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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 ...
Standard economic theory suggests that in relatively open international financial markets, the savings of any country would flow to countries with the most productive investment opportunities; hence, saving rates and domestic investment rates would be uncorrelated, contrary to the empirical evidence suggested by Martin Feldstein and Charles ...
Weber's work regarding the relationship between economics and religion and the cultural "disenchantment" of the modern West is perhaps most representative of the approach set forth in the classic period of economic sociology. Contemporary economic sociology may include studies of all modern social aspects of economic phenomena; economic ...
It is a system with no tendency toward equilibrium (social, economic, ecological, etc.), at least in the short run. Each iteration of the cycle reinforces the previous one, in an example of positive feedback. A vicious circle will continue in the direction of its momentum until an external factor intervenes to break the cycle.
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".
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 ...
A contemporary example of technological unemployment is the displacement of retail cashiers by self-service tills and cashierless stores. That technological change can cause short-term job losses is widely accepted. The view that it can lead to lasting increases in unemployment has long been controversial.
This list of global issues presents problems or phenomena affecting people around the world, including but not limited to widespread social issues, economic issues, and environmental issues. Organizations that maintain or have published an official list of global issues include the United Nations, and the World Economic Forum.