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In economics, deadweight loss is the loss of societal economic welfare due to production/consumption of a good at a quantity where marginal benefit (to society) does not equal marginal cost (to society) – in other words, there are either goods being produced despite the cost of doing so being larger than the benefit, or additional goods are not being produced despite the fact that the ...
The law of triviality is C. Northcote Parkinson's 1957 argument that people within an organization commonly give disproportionate weight to trivial issues. [1] Parkinson provides the example of a fictional committee whose job was to approve the plans for a nuclear power plant spending the majority of its time on discussions about relatively minor but easy-to-grasp issues, such as what ...
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 ...
Welfare economics is a branch of economics that uses microeconomic techniques to evaluate economic well-being, especially relative to competitive general equilibrium, with a focus on economic efficiency and income distribution. [13] In general usage, including by economists outside the above context, welfare refers to a form of transfer payment ...
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".
Technically, you could lose more than one to two pounds in a week, but how much weight you can lose is totally different from how much you should lose. In other words, extreme, fast weight loss is ...
100% chance to lose $500 or 50% chance to lose $1100; Prospect theory suggests that; When faced with a risky choice leading to gains agents are risk averse, preferring the certain outcome with a lower expected utility (concave value function). Agents will choose the certain $450 even though the expected utility of the risky gain is higher
"Since every part of a certain machine is light in weight, the machine as a whole is light in weight." [2] In the economics of education, Bryan Caplan explains Credential inflation or degree inflation using the fallacy of composition: "If one person gets a college degree, that person looks more appealing in the labor market. If everyone gets a ...