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Expenditure cascades is an economic term coined by researcher Robert H. Frank. It describes changes in purchasing and consumption behaviour which ripple through the levels of income in response to changes in income inequality.
For example income inequality has been found to be associated with reduced savings rates. [36] [37] [38] One hypothesized mechanism for this relationship is 'expenditure cascades' [39] whereby consumption norms are set by the relatively wealthy, who then have more income and consumption relative to others as inequality rises. This emulation of ...
The term "access-based consumption" refers to the increasing extent to which people seek the experience of temporarily accessing goods rather than owning them, thus there are opportunities for a "sharing economy" to develop, although Bardhi and Eckhardt outline differences between "access" and "sharing". [30]
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 ...
Government final consumption expenditure (GFCE) is an aggregate transaction amount on a country's national income accounts representing government expenditure on goods and services that are used for the direct satisfaction of individual needs (individual consumption) or collective needs of members of the community (collective consumption).
Changes in government spending are a major component of fiscal policy used to stabilize the macroeconomic business cycle. Public expenditure is spending made by the government of a country on collective or individual needs and wants of public goods and public services, such as pension, healthcare, security, education subsidies, emergency ...
This category relates to specifically sociological terms and concepts. Wider societal terms that do not have a specific sociological nature about them should be added to social concepts in keeping with the WikiProject Sociology scope for the subject.
Similarly, business failures and stock market prices tend to be countercyclical. In finance, an asset that tends to do well while the economy as a whole is doing poorly is referred to as countercyclical, and could be for example a business or a financial instrument whose value is derived from sales of an inferior good.