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The term agent is also used in relation to principal–agent models; in this case, it refers specifically to someone delegated to act on behalf of a principal. [ 3 ] In agent-based computational economics , corresponding agents are "computational objects modeled as interacting according to rules" over space and time, not real people.
In common usage, as in accounting usage, cost typically does not refer to implicit costs and instead only refers to direct monetary costs. The economics term profit relies on the economic meaning of the term for cost. While in common usage, profit refers to earnings minus accounting cost, economists mean earnings minus economic cost or ...
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 ...
Procuration (from Latin procurare 'to take care of') is the action of taking care of, hence management, stewardship, agency. The word is applied to the authority or power delegated to a procurator, or agent, as well as to the exercise of such authority expressed frequently by procuration (per procurationem), or shortly per pro., or simply p.p. [1]
Use-value as an aspect of the commodity coincides with the physical palpable existence of the commodity. Wheat, for example, is a distinct use-value differing from the use-values of cotton, glass, paper, etc. A use-value has value only in use, and is realized only in the process of consumption. One and the same use-value can be used in various ...
A broker is an independent party whose services are used extensively in some industries. A broker's prime responsibility is to bring sellers and buyers together and thus a broker is the third-person facilitator between a buyer and a seller.
The term can also be used when a relative or party in privity brings suit on another person's behalf. For example, the Terri Schiavo appeal to the United States Supreme Court was titled Schiavo ex rel. Schindler v. Schiavo.
The term economics was originally known as "political economy".This term evolved from the French Mercantilist usage of économie politique, which expanded the notion of economy from the ancient Greek concept of household management to the national level, as the public administration of state affairs.