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Therefore, the intersection of the demand and supply curves provide us with the efficient allocation of goods in an economy. In microeconomics, the law of demand is a fundamental principle which states that there is an inverse relationship between price and quantity demanded. In other words, "conditional on all else being equal, as the price of ...
Economic ethics is the combination of economics and ethics, incorporating both disciplines to predict, analyze, and model economic phenomena. It can be summarised as the theoretical ethical prerequisites and foundations of economic systems. This principle can be traced back to the Greek philosopher Aristotle, whose Nicomachean Ethics describes ...
St Thomas Aquinas taught that raising prices in response to high demand was a type of theft. The just price is a theory of ethics in economics that attempts to set standards of fairness in transactions. With intellectual roots in ancient Greek philosophy, it was advanced by Thomas Aquinas based on an argument against usury, which in his time ...
t. e. In ethical philosophy, utilitarianism is a family of normative ethical theories that prescribe actions that maximize happiness and well-being for the affected individuals. [1][2] In other words, utilitarian ideas encourage actions that lead to the greatest good for the greatest number. Although different varieties of utilitarianism admit ...
Gresham's law. In economics, Gresham's law is a monetary principle stating that "bad money drives out good". For example, if there are two forms of commodity money in circulation, which are accepted by law as having similar face value, the more valuable commodity will gradually disappear from circulation. [1][2] The law was named in 1857 by ...
The law of the value of commodities (German: Wertgesetz der Waren), [1] known simply as the law of value, is a central concept in Karl Marx's critique of political economy first expounded in his polemic The Poverty of Philosophy (1847) against Pierre-Joseph Proudhon with reference to David Ricardo's economics.
Capitalism portal. Business portal. v. t. e. Supply chain as connected supply and demand curves. In microeconomics, supply and demand is an economic model of price determination in a market. It postulates that, holding all else equal, the unit price for a particular good or other traded item in a perfectly competitive market, will vary until it ...
In economics, a price mechanism is the manner in which the profits of goods or services affects the supply and demand of goods and services, principally by the price elasticity of demand. A price mechanism affects both buyer and seller who negotiate prices. A price mechanism, part of a market system, comprises various ways to match up buyers ...