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There are multiple dimensions of state capacity, as well as varied indicators of state capacity. [10] [11] In studies that use state capacity as a causal variable, it has frequently been measured as the ability to tax, provide public goods, enforce property rights, achieve economic growth or hold a monopoly on the use of force within a ...
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.
This is also known as a common property resource, impure public good or sometimes erroneously as a common pool resource. [13] A common pool resource however is often managed the group of people that have access to that resource [14]. Examples of this can be air, water, sights, and sounds. Tragedy of the commons refers to this title. An example ...
In general usage, rent refers to a payment made in exchange for temporary use of property, for example paying rent to stay in an apartment. In economics, rent is any payment to an owner or factor of production in excess of the costs needed to bring that factor into production. Effectively, it is payment made to a producer above and beyond what ...
Fiscal capacity is the ability of the government to raise revenues, and is frequently measured as the proportion of gross domestic product generated by tax revenue. [2] [4] Overall, wealthier developed countries have larger, stronger tax administrations and raise more money through tax revenue than poorer, developing countries. [2]
Some United Kingdom and commonwealth universities offer courses in land economy, where economics is studied alongside law, business regulation, surveying, and the built and natural environments. [ 9 ] [ 10 ] [ 11 ] This mode of study at Cambridge dates back to 1917 when William Cecil Dampier suggested the creation of a school of rural economy ...
Wild fish are an example of common goods. They are non-excludable, as it is impossible to prevent people from catching fish. They are, however, rivalrous, as the same fish cannot be caught more than once. Common goods (also called common-pool resources [1]) are defined in economics as goods that are rivalrous and non-excludable. Thus, they ...
Real estate is property consisting of land and the buildings on it, along with its natural resources such as growing crops (e.g. timber), minerals or water, and wild animals; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.