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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 ...
In any technical subject, words commonly used in everyday life acquire very specific technical meanings, and confusion can arise when someone is uncertain of the intended meaning of a word. This article explains the differences in meaning between some technical terms used in economics and the corresponding terms in everyday usage.
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A viral image of a headline shared on X claims world leaders have signed a World Economic Forum (WEF) treaty introducing “Age of Death” laws in the West. Verdict: False The claim is false and ...
James Stuart (1767) authored the first book in English with 'political economy' in its title, explaining it just as: . Economy in general [is] the art of providing for all the wants of a family, so the science of political economy seeks to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious; to provide everything necessary ...
Dirigisme is seen in India after the end of British rule from 1947 with domestic policy tending towards protectionism, a strong emphasis on import substitution industrialisation, economic interventionism, a large government-run public sector, business regulation, and central planning, [9] while trade and foreign investment policies were ...
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".
The Declaration of Independence, for example, describes men as having liberty and the nation as being free. Free will—the quality of being free from the control of fate or necessity—may first have been attributed to human will, but Newtonian physics attributes freedom—degrees of freedom, free bodies—to objects." [10]