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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 ...
This is the canonical self-referential paradox. Also "Is the answer to this question 'no'?", and "I'm lying." Card paradox: "The next statement is true. The previous statement is false." A variant of the liar paradox in which neither of the sentences employs (direct) self-reference, instead this is a case of circular reference.
Equity premium puzzle: The equity premium puzzle is thought to be one of the most important outstanding questions in neoclassical economics. [6] It is founded on the basis that over the last one hundred years or so the average real return to stocks in the US has been substantially higher than that of bonds.
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".
A macroeconomic model is an analytical tool designed to describe the operation of the problems of economy of a country or a region. These models are usually designed to examine the comparative statics and dynamics of aggregate quantities such as the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the level of prices.
It answers the question "At any given price level, what is the quantity of goods demanded?" The graphic model shows combinations of interest rates and output that ensure equilibrium in both the goods and money markets under the model's assumptions. [51]
Ecological economics is an alternative to neoclassical economics. It integrates, among other things, the first and second laws of thermodynamics (see: Laws of thermodynamics) to formulate more realistic economic systems that adhere to fundamental physical limitations. In addition to the neoclassical focus on efficient allocation, ecological ...
Karl Marx; Das Kapital, 1867; Das Kapital on Wikisource; Annotations, Explanations and Clarifications to Capital.; Description: A political-economic treatise by Karl Marx.Marx wrote this critical analysis of capitalism and of the political economy from the perspective of historical materialism, the view that history can be understood as a sequence of modes of production in which exploiting ...