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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 ...
The following is a list of common metonyms. [n 1] A metonym is a figure of speech used in rhetoric in which a thing or concept is not called by its own name, but by the name of something intimately associated with that thing or concept. For instance, "Westminster", a borough of London in the United Kingdom, could be used as a metonym for the ...
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".
His words may have secured the money market. George W. Bush uttered 'the 10 most important words in the history of economics' during the 2008 financial crisis, Warren Buffett says — here's how ...
Transformation problem: The transformation problem is the problem specific to Marxist economics, and not to economics in general, of finding a general rule by which to transform the values of commodities based on socially necessary labour time into the competitive prices of the marketplace. The essential difficulty is how to reconcile profit in ...
It became, in the words of The New Palgrave Dictionary of Economics, "the standard analysis of quality control inspection". The dictionary adds, "Like many of Friedman's contributions, in retrospect it seems remarkably simple and obvious to apply basic economic ideas to quality control; that, however, is a measure of his genius."
Feminist economics –critical study of economics and economies, with a focus on gender-aware and inclusive economic inquiry and policy analysis; Financial economics –branch of economics characterized by a "concentration on monetary activities", in which "money of one type or another is likely to appear on both sides of a trade"
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