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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 ...
Capitalist economic exchange, Marx argues (contrary to David Ricardo's theory), is not a simple exchange of equivalent values. [41] It aims not to trade goods and services of equivalent value, but instead to make money from the trade (this is called capital accumulation). The aim is to buy as cheaply as possible, and sell as dear as possible ...
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 ...
Money supply in the economy boomed during the pandemic which may have been a key reason for heightened inflation, according to Christopher J. Neely, Senior Economic Policy Advisor, Federal Reserve ...
The term catallaxy was used by Friedrich Hayek to describe "the order brought about by the mutual adjustment of many individual economies in a market." [9] Hayek was dissatisfied with the usage of the word "economy" because its Greek root, which translates as "household management", implies that economic agents in a market economy possess ...
Exchange economy is technical term used in microeconomics research to describe interaction between several agents. In the market, the agent is the subject of exchange and the good is the object of exchange. Each agent brings his/her own endowment, and they can exchange products among them based on a price system. Two types of exchange economy ...
a value, represented by the socially necessary labour time to produce it (Note: the first link is to a non-Marxian definition of value); a use value (or utility); an exchange value, which is the proportion at which a commodity can be exchanged for other entities; a price (an actual selling price, or an imputed ideal price).
Some, but not all people have lexicographic preferences. Lexicographic preferences extend only to a certain quantity of the good. The nonstandard (infinitesimal) equilibrium prices for exchange can be determined for lexicographic order using standard equilibrium methods, except using nonstandard reals as the range of both utilities and prices.