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In economics a trade-off is expressed in terms of the opportunity cost of a particular choice, which is the loss of the most preferred alternative given up. [2] A tradeoff, then, involves a sacrifice that must be made to obtain a certain product, service, or experience, rather than others that could be made or obtained using the same required resources.
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 ...
It is easy to show that the allocation x a is Pareto-efficient: since all weights are positive, any Pareto improvement would increase the sum, contradicting the definition of x a. Japanese neo- Walrasian economist Takashi Negishi proved [ 20 ] that, under certain assumptions, the opposite is also true: for every Pareto-efficient allocation x ...
Trickle-up economics (also known as bubble-up economics) is an economic policy proposition that final demand among a broad population can stimulate national income in an economy. The trickle-up effect states that policies that directly benefit lower income individuals will boost the income of society as a whole, and thus those benefits will ...
Gentrification is still controversial, and often results in familiar patterns of poorer residents being priced out of urban areas into suburbs or more depressed areas of cities. Some programs, such as that administered by Fresh Ministries and Operation New Hope in Jacksonville, Florida, and the Hill Community Development Corporation (Hill CDC ...
Microeconomic reform is the implementation of policies that aim to reduce economic distortions via deregulation, and move toward economic efficiency. However, there is no clear theoretical basis for the belief that removing a market distortion will always increase economic efficiency.
For Smith, laissez-faire was "a program for the abolition of laws constraining the market, a program for the restoration of order and for the activation of potential growth". [1] However, Smith [24] and notable classical economists such as Thomas Malthus and David Ricardo did not use the phrase.
Supply-side economics has originated as an alternative to Keynesian economics, which focused macroeconomic policy on management of final demand. [28] Demand-side economics relies on a fixed-price view of the economy, where the demand plays a key role in defining the future supply growth, which also allows for incentive implications of ...