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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 ...
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 ...
Economics (/ ˌ ɛ k ə ˈ n ɒ m ɪ k s, ˌ iː k ə-/) [1] [2] is a social science that studies the production, distribution, and consumption of goods and services. [3] [4] Economics focuses on the behaviour and interactions of economic agents and how economies work.
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:
James Stuart (1767) authored the first book in English with 'political economy' in its title, explaining it just as: . Economy in general [is] the art of providing for all the wants of a family, so the science of political economy seeks to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious; to provide everything necessary ...
Long-term potentiation (neurophysiology), a long-lasting enhancement in signal transmission between neurons 'The All-Species Living Tree' Project , a project to create a phylogeny of all Bacteria and Archaea
The Open Syllabus Project (OSP) is an online open-source platform that catalogs and analyzes millions of college syllabi. [3] Founded by researchers from the American Assembly at Columbia University , the OSP has amassed the most extensive collection of searchable syllabi.
In 2018, CORE Econ published Economy, Society, and Public Policy, a free ebook designed to introduce the economics to non-specialists, particularly students from outside economics courses who were taking economics as a minor. Like The Economy 1.0 and 2.0, it focuses on topics such as inequality, power, and environmental economics.