Search results
Results from the WOW.Com Content Network
An economic system, or economic order, [ 1] is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions, agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
The Journal of Economic Literature classification codes associate political economy with three sub-areas: (1) the role of government and/or class and power relationships in resource allocation for each type of economic system; [16] (2) international political economy, which studies the economic impacts of international relations; [17] and (3 ...
A semi-presidential republic is a government system with power divided between a president as head of state and a prime minister as head of government, used in countries like France, Portugal, and Ukraine. The president, elected by the people, symbolizes national unity and foreign policy while the prime minister is appointed by the president or ...
Fiscal federalism. As a subfield of public economics, fiscal federalism is concerned with "understanding which functions and instruments are best centralized and which are best placed in the sphere of decentralized levels of government" (Oates, 1999). In other words, it is the study of how competencies (expenditure side) and fiscal instruments ...
e. Public economics (or economics of the public sector) is the study of government policy through the lens of economic efficiency and equity. Public economics builds on the theory of welfare economics and is ultimately used as a tool to improve social welfare. Welfare can be defined in terms of well-being, prosperity, and overall state of being.
Consumer sovereignty in production is the controlling power of consumers, versus the holders of scarce resources, in what final products should be produced from these resources. It is sometimes used as a hypothesis that the production of goods and services is determined by the consumers' demand (rather than, say, by capital owners or producers).
Public policy is an institutionalized proposal or a decided set of elements like laws, regulations, guidelines, and actions [ 1][ 2] to solve or address relevant and real-world problems, guided by a conception [ 3] and often implemented by programs. These policies govern and include various aspects of life such as education, health care ...
Economic efficiency. In microeconomics, economic efficiency, depending on the context, is usually one of the following two related concepts: [ 1] Allocative or Pareto efficiency: any changes made to assist one person would harm another. Productive efficiency: no additional output of one good can be obtained without decreasing the output of ...