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[5] Economic theory views absolute and relative scarcity as distinct concepts and is "quick in emphasizing that it is relative scarcity that defines economics." [ 6 ] Current economic theory is derived in large part from the concept of relative scarcity which "states that goods are scarce because there are not enough resources to produce all ...
Goods are capable of being physically delivered to a consumer. Goods that are economic intangibles can only be stored, delivered, and consumed by means of media. Goods, both tangibles and intangibles, may involve the transfer of product ownership to the consumer. Services do not normally involve transfer of ownership of the service itself, but ...
Goods that require locally abundant inputs are cheaper to produce than those goods that require locally scarce inputs. For example, a country where capital and land are abundant but labor is scarce has a comparative advantage in goods that require lots of capital and land, but little labor — such as grains.
Hoarding in economics refers to the concept of purchasing and storing a large amount of a particular product, creating scarcity of that product, and ultimately driving the price of that product up. Commonly hoarded products include assets such as money, gold and public securities, [1] as well as vital goods such as fuel and medicine. [2]
The concept of marginal cost in economics is the incremental cost of each new product produced for the entire product line. For example, if you build a plane, it costs a lot of money, but when you build the 100th plane, the cost will be much lower.
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
The perspective is framed as a combination of factors shaping a buyer’s experience of the housing market: cost, scarcity, competition and overall economic instability.
"Guns" refer to security goods such as personnel—both troops and civilian support staff—as well as military equipment like weapons, ships, or tanks. Because these two types of goods represent a tradeoff, a country cannot increase one without negatively impacting the other. States often attempt to share the burden of defense through alliances.