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The two major changes in commercial activity due to expedition known by historical recounting, are those led by Alexander the Great, [16] which facilitated multi-national trade, [17] and the Roman conquest of Gaul and invasions of Britain led by Julius Caesar. [18] [better source needed]
A change in quantity demanded is represented by a movement along the demand curve, while a change in demand is represented by a shift of the demand curve. [12] In popular usage a change in "demand" can refer to either what economists call a change in demand or what economists call a change in quantity demanded.
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 ...
Hesiod active 750 to 650 BC, a Boeotian who wrote the earliest known work concerning the basic origins of economic thought, contemporary with Homer. [3] Of the 828 verses in his poem Works and Days, the first 383 centered on the fundamental economic problem of scarce resources for the pursuit of numerous and abundant human ends and desires.
Economic history is the study of history using methodological tools from economics or with a special attention to economic phenomena. Research is conducted using a combination of historical methods, statistical methods and the application of economic theory to historical situations and institutions.
Also climate change is more widely acknowledged as a major issue in economics, sparking debates about sustainable development in economics. Climate change has also become a factor in the policy of for example the European Central Bank. Also the field of ecological economics became more popular in the 21st century. [208]
In the history of economic thought, ancient economic thought refers to the ideas from people before the Middle Ages. Economics in the classical age is defined in the modern analysis as a factor of ethics and politics, only becoming an object of study as a separate discipline during the 18th century. [1] [2] [3] [4]
Governments prepared high quality economic statistics on an ongoing basis and tried to base their policies on the Keynesian theory that had become the norm. In the early era of social liberalism and social democracy, most western capitalist countries enjoyed low, stable unemployment and modest inflation, an era called the Golden Age of Capitalism.