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To describe situations in which economic users withdraw resources to secure short-term gains without regard for the long-term consequences, the term tragedy of the commons was coined. For example, forest exploitation leads to barren lands, and overfishing leads to a reduction of overall fish stocks, both of which eventually result in ...
Psychophysiological economics differs from behavioral economics by focusing on direct measures of physiological change and observational data, in addition to attitudinal measurement. Psychophysiological economics also differs from functional magnetic resonance imaging , which is typically applied exclusively to the study of brain activity.
Behavioral economics is the study of the psychological (e.g. cognitive, behavioral, affective, social) factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by traditional economic theory. [1] [2] Behavioral economics is primarily concerned with the bounds of rationality of economic ...
Because productive resources are scarce, the resources must be allocated to various industries in just the right amounts, otherwise too much or too little output gets produced. [2] When drawing diagrams for businesses , allocative efficiency is satisfied if output is produced at the point where marginal cost is equal to average revenue.
Regional economics – economic advantage of a geographical location and human activities of greatest height to contribute maximally to the general growth and prosperity of the region. Regional science – field of economics concerned with analytical approaches to problems that are related specifically to regional and international issues.
Natural resource economics deals with the supply, demand, and allocation of the Earth's natural resources. One main objective of natural resource economics is to better understand the role of natural resources in the economy in order to develop more sustainable methods of managing those resources to ensure their availability for future ...
Human study of economics is a social science that looks at how societies distribute scarce resources among different people. [467] There are massive inequalities in the division of wealth among humans; the eight richest humans are worth the same monetary value as the poorest half of all the human population. [468]
Evolutionary economics is a school of economic thought that is inspired by evolutionary biology.Although not defined by a strict set of principles and uniting various approaches, it treats economic development as a process rather than an equilibrium and emphasizes change (qualitative, organisational, and structural), innovation, complex interdependencies, self-evolving systems, and limited ...