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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 ...
[7] It represents a claim to property rights or income. Such claims can take many forms, for example, a claim on future government tax revenue or a claim issued against a commodity that remains, as yet, unsold. The stocks, shares and bonds issued by companies and traded on stock markets are also fictitious capital.
Debt was released in July 2011 and was a success for its publisher. [7] By December, Debt was in its sixth printing, with growing demand. Its release coincided with "debt crisis" newspaper headlines for the United States Congress debt ceiling standoff and, two months later, Occupy Wall Street, in which the author was a major figure. Print sales ...
The first formal credit theory of money arose in the 19th century. Anthropologist David Graeber has argued that for most of human history, money has been widely understood to represent debt, though he concedes that even prior to the modern era, there have been several periods where rival theories like metallism have held sway.
An example would be a cellphone as it only one person may use it, making it rivalrous, and it has to be purchased, which makes it excludable. Common property or collective property is excludable and rivalrous. Not to be confused with common property in reference to economics, this is in reference to law.
Debt relief existed in many societies of the Ancient Near East in the form of debt remission, whereby certain debts were declared void and the foreclosed property reverted to the original owners. Debts were often cancelled by a new ruler issuing a clean slate decree after assuming the throne or following a natural or man-made calamity.
A debtor or debitor is a legal entity (legal person) that owes a debt to another entity. The entity may be an individual, a firm, a government, a company or other legal person. The counterparty is called a creditor. When the counterpart of this debt arrangement is a bank, the debtor is more often referred to as a borrower.
This is most commonly done for nonrecourse loans, where the creditor cannot make other claims on the debtor; a common example is a situation of negative equity on a mortgage loan in common law jurisdictions such as the United States, which is in general non-recourse. In this latter case, default is colloquially called "jingle mail"—the debtor ...