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  2. Circular flow of income - Wikipedia

    en.wikipedia.org/wiki/Circular_flow_of_income

    Basic diagram of the circular flow of income. The functioning of the free-market economic system is represented with firms and households and interaction back and forth. [2] The circular flow of income or circular flow is a model of the economy in which the major exchanges are represented as flows of money, goods and services, etc. between ...

  3. Robinson Crusoe economy - Wikipedia

    en.wikipedia.org/wiki/Robinson_Crusoe_economy

    A Robinson Crusoe economy is a simple framework used to study some fundamental issues in economics. [1] It assumes an economy with one consumer, one producer and two goods. The title " Robinson Crusoe " is a reference to the 1719 novel of the same name authored by Daniel Defoe .

  4. Economic model - Wikipedia

    en.wikipedia.org/wiki/Economic_model

    An economic model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes.

  5. Supply and demand - Wikipedia

    en.wikipedia.org/wiki/Supply_and_demand

    Supply chain as connected supply and demand curves. In microeconomics, supply and demand is an economic model of price determination in a market.It postulates that, holding all else equal, the unit price for a particular good or other traded item in a perfectly competitive market, will vary until it settles at the market-clearing price, where the quantity demanded equals the quantity supplied ...

  6. Economics - Wikipedia

    en.wikipedia.org/wiki/Economics

    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".

  7. Doughnut Economics: Seven Ways to Think Like a 21st-Century ...

    en.wikipedia.org/wiki/Doughnut_Economics:_Seven...

    This chapter contrasts the standard neoliberal agenda staged by Samuelson's circular flow diagram and scripted by the Mont Pelerin Society of Friedman, Hayek et al., with the Embedded Economy which sets the economy within society and the living world. It points out that the economy's fundamental resource flow is not a roundabout of money, but a ...

  8. No. 1 Oregon keeps No. 3 Penn State at bay in 45-37 Big Ten ...

    www.aol.com/sports/no-1-oregon-keeps-no...

    Oregon’s undefeated season will carry on into the College Football Playoff. The No. 1 Ducks assured themselves of the top spot in the 12-team field with a 45-37 win over No. 3 Penn State in the ...

  9. Consumption function - Wikipedia

    en.wikipedia.org/wiki/Consumption_function

    The term is the induced consumption that is influenced by the economy's income level . The parameter b {\displaystyle b} is known as the marginal propensity to consume , i.e. the increase in consumption due to an incremental increase in disposable income, since ∂ C / ∂ Y d = b {\displaystyle \partial C/\partial Y_{d}=b} .