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The measurement of economic worth over time is the problem of relating past prices, costs, values and proportions of social production to current ones. For a number of reasons, relating any past indicator to a current indicator of worth is theoretically and practically difficult for economists , historians , and political economists .
Economic value is not the same as market price, nor is economic value the same thing as market value. If a consumer is willing to buy a good, it implies that the customer places a higher value on the good than the market price. The difference between the value to the consumer and the market price is called "consumer surplus". [3]
An economic impact analysis typically measures or estimates the change in economic activity between two scenarios, one assuming the economic event occurs, and one assuming it does not occur (which is referred to as the counterfactual case). This can be accomplished either before or after the event (ex ante or ex post).
Between economic products themselves (with or without trading prices; these are technical, economic or commercial relations, or, in general, value proportions). The attribution of value to labor-products, and therefore the economising of their use, occurs within these three types of relationships interacting with each other.
Examples of positive economic statements are "the unemployment rate in France is higher than that in the United States," or "an increase in government spending would lower the unemployment rate". Either of these is potentially falsifiable and may be contradicted by evidence. Positive economics as such avoids economic value judgments.
Value is the worth of something, usually understood as a degree that covers both positive and negative magnitudes corresponding to the terms good and bad. Values influence many human endeavors related to emotion, decision-making, and action. Value theorists distinguish between intrinsic and instrumental value. An entity has intrinsic value if ...
It actually declines over time. This means that the difference between receiving $10 tomorrow and $11 in two days is different from receiving $10 in 100 days and $11 in 101 days. Although the difference between the values and the times is the same, people value the two options at a different discount rate. The $1 is more heavily discounted ...
The positive predictive value (PPV), or precision, is defined as = + = where a "true positive" is the event that the test makes a positive prediction, and the subject has a positive result under the gold standard, and a "false positive" is the event that the test makes a positive prediction, and the subject has a negative result under the gold standard.