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Welfare economics is a branch of economics that uses microeconomic techniques to evaluate economic well-being, especially relative to competitive general equilibrium, with a focus on economic efficiency and income distribution. [13] In general usage, including by economists outside the above context, welfare refers to a form of transfer payment ...
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 ...
Ferrophosphorus is a ferroalloy, an alloy of iron and phosphorus. It contains high proportion of iron phosphides, Fe 2 P and Fe 3 P. Its CAS number is 8049-19-2. The usual grades contain either 18 or 25% of phosphorus. [1] It is a gray solid material with melting point between 1050-1100 °C. It may liberate phosphine in contact with water. Very ...
The production possibilities frontier (PPF) for guns versus butter. Points like X that are outside the PPF are impossible to achieve. Points such as B, C, and D illustrate the trade-off between guns and butter: at these levels of production, producing more of one requires producing less of the other.
Phosphorus is also an important component in steel production, in the making of phosphor bronze, and in many other related products. [ 120 ] [ 121 ] Phosphorus is added to metallic copper during its smelting process to react with oxygen present as an impurity in copper and to produce phosphorus-containing copper ( CuOFP ) alloys with a higher ...
One classical breakdown of economic activity distinguishes three sectors: [1] Primary: involves the retrieval and production of raw-material commodities, such as corn, coal, wood or iron. Miners, farmers and fishermen are all workers in the primary sector.
In economics, the theory of imputation, first expounded by Carl Menger, maintains that factor prices are determined by output prices [6] (i.e. the value of factors of production is the individual contribution of each in the final product, but its value is the value of the last contributed to the final product (the marginal utility before reaching the point Pareto optimal).
In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium.