The Brandt Line is an invisible line across the world that divides the rich north from the poor south. The Brandt Line corresponds with the divide between economically developed and industrialized countries and those countries that are less economically developed.Know More
Reference reports that the Brandt Line was introduced by Willy Brandt in the 1970s to illustrate the rich and poor countries of the world. The United States, Europe and Russia all are north of the Brandt Line, and therefore considered richer. On the other hand, most African and South American countries are below the Brandt Line. The Brandt Line circles the globe at roughly 30 degrees north, although it does shift radically south at Australia and New Zealand so that those two countries are included in the rich north.
According to BBC and the Brandt Line, there are distinct economic differences between the north and the south, with the north producing more goods while the south produces less. However, as of 2014, some of the southern countries have become newly industrialized and are becoming richer. Among these countries are Mexico, Brazil, South Africa, India and China. This change is due to a shift from agriculture to manufacturing, exporting goods and stable governments.Learn More
The concepts of elastic and inelastic demand are used in economics to describe change processes, and the differences between the terms are defined by the amount of change occurring within a given system. Areas of economic study related to supply and demand utilize these concepts.Full Answer >
The main industries in England include tourism, banking and finance, oil and gas, transport equipment and steel. England has the largest economy of the four countries of the United Kingdom.Full Answer >
Economywatch.com describes Brazil's economy as a free market that is "organized along capitalist lines." Beginning in 2006, Brazil's economy became the largest in South America and ninth largest in the world as measured by purchasing power parity (PPP).Full Answer >
Diminishing returns is graphed by assigning the input factor to the x-axis and assigning the output, or product, to the y-axis. The total product curve is the total number of units produced per units of input. The marginal product curve is the marginal product generated per units of input. Diminishing returns is reflected at the point where the marginal product curve has a negative slope.Full Answer >