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As the United States entered the 20th century, the American School was the policy of the United States under such names as American Policy, economic nationalism, National System, [32] Protective System, Protection Policy, [33] and protectionism, which alludes only to the tariff policy of this system of economics. [34] [35] [36] [13] [37]
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 ...
An economic system, or economic order, [1] is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions , agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
An extreme version of single-tier banking system is the monobank system (a term coined by economist George Garvy [1]: 869 ) in which a single institution centralizes all financial intermediation. The alternative to a single-tier system is a two-tier banking system , in which the central bank is singled out and entrusted with monetary policy ...
Trickle-up economics (also known as bubble-up economics) is an economic policy proposition that final demand among a broad population can stimulate national income in an economy. The trickle-up effect states that policies that directly benefit lower income individuals will boost the income of society as a whole, and thus those benefits will ...
The present page holds the title of a primary topic, and an article needs to be written about it. It is believed to qualify as a broad-concept article.It may be written directly at this page or drafted elsewhere and then moved to this title.
Economic determinism is a socioeconomic theory that economic relationships (such as being an owner or capitalist or being a worker or proletarian) are the foundation upon which all other societal and political arrangements in society are based.