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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 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".
Definitions of social classes reflect a number of sociological perspectives, informed by anthropology, economics, psychology and sociology. The major perspectives historically have been Marxism and structural functionalism. The common stratum model of class divides society into a simple hierarchy of working class, middle class and upper class.
Basic groups: The smallest possible social group with a defined number of people (i.e. greater than 1)—often associated with family building: Dyad : Will be a group of two people. Social interaction in a dyad is typically more intense than in larger groups as neither member shares the other's attention with anyone else.
The key components of such systems are: (a) social-institutional processes that define certain types of goods as valuable and desirable, (b) the rules of allocation that distribute goods and resources across various positions in the division of labor (e.g., physician, farmer, 'housewife'), and (c) the social mobility processes that link ...
Economic sociology is the study of the social cause and effect of various economic phenomena. The field can be broadly divided into a classical period and a ...
Basic level categories exhibit high within-category similarities and high between-category dissimilarities. Furthermore, the basic level is the most inclusive level at which category exemplars share a generalized identifiable shape. [6] Adults most-often use basic level object names, and children learn basic object names first. [6]
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 ...