Russian Rouble (Ruble)

• Currency Name is Rouble (Ruble).

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Pound Sterling

• Currency Name is Pound Sterling.
• Currency Symbol is £.

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Science Theories 1 - Elasticity

• Elasticity as a mathematical concept finds its origin in mechanical physics.
  
• Mechanical physics describes macroscopic features of the universe, how forces such as friction and gravity can morphologically alter the structure of physical items.
• It defines stress, strain, force and other forms of mechanical deformation and their properties.
• Elasticity refers to a property wherein a body can be distorted to some degree and still retain some salient characteristic.
  
• This suggests a maintenance of relationship.
• Elasticity applies to spatial distortion that nonetheless maintains some relationship between two points in the system being distorted.
• Jelly, rubber and spandex offer everyday examples.
  
• However, there will be a point, as a material endures multiple or extreme distortions, at which it will not be able to return to it original shape and either remains in a distorted state or breaks at the point of most strain such as an elastic band that snaps at the limit of its stretching capacity.
• Loss of elasticity may affect the system as a whole.
  
• With the loss of elasticity, there is a global change in a structural state (so the concept of a global state variable would apply) that changes the nature of the material.
• Elasticity in language is lost over time.
• Main thing that must be considered in elasticity concept is force that applied to the material should be monitor and maintain not to exceed the limit to prevent loss of elasticity.

Details can be found HERE

Recommended Article 4 - Price Elasticity of Demand

• An important aspect of a product's demand curve is how much the quantity demanded changes when the price changes.
  
• The economic measure of this response is the price elasticity of demand.
• Price elasticity of demand is calculated by dividing the proportionate change in quantity demanded by the proportionate change in price.
• Proportionate changes are used so that the elasticity is a unit-less value and does not depend on the types of measures used.

Details can be found HERE

Recommended Article 3 - Monopoly

• A monopoly exists where there is only one supplier of a product or service.
• This allows the supplier to charge higher prices than if there was competition.
• There are degrees of monopoly and only the market in a commodity is completely free of monopoly pricing power.
• What is usually meant by a monopoly is that there is no competition and therefore the supplier has a very high degree of pricing power.
  
• If there is no competition, the product being sold should have a price cross elasticity close to zero with any other product.
• A market that falls short of monopoly but which also falls short of perfect competition is described as having monopolistic competition or imperfect competition.
• Monopolies can arise in a number of ways including legally enforced monopolies on an entire market, patents and copyrights, natural monopolies, cartels, network effects and control of access to a market.

Details can be found HERE

Recommended Article 2 - Defining the new Oligopoly

• The term denotes a situation where there are few sellers for a product or service.
  
• The members of an oligopoly change the nature of a free market.
• They can't dictate price and availability like a monopoly can.
• They often turn into friendly competitors, since it is in all the members' interest to maintain a stable market and profitable prices.
• The new oligopoly is made up of multinational corporations that have chosen specific product or service categories to dominate.
• In each category, over time, only two to four major players prosper.
  
• Starting a new company in that market segment is difficult, and the few that do succeed are often gobbled up or run out of business by the oligopolies.

Details can be found HERE

Recommended Article 1 - Economics Basics

• Economics simply said as the study of what constitutes rational human behavior in the endeavor to fulfill needs and wants.
• As an individual, for example, you must make certain choices with your money to fulfill your wants and needs.
• The underlying essence of economics is trying to understand how both individuals and nations behave in response to certain material constraints.
• To study these things, economics makes the assumption that human beings will aim to fulfill their self-interests.
  
• It also assumes that individuals are rational in their efforts to fulfill their unlimited wants and needs.
  
• Economics, therefore, is a social science, which examines people behaving according to their self-interests.
  

Details can be found HERE