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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 ...
When a reader encounters an unknown word or phrase in a text, context clues are anything in the text that helps them understand or guess the meaning of it. It can be synonyms, antonyms, explanations, examples, or familiar word-parts (prefix or suffix). [10] It can be definitions, comparisons, or contrasts. [11]
The everyday usage of the word unemployed is usually broad enough to include disguised unemployment, and may include people with no intention of finding a job. For example, a dictionary definition is: "not engaged in a gainful occupation", [7] which is broader than the economic definition.
James Stuart (1767) authored the first book in English with 'political economy' in its title, explaining it just as: . Economy in general [is] the art of providing for all the wants of a family, so the science of political economy seeks to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious; to provide everything necessary ...
Under these circumstances, markets move away from the theory of a perfectly competitive market, as real market often do not meet the assumptions of the theory and this inevitably leads to opportunities to generate more profit, unlike in a perfect competition environment, where firms earn zero economic profit in the long run. [8]
His words may have secured the money market. George W. Bush uttered 'the 10 most important words in the history of economics' during the 2008 financial crisis, Warren Buffett says — here's how ...
Taking this one stage further, the clue word can hint at the word or words to be abbreviated rather than giving the word itself. For example: "About" for C or CA (for "circa"), or RE. "Say" for EG, used to mean "for example". More obscure clue words of this variety include: "Model" for T, referring to the Model T.
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