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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 ...
In any technical subject, words commonly used in everyday life acquire very specific technical meanings, and confusion can arise when someone is uncertain of the intended meaning of a word. This article explains the differences in meaning between some technical terms used in economics and the corresponding terms in everyday usage.
Drivers race on the apron at Chicagoland Speedway (the area between the white and yellow lines). aero cover See wheel shroud. air jacks Pneumatic cylinders strategically mounted to the frame near the wheels of a racing car, which project downwards to lift the car off the ground during a pit stop to allow for quick tire changes or provide mechanics access to the underside of the car for repairs.
The race to the bottom theory has raised questions about standardizing labor and environmental regulations across nations. There is a debate about if a race to the bottom is actually bad or even possible, and if corporations or nation states should play a bigger role in the regulatory process. [13]
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".
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Semantic change (also semantic shift, semantic progression, semantic development, or semantic drift) is a form of language change regarding the evolution of word usage—usually to the point that the modern meaning is radically different from the original usage.
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