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In economics a trade-off is expressed in terms of the opportunity cost of a particular choice, which is the loss of the most preferred alternative given up. [2] A tradeoff, then, involves a sacrifice that must be made to obtain a certain product, service, or experience, rather than others that could be made or obtained using the same required resources.
Environmental economics is a sub-field of economics concerned with environmental issues. [1] It has become a widely studied subject due to growing environmental concerns in the twenty-first century. Environmental economics "undertakes theoretical or empirical studies of the economic effects of national or local environmental policies around the ...
Influence. Robbins's Essay is one of the most-cited works on the methodology and philosophy of economics for the period 1932–1960. Arguments therein have been widely accepted on the demarcation of economics as science from discussion of recommendations on economic policy. [7] In that period, economists started referring to Robbins' definition ...
Notable economists. Lists. Business portal. Money portal. v. t. e. The tragedy of the commons is a concept which states that if many people enjoy unfettered access to a finite, valuable resource, such as a pasture, they will tend to overuse it and may end up destroying its value altogether. Even if some users exercised voluntary restraint, the ...
e. An ecosystem (or ecological system) is a system that environments and their organisms form through their interaction. [2]: 458 The biotic and abiotic components are linked together through nutrient cycles and energy flows. Ecosystems are controlled by external and internal factors. External factors such as climate, parent material which ...
Capitalism portal. Business portal. v. t. e. Supply chain as connected supply and demand curves. In microeconomics, supply and demand is an economic model of price determination in a market. It postulates that, holding all else equal, the unit price for a particular good or other traded item in a perfectly competitive market, will vary until it ...
Ecological resilience. Lake and Mulga ecosystems with alternative stable states [1] In ecology, resilience is the capacity of an ecosystem to respond to a perturbation or disturbance by resisting damage and subsequently recovering. Such perturbations and disturbances can include stochastic events such as fires, flooding, windstorms, insect ...
Molecular biology is the study of the fundamental chemistry of life, while cellular biology is the examination of the cell; the basic building block of all life. At a higher level, anatomy and physiology look at the internal structures, and their functions, of an organism, while ecology looks at how various organisms interrelate.