Compare and Contrast the Powers of Congress and the President

question 40

Essay

Compare and contrast the powers of Congress and the president with regard to the regulation of trade (for example,customs and imports).

---

Definitions:

Marginal Revenue Product

Marginal revenue product measures the additional revenue generated by employing one more unit of input, commonly used to analyze labor and capital contributions.

Derived Demand

Refers to the demand for a good or service that arises from the demand for another related good or service.

Derived Demand

The need for a product or service resulting from the need for another product or service, like how the demand for cars drives the need for steel.

Final Demand

The demand for finished goods and services by consumers, businesses, and the government, excluding intermediate goods used in production.