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The latitude of acceptance refers to the range of ideas that an individual finds acceptable or favorable. This could vary between ideas, messages, or positions. Usually, the messages that fall within this range are more likely to be accepted and incorporated into an individual's existing beliefs.
The latitude of acceptance explores the variety of ideas that individuals perceive as considerable and acceptable. The latitude of rejection explores the variety of ideas that an individual perceives to be disagreeable and not deemed considerable. The latitude of noncommitment explores the ideas that are neither considerable or disagreeable.
In economics, willingness to accept (WTA) is the minimum monetary amount that а person is willing to accept to sell a good or service, or to bear a negative externality, such as pollution. [1] This is in contrast to willingness to pay ( WTP ), which is the maximum amount of money a consumer (a buyer ) is willing to sacrifice to purchase a good ...
Acceptability is the characteristic of a thing being subject to acceptance for some purpose. A thing is acceptable if it is sufficient to serve the purpose for which it is provided, even if it is far less usable for this purpose than the ideal example.
In business and for engineering economics in both industrial engineering and civil engineering practice, the minimum acceptable rate of return, often abbreviated MARR, or hurdle rate is the minimum rate of return on a project a manager or company is willing to accept before starting a project, given its risk and the opportunity cost of forgoing other projects. [1]
James Stuart (1767) authored the first book in English with 'political economy' in its title, explaining it just as: . Economy in general [is] the art of providing for all the wants of a family, so the science of political economy seeks to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious; to provide everything necessary ...
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The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".