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The modern concept of wealth is of significance in all areas of economics, and clearly so for growth economics and development economics, yet the meaning of wealth is context-dependent. A person possessing a substantial net worth is known as wealthy .
An economic theory that defines wealth by the amount of precious metals owned. [48] business cycle. Also called the economic cycle or trade cycle. The downward and upward movement of gross domestic product (GDP) around its long-term growth trend. [49] The length of a business cycle is the period of time containing a single boom and contraction ...
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 top 1% and 10% of households by wealth receive so much that their estates pull the average up. This creates the impression that many, if not most, households receive a comfortable nest egg ...
James Stuart (1767) authored the first book in English with 'political economy' in its title, explaining it just as: . Economy in general [is] the art of providing for all the wants of a family, so the science of political economy seeks to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious; to provide everything necessary ...
This is analogous to the definition of the income effect from the income elasticity of demand, or the substitution effect from the price elasticity. The measure of "wealth" is mostly taken to be total personal realizable wealth at market prices, liquid or not: Wealth = cash balances + government bonds + housing equity + stocks + other assets - debt
Household total net is the net worth for individuals living together in a household and is used as a measure in economics to compare wealth. The household net worth is the value of total assets minus the total value of outstanding liabilities, which are current obligations of a household arising from past transactions or events.
World distribution of wealth, GDP, and population by region in the year 2000. World distribution of wealth is the distribution of how wealth is distributed around the world. The guideline for categorizing the data is to organize it based on the continent on which the people with wealth reside.