject include measurement, collection, analysis, and publication of data. Economic data<span> or </span>economic statistics<span> are </span>data<span> (quantitative measures) describing an actual </span>economy<span>, past or present. ... A collection of such </span>data<span> in table form comprises a </span>data<span> set. </span>
Answer:
5% approx
Explanation:
Given that
Number of people in the world = 6.25 billion
And the number of people live in North America = 310 million
So, the percentage of the world population lives in North America would be
= (Number of people live in North America ÷ Number of people in the world) × 100
= (310 million ÷ 6.25 billion) × 100
= 5% approx
Answer:
In this section, we are going to take a closer look at what is behind the demand curve and the behavior of consumers. How does a consumer decide to spend his/her income on the many different things that he/she wants, i.e., food, clothing, housing, entertainment? We assume that the goal of the consumer is to maximize his/her level of satisfaction or joy, constrained by his/her income.
Economists use the term utility as a measure of satisfaction, joy, or happiness. How much satisfaction does a person gain from eating a pizza or watching a movie? Measuring utility is based solely on the preferences of the individual and has nothing to do with the price of the good. Let’s do an experiment in utility.
Step 01: Get some of your favorite candy, pastries, or cookies.
Step 02: Take a bite and evaluate, on a scale from 0 to 100 (with 100 being the greatest utility), the level of utility from that bite. Record the marginal utility of that bite (i.e., how much you get from that one additional bite).
Step 03: Repeat step 02. It is important to be consistent with each unit consumed, i.e., the same size and no drinking milk or water part way though. When you run out of candy or your marginal utility goes to zero you can stop.
Law of Diminishing Marginal Utility
How does job satisfaction positively affect job performance?
by increasing continuance commitment
