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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 ...
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 ...
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.
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 ...
However, complicated interactions between animals have required the use of more complex economic models such as the Nash equilibrium. The Nash equilibrium is a type of non-cooperative game theory that assumes an individual's decision is influenced by its knowledge of the strategies of other individuals.
A common objection [73] [74] [75] is that life is precious or priceless, but this demonstrably degrades to it being worthless within cost-benefit analysis and other standard economic methods. [76] Reducing human bodies to financial values is a necessary part of mainstream economics and not always in the direct terms of insurance or wages.
The trade in bushmeat occurs both legally and illegally, for cultural reasons as well as socio-economic ones. [12] Biodiversity includes genetic diversity, providing genetic resources for food and agriculture. The term genetic resources refers to "genetic material of actual or potential value", according to the Convention on Biological ...