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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 ...
Non-financial assets, such as land and buildings, may also be included. For example, dictionary definitions of money include "wealth reckoned in terms of money" and "persons or interests possessing or controlling great wealth", [8] neither of which correspond to the economic definition.
In 1803, J.B. Say distinguished the subject from its public-policy uses, defining it as the science of the production, distribution, and consumption of wealth. [2] On the satirical side, Thomas Carlyle (1849) coined 'the dismal science' as an epithet for classical economics, a term often linked to the pessimistic analysis of Malthus (1798). [3]
The following terms are in everyday use in financial regions, ... Geffner, Andrea B. (2004), "A glossary of business terms", Business English, ...
OECD – Organisation for Economic Co-operation and Development; OEM – Original equipment manufacturer; OIBDA – Operating income before depreciation and amortization; OKR – Objectives and key results; OOF – Out of facility, used interchangeably with out of office and originating from the Microsoft Xenix mail system [11] OOO – Out of ...
The New Palgrave Dictionary of Economics (2018), 3rd ed., is a twenty-volume reference work on economics published by Palgrave Macmillan.It contains around 3,000 entries, including many classic essays from the original Inglis Palgrave Dictionary, and a significant increase in new entries from the previous editions by the most prominent economists in the field, among them 36 winners of the ...
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".
Economics classes make extensive use of supply and demand graphs like this one to teach about markets. In this graph, S and D refer to supply and demand and P and Q refer to the price and quantity. The following outline is provided as an overview of and topical guide to economics: