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Search theory has been applied in labor economics to analyze frictional unemployment resulting from job hunting by workers. In consumer theory , it has been applied to analyze purchasing decisions. From a worker's perspective, an acceptable job would be one that pays a high wage, one that offers desirable benefits, and/or one that offers ...
Nonsequential search. When consumers commit to purchasing from the lowest-cost store retailer after acquiring a random sample of l (> 1) costs. [24] A per-price search cost customer selects the number of stores to solicit to minimize the total expected cost or the sum of the total search costs and the expected price for the product. [22]
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 ...
Veblen goods such as luxury cars are considered desirable consumer products for conspicuous consumption because of, rather than despite, their high prices.. A Veblen good is a type of luxury good, named after American economist Thorstein Veblen, for which the demand increases as the price increases, in apparent contradiction of the law of demand, resulting in an upward-sloping demand curve.
Where search theory studies the microeconomic decision of an individual searcher, search and matching theory studies the macroeconomic outcome when one or more types of searchers interact. [ citation needed ] It offers a way of modeling markets in which frictions prevent instantaneous adjustments of the level of economic activity.
In economics a trade-off is expressed in terms of the opportunity cost of a particular choice, which is the loss of the most preferred alternative given up. [2] A tradeoff, then, involves a sacrifice that must be made to obtain a certain product, service, or experience, rather than others that could be made or obtained using the same required resources.
If you're in the market for buying a used car, heed this advice: Never, ever purchase one until you know its full history. To find that information, all you have to do is look up the car's vehicle...
Some of the annual running costs of a car, which are important in the economics of ownership, concern the service life; a major factor for this deals with the uncertainty of the car lifespan. Many cars, particularly taxis, have achieved very high-mileage (miles driven) status, indicating that maintenance which can extend the car service life ...