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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 ...
Economists commonly use the term recession to mean either a period of two successive calendar quarters each having negative growth [clarification needed] of real gross domestic product [1] [2] [3] —that is, of the total amount of goods and services produced within a country—or that provided by the National Bureau of Economic Research (NBER): "...a significant decline in economic activity ...
John Neville Keynes regarded the discussion leading up to the definition of economics more important than the definition itself. [15] It would be a way to reveal the scope, direction and troubles the science faces. A recent review of economics definitions includes a range of those in principles textbooks, such as descriptions of the subject as ...
The following is a list of common metonyms. [n 1] A metonym is a figure of speech used in rhetoric in which a thing or concept is not called by its own name, but by the name of something intimately associated with that thing or concept. For instance, "Westminster", a borough of London in the United Kingdom, could be used as a metonym for the ...
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".
Another approach to natural-law jurisprudence generally asserts that human law must be in response to compelling reasons for action. There are two readings of the natural-law jurisprudential stance. The strong natural law thesis holds that if a human law fails to be in response to compelling reasons, then it is not properly a "law" at all.
A CAUSE is an object precedent and contiguous to another, and so united with it, that the idea, of the one determines the mind to form the idea of the other, and the impression of the one to form a more lively idea of the other. [2]
In economics, a utility function is often used to represent a preference structure such that () if and only if. The idea is to associate each class of indifference with a real number such that if one class is preferred to the other, then the number of the first one is greater than that of the second one.