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Economic graphs are presented only in the first quadrant of the Cartesian plane when the variables conceptually can only take on non-negative values (such as the quantity of a product that is produced). Even though the axes refer to numerical variables, specific values are often not introduced if a conceptual point is being made that would ...
The Anglo-Saxon model (so called because it is practiced in Anglosphere countries such as the United Kingdom, the United States, Canada, New Zealand, Australia [1] and Ireland [2]) is a regulated market-based economic model that emerged in the 1970s based on the Chicago school of economics, spearheaded in the 1980s in the United States by the economics of then President Ronald Reagan (dubbed ...
An economic model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes.
The economic system as a subsystem of the environment: natural resources flow through the economy and end up as waste and pollution. The circular flow diagram is an abstraction of the economy as a whole. The diagram suggests that the economy can reproduce itself.
A lever is a simple machine consisting of a beam or rigid rod pivoted at a fixed hinge, or fulcrum. A lever is a rigid body capable of rotating on a point on itself. On the basis of the locations of fulcrum, load, and effort, the lever is divided into three types. It is one of the six simple machines identified by Renaissance scientists.
An exploded-view drawing is a diagram, picture, schematic or technical drawing of an object, that shows the relationship or order of assembly of various parts. [1]It shows the components of an object slightly separated by distance, or suspended in surrounding space in the case of a three-dimensional exploded diagram.
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 .
A game of mechanism design is a game of private information in which one of the agents, called the principal, chooses the payoff structure. Following Harsanyi (), the agents receive secret "messages" from nature containing information relevant to payoffs.