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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 ...
Equity premium puzzle: The equity premium puzzle is thought to be one of the most important outstanding questions in neoclassical economics. [6] It is founded on the basis that over the last one hundred years or so the average real return to stocks in the US has been substantially higher than that of bonds.
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".
Nalebuff, as later writers in mathematical economics, sees the problem as a simple and amusing exercise in game theory. [ 67 ] "The Monty Hall Trap", Phillip Martin's 1989 article in Bridge Today , presented Selvin's problem as an example of what Martin calls the probability trap of treating non-random information as if it were random, and ...
This is the canonical self-referential paradox. Also "Is the answer to this question 'no'?", and "I'm lying." Card paradox: "The next statement is true. The previous statement is false." A variant of the liar paradox in which neither of the sentences employs (direct) self-reference, instead this is a case of circular reference.
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The Keynesian cross diagram is a formulation of the central ideas in Keynes' General Theory of Employment, Interest and Money.It first appeared as a central component of macroeconomic theory as it was taught by Paul Samuelson in his textbook, Economics: An Introductory Analysis.
Economic history is the study of history using methodological tools from economics or with a special attention to economic phenomena. Research is conducted using a combination of historical methods, statistical methods and the application of economic theory to historical situations and institutions.