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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 ...
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 ...
Supportive communication is the support given, both verbal and nonverbal, in times of stress, heartbreak, physical and emotional distress, and other life stages that cause distress. The intention of this support is to assist those seen as being in need of such support. [ 1 ]
Social capital is a concept used in sociology and economics to define networks of relationships which are productive towards advancing the goals of individuals and groups. [1] [2] It involves the effective functioning of social groups through interpersonal relationships, a shared sense of identity, a shared understanding, shared norms, shared values, trust, cooperation, and reciprocity.
Gibb has six opposing viewpoints that are known as supportive behaviors. Defensive behaviors are carried out when a person feels threatened during communication and hence the need to defend him or herself. [1] Supportive communication is important as humans interact, as people need to feel a connection with other people. [2]
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".
[6] [7] Much research has focused on gender differences (and similarities) in the provision and receipt of supportive communication. [8] In economics, the willingness of entrepreneurs to take advice from early investors and other partners (i.e., entrepreneurial coachability) has long been considered a critical factor in entrepreneurial success. [9]
Managerial economics is sometimes referred to as business economics and is a branch of economics that applies microeconomic analysis to decision methods of businesses or other management units to assist managers to make a wide array of multifaceted decisions.