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In economics a trade-off is expressed in terms of the opportunity cost of a particular choice, which is the loss of the most preferred alternative given up. [2] A tradeoff, then, involves a sacrifice that must be made to obtain a certain product, service, or experience, rather than others that could be made or obtained using the same required resources.
Some of the annual running costs of a car, which are important in the economics of ownership, concern the service life; a major factor for this deals with the uncertainty of the car lifespan. Many cars, particularly taxis, have achieved very high-mileage (miles driven) status, indicating that maintenance which can extend the car service life ...
The seasonally adjusted annual rate (SAAR) is a rate that is adjusted to take into account typical seasonal fluctuations in data and is expressed as an annual total. SAARs are used for data affected by seasonality, when it could be misleading to directly compare different times of the year.
In economics, a market demand schedule is a tabulation of the quantity of a good that all consumers in a market will purchase at a given price. At any given price, the corresponding value on the demand schedule is the sum of all consumers’ quantities demanded at that price.
Search theory has been applied in labor economics to analyze frictional unemployment resulting from job hunting by workers. In consumer theory , it has been applied to analyze purchasing decisions. From a worker's perspective, an acceptable job would be one that pays a high wage, one that offers desirable benefits, and/or one that offers ...
Nonsequential search. When consumers commit to purchasing from the lowest-cost store retailer after acquiring a random sample of l (> 1) costs. [24] A per-price search cost customer selects the number of stores to solicit to minimize the total expected cost or the sum of the total search costs and the expected price for the product. [22]
For example, the debt to GDP ratio has units of years (as GDP is measured in, for example, dollars per year whereas debt is measured in dollars), which yields the interpretation of the debt to GDP ratio as "number of years to pay off all debt, assuming all GDP devoted to debt repayment". The ratio of a flow to a stock has units 1/time.
The concept of supply and demand forms the theoretical basis of modern economics. In situations where a firm has market power, its decision on how much output to bring to market influences the market price, in violation of perfect competition. There, a more complicated model should be used; for example, an oligopoly or differentiated-product model.