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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 ...
"Smell", from Allegory of the Senses by Jan Brueghel the Elder, Museo del Prado. An odor (American English) or odour (Commonwealth English; see spelling differences) is a smell or a scent caused by one or more volatilized chemical compounds generally found in low concentrations that humans and many animals can perceive via their olfactory system.
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 everyday usage of the word unemployed is usually broad enough to include disguised unemployment, and may include people with no intention of finding a job. For example, a dictionary definition is: "not engaged in a gainful occupation", [7] which is broader than the economic definition.
In language, the status of an item (usually through what is known as "downranking" or "rank-shifting") in relation to the uppermost rank in a clause; for example, in the sentence "I want to eat the cake you made today", "eat" is on the uppermost rank, but "made" is downranked as part of the nominal group "the cake you made today"; this nominal ...
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".
The definition centered on a zero-sum game in the consumptions is originated from contributions of Ugo Pagano: When one party's level of consumption is positive, then at least one other party's level of consumption must be negative. However while the dimension of positional good is binary, the net (utility) impact of a positional good may be ...
In economics, market concentration is a function of the number of firms and their respective shares of the total production (alternatively, total capacity or total reserves) in a market. [1] Market concentration is the portion of a given market's market share that is held by a small number of businesses.