Search results
Results from the WOW.Com Content Network
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 ...
Welfare economics is a branch of economics that uses microeconomic techniques to evaluate economic well-being, especially relative to competitive general equilibrium, with a focus on economic efficiency and income distribution. [13] In general usage, including by economists outside the above context, welfare refers to a form of transfer payment ...
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".
The Curriculum Open-Access Resources in Economics Project (CORE Econ) is an organisation that creates and distributes open-access teaching material on economics.The goal is to make teaching material and reform the economics curriculum. [1]
Economics classes make extensive use of supply and demand graphs like this one to teach about markets. In this graph, S and D refer to supply and demand and P and Q refer to the price and quantity. The following outline is provided as an overview of and topical guide to economics:
Solow's model suggests that economic growth in terms of output per capita depends solely on technological advances that enhance productivity. [34] The Solow model can be interpreted as a special case of the more general Ramsey growth model , where households' savings rates are not constant as in the Solow model, but derived from an explicit ...
WASHINGTON (Reuters) -U.S. President-elect Donald Trump on Saturday named his social media platform CEO Devin Nunes to lead an intelligence advisory panel and said his former intelligence chief ...
Another equation defining GDP using alternative terms (which in theory results in the same value [citation needed]) is Y = C + S + T , {\displaystyle Y=C+S+T,} where Y is again GDP, C is consumption, S is private saving, and T is taxes.