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A related but different everyday usage occurs in the sentence "He makes a lot of money." This refers to a variable that economists call income . Unlike the usages mentioned above, this one has the units "dollars, or another currency, per unit of time", where the unit of time might be a week, month, or year, making it a flow variable.
Sometimes an economic hypothesis is only qualitative, not quantitative. [106] Expositions of economic reasoning often use two-dimensional graphs to illustrate theoretical relationships. At a higher level of generality, mathematical economics is the application of mathematical methods to represent theories and analyse problems in economics.
Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. [1] Income is difficult to define conceptually and the definition may be different across fields.
An economic expansion is an increase in the level of economic activity, and of the goods and services available. It is a period of economic growth as measured ...
What’s the Definition of a Starter Home? A starter home is usually the first property a person or family can afford to purchase. It tends to be smaller and less expensive, and can be a condo ...
The economy, stupid" is a phrase that was coined by James Carville in 1992. It is often quoted from a televised quip by Carville as "It’s the economy, stupid." Carville was a strategist in Bill Clinton's successful 1992 U.S. presidential election against incumbent George H. W. Bush. His phrase was directed at the campaign's workers and ...
Most factors of economic policy can be divided into either fiscal policy, which deals with government actions regarding taxation and spending, or monetary policy, which deals with central banking actions regarding the money supply and interest rates.
Some United Kingdom and commonwealth universities offer courses in land economy, where economics is studied alongside law, business regulation, surveying, and the built and natural environments. [ 9 ] [ 10 ] [ 11 ] This mode of study at Cambridge dates back to 1917 when William Cecil Dampier suggested the creation of a school of rural economy ...