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Collar color is a set of terms denoting groups of working individuals based on the colors of their collars worn at work. These can commonly reflect one's occupation within a broad class, or sometimes gender; [ 1 ] at least in the late 20th and 21st century, these are generally metaphorical and not a description of typical present apparel.
Other definitions refer to those in blue-collar occupations, despite the considerable range in required skills and income among such occupations. [2] Many members of the working class, as defined by academic models, are often identified in the vernacular as being middle-class , despite there being considerable ambiguity over the term's meaning.
The utility theory of value was the belief that price and value were solely based on how much "use" an individual received from a commodity. However, this theory is rejected in Smith's work The Wealth of Nations. The famous diamond–water paradox questions this by examining the use in comparison to price of these goods. Water, while necessary ...
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 ...
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".
Clerical, pink- and blue-collar workers with often low job security; common household incomes range from $16,000 to $30,000. High school education. Working class (ca. 40–45%) Blue-collar workers and those whose jobs are highly routinized with low economic security; a man making $40,000 and a woman making $26,000 may be typical. High school ...
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In economics, supply refers to the strength of one or many producers' willingness to produce and sell a good or goods at any in a range of prices. If, for example, a reduction in production costs causes a producer to be willing to provide more of a good than before contingent on each possible price, economists say that the drop in production ...