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  2. Goods - Wikipedia

    en.wikipedia.org/wiki/Goods

    A consumer good or "final good" is any item that is ultimately consumed, rather than used in the production of another good. For example, a microwave oven or a bicycle that is sold to a consumer is a final good or consumer good, but the components that are sold to be used in those goods are intermediate goods.

  3. 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 ...

  4. Economic power - Wikipedia

    en.wikipedia.org/wiki/Economic_power

    Managerial power, i.e. the ability of managers to threaten their employees with firing or other penalties for not following orders or for not giving in satisfying reports. This exists if there is a cost of job loss, especially due to the existence of unemployment and workers' lack of sufficient assets to survive without working for pay.

  5. Goods and services - Wikipedia

    en.wikipedia.org/wiki/Goods_and_services

    Most business theorists see a continuum with pure service at one endpoint and pure tangible commodity goods at the other. Most products fall between these two extremes. For example, a restaurant provides a physical good (prepared food), but also provides services in the form of ambience, the setting and clearing of the table, etc.

  6. Factors of production - Wikipedia

    en.wikipedia.org/wiki/Factors_of_production

    Labor-power might be seen as a stock which can produce a flow of labor. Labor, not labor power, is the key factor of production for Marx and the basis for earlier economists' labor theory of value. The hiring of labor power only results in the production of goods or services ("use-values") when organized and regulated (often by the "management ...

  7. Industrialisation - Wikipedia

    en.wikipedia.org/wiki/Industrialisation

    The effect of industrialisation shown by rising income levels in the 19th century, including gross national product at purchasing power parity per capita between 1750 and 1900 in 1990 U.S. dollars for the First World, including Western Europe, United States, Canada and Japan, and Third World nations of Europe, Southern Asia, Africa, and Latin America [1] The effect of industrialisation is also ...

  8. Industrial policy - Wikipedia

    en.wikipedia.org/wiki/Industrial_policy

    Some criticize industrial policy based on the concept of government failure.Industrial policy is seen as harmful as governments lack the required information, capabilities, and incentives to successfully determine whether the benefits of promoting certain sectors above others exceeds the costs and in turn implement the policies. [29]

  9. Industrial society - Wikipedia

    en.wikipedia.org/wiki/Industrial_society

    The Industrial revolution played a central role in the later abolition of slavery, partly because domestic manufacturing's new economic dominance undercut interests in the slave trade. [10] Additionally, the new industrial methods required a complex division of labor with less worker supervision, which may have been incompatible with forced ...