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  2. Glossary of economics - Wikipedia

    en.wikipedia.org/wiki/Glossary_of_economics

    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 ...

  3. Definitions of economics - Wikipedia

    en.wikipedia.org/wiki/Definitions_of_economics

    Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. [ 9 ] Robbins describes the definition as not classificatory in "pick[ing] out certain kinds of behaviour" but rather analytical in "focus[ing] attention on a particular aspect of behaviour, the form imposed by the ...

  4. Economic efficiency - Wikipedia

    en.wikipedia.org/wiki/Economic_efficiency

    The assumption of perfect competition means that this result is only valid in the absence of market imperfections, which are significant in real markets. [ citation needed ] Furthermore, Pareto efficiency is a minimal notion of optimality and does not necessarily result in a socially desirable distribution of resources, as it makes no statement ...

  5. Economics - Wikipedia

    en.wikipedia.org/wiki/Economics

    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. Terms of trade - Wikipedia

    en.wikipedia.org/wiki/Terms_of_trade

    Terms of trade (TOT) is a measure of how much imports an economy can get for a unit of exported goods. For example, if an economy is only exporting apples and only importing oranges, then the terms of trade are simply the price of apples divided by the price of oranges — in other words, how many oranges can be obtained for a unit of apples.

  7. Test of Understanding in College Economics - Wikipedia

    en.wikipedia.org/wiki/Test_of_Understanding_in...

    Administering exams. The Test of Understanding in College Economics or TUCE is a standardized test of economics used across the United States for over 50 years. [1]The test is nationally norm-referenced in the United States for use at the undergraduate level, primarily targeting introductory or principles-level coursework in economics.

  8. Rent-seeking - Wikipedia

    en.wikipedia.org/wiki/Rent-seeking

    The term rent, in the narrow sense of economic rent, was coined by the British 19th-century economist David Ricardo, [4] but rent-seeking only became the subject of durable interest among economists and political scientists more than a century later after the publication of two influential papers on the topic by Gordon Tullock in 1967, [5] and ...

  9. Ex-ante - Wikipedia

    en.wikipedia.org/wiki/Ex-ante

    The term ex-ante (sometimes written ex ante or exante) is a New Latin phrase meaning "before the event". [1]In economics, ex-ante or notional demand refers to the desire for goods and services that is not backed by the ability to pay for those goods and services.