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In any technical subject, words commonly used in everyday life acquire very specific technical meanings, and confusion can arise when someone is uncertain of the intended meaning of a word. This article explains the differences in meaning between some technical terms used in economics and the corresponding terms in everyday usage.
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 ...
Telugu words generally end in vowels. In Old Telugu, this was absolute; in the modern language m, n, y, w may end a word. Sanskrit loans have introduced aspirated and murmured consonants as well. Telugu does not have contrastive stress, and speakers vary on where they perceive stress. Most place it on the penultimate or final syllable ...
Economy from then on meant national economy as a topic for the economic activities of the citizens of a state. Industrial Revolution The first economist in the true modern meaning of the word was the Scotsman Adam Smith (1723–1790) who was inspired partly by the ideas of physiocracy , a reaction to mercantilism and also later Economics ...
Dravidian languages include Tamil, Malayalam, Kannada, Telugu, and a number of other languages spoken mainly in South Asia. The list is by no means exhaustive. Some of the words can be traced to specific languages, but others have disputed or uncertain origins. Words of disputed or less certain origin are in the "Dravidian languages" list.
In economics, the term commodity is used specifically for economic goods that have full or partial but substantial fungibility; that is, the market treats their instances as equivalent or nearly so with no regard to who produced them. [1]
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. [1] [2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. [3]
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 for supplying the wants of the society, and to employ the inhabitants ...