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The distinction between real prices and ideal prices is a distinction between actual prices paid for products, services, assets and labour (the net amount of money that actually changes hands), and computed prices which are not actually charged or paid in market trade, although they may facilitate trade. [1]
The concept of reasonableness has two related meanings in law and political theory: As a legal norm , it is used "for the assessment of such matters as actions, decisions, and persons, rules and institutions, [and] also arguments and judgments."
A price index is the relative price of a commodity bundle. A price index can be measured over time, or at different locations or markets. If it is measured over time, it is a series of values over time . A time series price index is calculated relative to a base or reference date.
Naïve realism argues we perceive the world directly. In philosophy of perception and epistemology, naïve realism (also known as direct realism or perceptual realism) is the idea that the senses provide us with direct awareness of objects as they really are. [1] When referred to as direct realism, naïve realism is often contrasted with ...
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 settles at the market-clearing price, where the quantity demanded equals the quantity supplied ...
Direct realism, also known as naïve realism, argues we perceive the world directly. In the philosophy of perception and philosophy of mind, direct or naïve realism, as opposed to indirect or representational realism, are differing models that describe the nature of conscious experiences; [1] [2] out of the metaphysical question of whether the world we see around us is the real world itself ...
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 referred to the making of any rate of interest on loans .
The rational choice model, also called rational choice theory refers to a set of guidelines that help understand economic and social behaviour. [1] The theory originated in the eighteenth century and can be traced back to the political economist and philosopher Adam Smith. [2]