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It covers all primary production and economic and industrial sectors that base on use, production or processing biological resources from agriculture, forestry, fisheries and aquaculture. The product of bioeconomy are typically food, feed and other biobased products, bioenergy and services based on biological resources.
Biological economics is an interdisciplinary field in which the interaction of human biology and economics is studied. The journal Economics and Human Biology covers the field and has an impact factor of 2.722.
Mainstream economics has attempted to become a value-free 'hard science', but ecological economists argue that value-free economics is generally not realistic. Ecological economics is more willing to entertain alternative conceptions of utility , efficiency , and cost-benefits such as positional analysis or multi-criteria analysis.
This has economic benefits and maintaining natural pest control is important to humanity's ability to grow crops. [25] It can also be applied within horticulture. [26] Biological pest control can reduce economic losses incurred as a result of pests, disease vectors, and invasive species. [27]
Bioeconomics (fisheries), the study of the dynamics of living resources using economic models; Bioeconomics (biophysical), the study of economic systems applying the laws of thermodynamics; Biological economics, the study of the relationship between human biology and economics; Bioeconomics, the social theory of Nicholas Georgescu-Roegen
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 ...
Evolutionary economics is a school of economic thought that is inspired by evolutionary biology.Although not defined by a strict set of principles and uniting various approaches, it treats economic development as a process rather than an equilibrium and emphasizes change (qualitative, organisational, and structural), innovation, complex interdependencies, self-evolving systems, and limited ...
Alfred Marshall provided a still widely cited definition in his textbook Principles of Economics (1890) that extended analysis beyond wealth and from the societal to the microeconomic level: Economics is a study of man in the ordinary business of life. It enquires how he gets his income and how he uses it.