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A free variable is a notation (symbol) that specifies places in an expression where substitution may take place and is not a parameter of this or any container expression. The idea is related to a placeholder (a symbol that will later be replaced by some value), or a wildcard character that stands for an unspecified symbol. In computer ...
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 ...
A variable is considered dependent if it depends on an independent variable. Dependent variables are studied under the supposition or demand that they depend, by some law or rule (e.g., by a mathematical function), on the values of other variables. Independent variables, in turn, are not seen as depending on any other variable in the scope of ...
Economists commonly use the term recession to mean either a period of two successive calendar quarters each having negative growth [clarification needed] of real gross domestic product [1] [2] [3] —that is, of the total amount of goods and services produced within a country—or that provided by the National Bureau of Economic Research (NBER): "...a significant decline in economic activity ...
The formal parameter variable is said to bind the variable name wherever it occurs free in the body. Variable (names) that have already been matched to formal parameter variable are said to be bound. All other variables in the expression are called free. For example, in the following expression y is a bound variable and x is free: . . Also note ...
The economic model is a simplified, often mathematical, framework designed to illustrate complex processes. Frequently, economic models posit structural parameters. [1] A model may have various exogenous variables, and those variables may change to create various responses by economic variables. Methodological uses of models include ...
It can also be generalized to explain variables across the economy, for example, total output (estimated as real GDP) and the general price level, as studied in macroeconomics. [19] Tracing the qualitative and quantitative effects of variables that change supply and demand, whether in the short or long run, is a standard exercise in applied ...
Major topics include measurement of economic performance, national income and price determination, fiscal and monetary policy, and international economics and growth. AP Macroeconomics is frequently taught in conjunction with (and, in some cases, in the same year as) AP Microeconomics as part of a comprehensive AP Economics curriculum, although ...