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The simplest example is the family household. Other examples include barter economies, gift economies and primitive communism. Even in a monetary economy, there are a significant number of nonmonetary transactions. Examples include household labor, care giving, civic activity, or friends working to help one another.
There are three fundamental differences between economic versus ecological views: 1) the economic resource definition is human-centered (anthropocentric) and the biological or ecological resource definition is nature-centered (biocentric or ecocentric); 2) the economic view includes desire along with necessity, whereas the biological view is ...
Examples in textbooks included seawater and air. Intellectual property laws such as copyrights and patents have the effect of converting some intangible goods to scarce goods. Even though these works are free goods by definition and can be reproduced at minimal cost, the production of these works does require scarce resources, such as skilled ...
In political philosophy, the means of production refers to the generally necessary assets and resources that enable a society to engage in production. [1] While the exact resources encompassed in the term may vary, it is widely agreed to include the classical factors of production (land, labour, and capital) as well as the general infrastructure and capital goods necessary to reproduce stable ...
A traditional list of immediate "basic needs" is food (including water), shelter and clothing. [3] Many modern lists emphasize the minimum level of consumption of "basic needs" of not just food, water, clothing and shelter, but also transportation (as proposed in the Third talk of Livelihood section of Three Principles of the People ...
In economics, goods are items that satisfy human wants [1] and provide utility, for example, to a consumer making a purchase of a satisfying product. [2] Economics focuses on the study of economic goods, or goods that are scarce; in other words, producing the good requires expending effort or resources.
Economists commonly use the term recession to mean either a period of two successive calendar quarters each having negative growth [clarification needed] of real gross domestic product [1] [2] [3] —that is, of the total amount of goods and services produced within a country—or that provided by the National Bureau of Economic Research (NBER): "...a significant decline in economic activity ...
Non-economic considerations may inhibit free trade as a country may espouse free trade in principle but ban certain drugs, such as ethanol, or certain practices, such as prostitution, and limiting international free trade. [55] Some degree of protectionism is nevertheless the norm throughout the world.