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In economics a trade-off is expressed in terms of the opportunity cost of a particular choice, which is the loss of the most preferred alternative given up. [2] A tradeoff, then, involves a sacrifice that must be made to obtain a certain product, service, or experience, rather than others that could be made or obtained using the same required resources.
The model was first presented by Oliver Williamson in his 1968 paper "Economies as an Antitrust Defense: The welfare tradeoffs" in the American Economic Review. [2] Williamson argued that ignoring efficiencies that may result from proposed mergers in antitrust law "fail[ed] to meet the basic test of economic rationality". [3]
Researchers in political economy have viewed the trade-off between military and consumer spending as a useful predictor of election success. [1] In this example, a nation has to choose between two options when spending its finite resources. It may buy either guns (invest in defense/military) or butter (invest in production of goods), or a ...
Trade-offs: Keeping a 21-year-old car, putting off housing repairs, skipping activities with his two children. Keith Kruchten had been “incredibly hopeful” that Biden’s forgiveness plan ...
During a visit to Central Asia, Lord Cameron said the commitment was ‘necessary’ to protect national security as ‘the first priority of government’.
In economics, the market mechanism is a mechanism by which the use of money exchanged by buyers and sellers with an open and understood system of value and time trade-offs in a market tends to optimize distribution of goods and services in at least some ways.
UK and EU look to 2025 for reset, but with little room for trade-offs. Katya Adler - Europe Editor. December 28, 2024 at 6:14 PM ... But Labour has also made promises on trade and the economy: to ...
The political trilemma of the world economy is a concept created by economist Dani Rodrik to capture the trade-offs that governments faced in their responses to ...