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  2. Economics terminology that differs from common usage

    en.wikipedia.org/wiki/Economics_terminology_that...

    Non-financial assets, such as land and buildings, may also be included. For example, dictionary definitions of money include "wealth reckoned in terms of money" and "persons or interests possessing or controlling great wealth", [8] neither of which correspond to the economic definition.

  3. Glossary of economics - Wikipedia

    en.wikipedia.org/wiki/Glossary_of_economics

    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 ...

  4. Causation in economics - Wikipedia

    en.wikipedia.org/wiki/Causation_in_economics

    Causation in economics has a long history with Adam Smith explicitly acknowledging its importance via his (1776) An Inquiry into the Nature and Causes of the Wealth of Nations and David Hume (1739, 1742, 1777) and John Stuart Mill (1848) both offering important contributions with more philosophical discussions.

  5. Positive and normative economics - Wikipedia

    en.wikipedia.org/wiki/Positive_and_normative...

    Positive economics as a science concerns the investigation of economic behavior. [4] It deals with empirical facts as well as cause-and-effect relationships. It emphasizes that economic theories must be consistent with existing observations and produce precise, verifiable predictions about the phenomena under investigation.

  6. Definitions of economics - Wikipedia

    en.wikipedia.org/wiki/Definitions_of_economics

    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 ...

  7. Unintended consequences - Wikipedia

    en.wikipedia.org/wiki/Unintended_consequences

    An erosion gully in Australia caused by rabbits, an unintended consequence of their introduction as game animals. In the social sciences, unintended consequences (sometimes unanticipated consequences or unforeseen consequences, more colloquially called knock-on effects) are outcomes of a purposeful action that are not intended or foreseen.

  8. Major cause of all our problems is economics - AOL

    www.aol.com/news/major-cause-problems-economics...

    As an economist, I believe that at the core of all of this violence is the economic problem of scarcity. Skip to main content. 24/7 Help. For premium support please call: 800-290 ...

  9. Economic abuse - Wikipedia

    en.wikipedia.org/wiki/Economic_abuse

    Economic abuse is a common feature of mate crime, which is the act of befriending a vulnerable person with the intent of exploiting them. Examples of economic abuse in mate crime include: [8] Stealing the victim's money; Borrowing money or items from the victim with no intention of repayment or return