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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 ...
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 ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
Economics of networks is a discipline in the fields of economics and network sciences. It is primarily concerned with the understanding of economic phenomena by using network concepts and the tools of network science. Prominent authors in the field include Sanjeev Goyal, Matthew O. Jackson, and Rachel Kranton. [1] [2] [3]
Basic Economics is a non-fiction book by American economist Thomas Sowell published by Basic Books in 2000. The original subtitle was A Citizen's Guide to the Economy , but from the third edition in 2007 on it was subtitled A Common Sense Guide to the Economy .
Simple commodity production and simple exchange are compatible with many different relations of production and exchange, [19] ranging from self-employment in which the producer owns his own means of production and family (household) labour, to forms of slavery, peonage, indentured labour, and serfdom. [20]
The shift in consumer demand for an inferior good can be explained by two natural economic phenomena: The substitution effect and the income effect. These effects describe and validate the movement of the demand curve in (independent) response to increasing income and relative cost of other goods.
Bar-link chain (or block chain), a mechanical drive chain; Bicycle chain, a roller chain that transfers power from the pedals to the drive-wheel of a bicycle; Buffers and chain coupler, a railway device; Catenary (or chain), the shape of a hanging flexible cable when supported at its ends and acted upon by a uniform gravitational force