Search results
Results from the WOW.Com Content Network
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 ...
Economists commonly use the term recession to mean either a period of two successive calendar quarters each having negative growth [clarification needed] of real gross domestic product [1] [2] [3] —that is, of the total amount of goods and services produced within a country—or that provided by the National Bureau of Economic Research (NBER): "...a significant decline in economic activity ...
John Neville Keynes regarded the discussion leading up to the definition of economics more important than the definition itself. [15] It would be a way to reveal the scope, direction and troubles the science faces. A recent review of economics definitions includes a range of those in principles textbooks, such as descriptions of the subject as ...
The New Palgrave Dictionary of Economics (2018), 3rd ed., is a twenty-volume reference work on economics published by Palgrave Macmillan.It contains around 3,000 entries, including many classic essays from the original Inglis Palgrave Dictionary, and a significant increase in new entries from the previous editions by the most prominent economists in the field, among them 36 winners of the ...
Obiter dictum (usually used in the plural, obiter dicta) is a Latin phrase meaning "said in passing", [1] that is, any remark in a legal opinion that is "said in passing" by a judge or arbitrator. It is a concept derived from English common law, whereby a judgment comprises only two elements: ratio decidendi and obiter dicta.
Arthur Cecil Pigou (/ ˈ p iː ɡ uː /; 18 November 1877 – 7 March 1959) was an English economist.As a teacher and builder of the School of Economics at the University of Cambridge, he trained and influenced many Cambridge economists who went on to take chairs of economics around the world.
Principles of Economics [1] is a leading political economy or economics textbook of Alfred Marshall (1842–1924), first published in 1890. [2] [3] It was the standard text for generations of economics students. Called his magnum opus, [4] it ran to eight editions by 1920. [5]
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".