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In economics, deadweight loss is the loss of societal economic welfare due to production/consumption of a good at a quantity where marginal benefit (to society) does not equal marginal cost (to society) – in other words, there are either goods being produced despite the cost of doing so being larger than the benefit, or additional goods are not being produced despite the fact that the ...
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 ...
(Temperatures tend to follow the older usage; −5° is generally called "minus five degrees".) [18] Further, a few textbooks in the United States encourage −x to be read as "the opposite of x" or "the additive inverse of x"—to avoid giving the impression that −x is necessarily negative (since x itself may already be negative). [19]
Zero-sum game is a mathematical representation in game theory and economic theory of a situation that involves two competing entities, where the result is an advantage for one side and an equivalent loss for the other. [1]
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.
Negative spillover is the opposite of positive spillover, meaning unwanted social, political, and economic impacts. An example is pollution caused by industrial plants, releasing smoke, carbon dioxide gas, oil wastewater, and other harmful waste materials into the atmosphere. As we know, pollution leads to global warming, which affects all of ...
Complementary antonyms are word pairs whose meanings are opposite but whose meanings do not lie on a continuous spectrum (push, pull). Relational antonyms are word pairs where opposite makes sense only in the context of the relationship between the two meanings (teacher, pupil). These more restricted meanings may not apply in all scholarly ...
Reciprocal altruism in humans refers to an individual behavior that gives benefit conditionally upon receiving a returned benefit, which draws on the economic concept – ″gains in trade″. [1] Human reciprocal altruism would include the following behaviors (but is not limited to): helping patients, the wounded, and the others when they are ...