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Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
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"Calling someone socially inept is a criticism and can be insulting, especially if the person is unaware of their social struggles," says Dr. Michele Goldman, Ph.D., a psychologist and Hope for ...
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".
Social influence often induces a rich-get-richer phenomenon where popular products tend to become even more popular. [22] An example of the Matthew Effect's role on social influence is an experiment by Salganik, Dodds, and Watts in which they created an experimental virtual market named MUSICLAB.
The LTV and the accompanying theory of exploitation became central to his economic thought. 19th century American individualist anarchists based their economics on the LTV, with their particular interpretation of it being called "Cost the limit of price". They, as well as contemporary individualist anarchists in that tradition, hold that it is ...
An economic ideology is a set of views forming the basis of an ideology on how the economy should run. It differentiates itself from economic theory in being normative rather than just explanatory in its approach, whereas the aim of economic theories is to create accurate explanatory models to describe how an economy currently functions.
Normative social distance: A second approach views social distance as a normative category. Normative social distance refers to the widely accepted and often consciously expressed norms about who should be considered as an "insider" and who an "outsider/foreigner". Such norms, in other words, specify the distinctions between "us" and "them".