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Cambridge capital controversy: The Cambridge capital controversy is a dispute in economics that started in the 1950s. The debate concerned the nature and role of capital goods and a critique of the neoclassical vision of aggregate production and distribution. The question of whether the natural growth rate is exogenous, or endogenous to demand ...
Household production function. Consumers often choose not directly from the commodities that they purchase, but from commodities they transform into goods through a household production function. It is these goods that they value. The idea was originally proposed by Gary Becker, Kelvin Lancaster, and Richard Muth in the mid-1960s. [ 1]
Natural sciences, engineering and medicine. Unsolved problems in astronomy. Unsolved problems in biology. Unsolved problems in chemistry. Unsolved problems in geoscience. Unsolved problems in medicine. Unsolved problems in neuroscience. Unsolved problems in physics.
In economics, economic equilibrium is a situation in which economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change. For example, in the standard text perfect competition, equilibrium occurs at the point at which quantity demanded and quantity ...
In both classical and Keynesian economics, the money market is analyzed as a supply-and-demand system with interest rates being the price. The money supply may be a vertical supply curve, if the central bank of a country chooses to use monetary policy to fix its value regardless of the interest rate; in this case the money supply is totally ...
Economic system. Circulation model of economic flows for a closed market economy. In this model the use of natural resources and the generation of waste (like greenhouse gases) is not included. An economic system, or economic order, [ 1 ] is a system of production, resource allocation and distribution of goods and services within a society.
The problem of economic growth. If productive capacity grows, an economy can produce progressively more goods, which raises the standard of living. The increase in productive capacity of an economy is called economic growth. There are various factors affecting economic growth.
v. t. e. Economics (/ ˌɛkəˈnɒmɪks, ˌiːkə -/) [ 1 ][ 2 ] is a social science that studies the production, distribution, and consumption of goods and services. [ 3 ][ 4 ] Economics focuses on the behaviour and interactions of economic agents and how economies work.