Search results
Results from the WOW.Com Content Network
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 ...
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.
It is easy to show that the allocation x a is Pareto-efficient: since all weights are positive, any Pareto improvement would increase the sum, contradicting the definition of x a. Japanese neo- Walrasian economist Takashi Negishi proved [ 20 ] that, under certain assumptions, the opposite is also true: for every Pareto-efficient allocation x ...
Some areas did improve, while other areas, such as East Liberty and the Hill District, declined following ambitious projects that shifted traffic patterns, blocked streets to vehicular traffic, isolated or divided neighborhoods with highways, and removed large numbers of ethnic and minority residents.
The areas of increasing, diminishing and negative returns are identified at points along the curve. There is also a point of maximum yield which is the point on the curve where producing another unit of output becomes inefficient and unproductive.
Joseph Schumpeter, an economist associated with both the Austrian School and the institutional school of economics, argued that the changing nature of economic activity (specifically the increasing bureaucratization and specialization required in production and management) was the major cause for capitalism eventually evolving into socialism ...
Major topics include measurement of economic performance, national income and price determination, fiscal and monetary policy, and international economics and growth. AP Macroeconomics is frequently taught in conjunction with (and, in some cases, in the same year as) AP Microeconomics as part of a comprehensive AP Economics curriculum, although ...
Advanced Placement (AP) Economics (also known as AP Econ) refers to two College Board Advanced Placement Program courses and exams addressing various aspects of the field of economics: AP Macroeconomics