Search results
Results from the WOW.Com Content Network
A feedback loop where all outputs of a process are available as causal inputs to that process. Feedback occurs when outputs of a system are routed back as inputs as part of a chain of cause-and-effect that forms a circuit or loop. [ 1] The system can then be said to feed back into itself. The notion of cause-and-effect has to be handled ...
In essence, the problem-solver estimates the benefit delivered by each action, then selects a number of the most effective actions that deliver a total benefit reasonably close to the maximal possible one. Pareto analysis is a creative way of looking at causes of problems because it helps stimulate thinking and organize thoughts.
Positive feedback in economic systems can cause boom-then-bust cycles. A familiar example of positive feedback is the loud squealing or howling sound produced by audio feedback in public address systems: the microphone picks up sound from its own loudspeakers, amplifies it, and sends it through the speakers again.
Free-rider problem. In economics, the free-rider problem is a type of market failure that occurs when those who benefit from resources, public goods and common pool resources do not pay for them [1] or under-pay. Examples of such goods are public roads or public libraries or other services or utilities of a communal nature.
In economics, an input–output model is a quantitative economic model that represents the interdependencies between different sectors of a national economy or different regional economies. [1] Wassily Leontief (1906–1999) is credited with developing this type of analysis and earned the Nobel Prize in Economics for his development of this ...
In economics, a network effect (also called network externality or demand-side economies of scale) is the phenomenon by which the value or utility a user derives from a good or service depends on the number of users of compatible products. Network effects are typically positive feedback systems, resulting in users deriving more and more value ...
Attention economics is an approach to the management of information that treats human attention as a scarce commodity and applies economic theory to solve various information management problems.
The problem of allocation deals with the question of whether to produce capital goods or consumer goods. If the community decides to produce capital goods, resources must be withdrawn from the production of consumer goods. In the long run, however, [investment] in capital goods augments the production of consumer goods.