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Welfare economics is a branch of economics that uses microeconomic techniques to evaluate economic well-being, especially relative to competitive general equilibrium, with a focus on economic efficiency and income distribution. [13] In general usage, including by economists outside the above context, welfare refers to a form of transfer payment ...
Business cycles are a type of fluctuation found in the aggregate economic activity of nations that organize their work mainly in business enterprises: a cycle consists of expansions occurring at about the same time in many economic activities, followed by similarly general recessions, contractions, and revivals which merge into the expansion ...
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 nominal interest rate, also known as an annual percentage rate or APR, is the periodic interest rate multiplied by the number of periods per year. For example, a nominal annual interest rate of 12% based on monthly compounding means a 1% interest rate per month (compounded). [2]
This is a list of some well-known periodic functions. The constant function f (x) = c, where c is independent of x, is periodic with any period, but lacks a fundamental period. A definition is given for some of the following functions, though each function may have many equivalent definitions.
The subject of Fourier series investigates the idea that an 'arbitrary' periodic function is a sum of trigonometric functions with matching periods. According to the definition above, some exotic functions, for example the Dirichlet function, are also periodic; in the case of Dirichlet function, any nonzero rational number is a period.
A periodical literature (also called a periodical publication or simply a periodical) is a published work that appears in a new edition on a regular schedule. The most familiar example is a newspaper , but a magazine or a journal are also examples of periodicals.
Periodic inventory is a system of inventory in which updates are made on a periodic basis. This differs from perpetual inventory systems, where updates are made as seen fit. In a periodic inventory system no effort is made to keep up-to-date records of either the inventory or the cost of goods sold.