What is Cultural Relativism? Cultural relativism concerns understanding and respecting foreign cultures. More specifically, is calls for a deeper understanding of people on the basis of their own cultural beliefs. Further, people should not be compared against or judged on the based upon the culture of others. How does Cultural Relativism Work?    T...

What are Project Costs? Developing and controlling a project budget requires extensive estimation by the project team. There are different types of project estimate:  C onceptual estimate (or “ballpark estimate”) - This is developed early on as part of the project design phase. It is generally built off of the knowledge and expertise of the project ...

What is a Bilateral Monopoly in a Labor Market? What happens when there is market power on both sides of the labor market, in other words, when a union meets a monopsony? Economists call such a situation a bilateral monopoly. Employment, L*, will be lower in a bilateral monopoly than in a competitive labor market, but the equilibrium wage is indeter...

How Do Monopolists Set Price with the Demand Curve? A perfectly competitive firm acts as a price taker, so we calculate total revenue taking the given market price and multiplying it by the quantity of output that the firm chooses.  A flat perceived demand curve means that, from the viewpoint of the perfectly competitive firm, it could sell either a...

What is a Push Notification? App publishers frequently use push notifications as marketing strategies to reach their target customers. A push notification abruptly appears on mobile devices, this push notifications are often in the form of messages. A standard push notification pops up as a single message on users devices. Users of mobile devices do...

What is the National Credit Union Administration? The National Credit Union Administration (NCUA) is an independent agency in the executive branch of the United States federal government, responsible for supervising the federal credit unions. The NCUA regulates, charters and supervises the credit unions and insures savings in federal and most state-...

What are Attitudes? An attitude can best be understood as a state of mind. The state of mind can be brought on by any number of factors. Generally, an attitude affects a persons disposition and behavior - whether positive or negative. An attitude may be directed at a specific object or it may be general in nature.  What is Cognitive Dissonance Theor...

What is Consumer Protection Law? Consumer protection law concerns the body of statutes and regulations protecting consumers against deceptive practices by merchants or service providers. This chapter introduces the concept of consumer protection and its purpose. It then introduces the numerous federal statutes that protect consumers in specific situ...

What is Total Cost and Total Revenue for a Monopolist?  The total cost curve has its typical shape - total costs rise and the curve grows steeper as output increases.  Low levels of output bring in relatively little total revenue, because the quantity is low.  High levels of output bring in relatively less revenue, because the high quantity pushes d...

What is the National Environmental Policy Act of 1970? The National Environmental Policy Act of 1970 (NEPA) was first major federal environmental statute. It lays out broad goals and steps for federal agencies to incorporate environmental considerations into decision-making. NEPA has been held to not be a substantive act; rather, it is made up of pr...