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Economists commonly use the term recession to mean either a period of two successive calendar quarters each having negative growth [clarification needed] of real gross domestic product [1] [2] [3] —that is, of the total amount of goods and services produced within a country—or that provided by the National Bureau of Economic Research (NBER): "...a significant decline in economic activity ...
Since 2 × (−3) = −6, the product (−2) × (−3) must equal 6. These rules lead to another (equivalent) rule—the sign of any product a × b depends on the sign of a as follows: if a is positive, then the sign of a × b is the same as the sign of b, and; if a is negative, then the sign of a × b is the opposite of the sign of b.
[2] [3] The law of diminishing returns does not cause a decrease in overall production capabilities, rather it defines a point on a production curve whereby producing an additional unit of output will result in a loss and is known as negative returns.
If the elasticity is −2, that means a one percent price rise leads to a two percent decline in quantity demanded. Other elasticities measure how the quantity demanded changes with other variables (e.g. the income elasticity of demand for consumer income changes). [1] Price elasticities are negative except in special cases.
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 ...
2. Denotes the additive inverse and is read as minus, the negative of, or the opposite of; for example, –2. 3. Also used in place of \ for denoting the set-theoretic complement; see \ in § Set theory. × (multiplication sign) 1. In elementary arithmetic, denotes multiplication, and is read as times; for example, 3 × 2. 2.
Marginal revenue is a fundamental tool for economic decision making within a firm's setting, together with marginal cost to be considered. [9] In a perfectly competitive market, the incremental revenue generated by selling an additional unit of a good is equal to the price the firm is able to charge the buyer of the good.
In economics, negative pricing can occur when demand for a product drops or supply increases to an extent that owners or suppliers are prepared to pay others to accept it, in effect setting the price to a negative number. This can happen because it costs money to transport, store, and dispose of a product even when there is little demand to buy ...