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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 ...
An increasing percentage of the federal budget became devoted to mandatory spending. [3] In 1947, Social Security accounted for just under five percent of the federal budget and less than one-half of one percent of GDP. [8] By 1962, 13 percent of the federal budget and half of all mandatory spending was committed to Social Security. [3]
An economic taxonomy is a system of classification of economic activity, including products, companies and industries. Some economists believe that the study of economic policy demands the use of a taxonomic/classificatory approach.
One of the more traditional subfields of economics, public finance emphasizes the function and role of government in the economy. A region's inhabitants established a formal or informal entity known as the government to carry out a variety of tasks, including providing for social requirements like education and healthcare as well as protecting ...
Step 3 in the classification process is to assign a reason for the classification. Classification categories are marked by the number "1.4" followed by one or more letters (a) to (h): [50] [52] 1.4(a) military plans, weapons systems, or operations; 1.4(b) foreign government information; 1.4(c) intelligence activities, sources, or methods, or ...
Industry classification or industry taxonomy is a type of economic taxonomy that classifies companies, organizations and traders into industrial groupings based on similar production processes, similar products, or similar behavior in financial markets.
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".
Comparative economic systems – sub-classification of economics dealing with the comparative study of different systems of economic organization, such as capitalism, socialism, feudalism and the mixed economy. Contract theory – how economic actors can and do construct contractual arrangements, generally in the presence of information asymmetry