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Psychohistory (fictional science) Psychohistory is a fictional science in Isaac Asimov 's Foundation universe which combines history, sociology, and mathematical statistics to make general predictions about the future behavior of very large groups of people, such as the Galactic Empire. It was first introduced in the four short stories (1942 ...
Speculative technology. Futurists who speak of "post-scarcity" suggest economies based on advances in automated manufacturing technologies, [ 4] often including the idea of self-replicating machines, the adoption of division of labour [ 8] which in theory could produce nearly all goods in abundance, given adequate raw materials and energy.
Market value or OMV ( Open Market Valuation) is the price at which an asset would trade in a competitive auction setting. Market value is often used interchangeably with open market value, fair value or fair market value, although these terms have distinct definitions in different standards, and differ in some circumstances.
Psychological pricing (also price ending or charm pricing) is a pricing and marketing strategy based on the theory that certain prices have a psychological impact. In this pricing method, retail prices are often expressed as just-below numbers: numbers that are just a little less than a round number, e.g. $19.99 or £2.98. [ 1]
v. t. e. Price fixing is an anticompetitive agreement between participants on the same side in a market to buy or sell a product, service, or commodity only at a fixed price, or maintain the market conditions such that the price is maintained at a given level by controlling supply and demand . The intent of price fixing may be to push the price ...
The phrase and the acronym are central to Robert A. Heinlein's 1966 science-fiction novel The Moon is a Harsh Mistress, which helped popularize it. [2] [3] The free-market economist Milton Friedman also increased its exposure and use [1] by paraphrasing it as the title of a 1975 book, [4] and it is used in economics literature to describe ...
Law of supply. The law of supply is a fundamental principle of economic theory which states that, keeping other factors constant, an increase in sales price results in an increase in quantity supplied. [ 1] In other words, there is a direct relationship between price and quantity: quantities respond in the same direction as price changes.
The price mechanism is an economic model where price plays a key role in directing the activities of producers, consumers, and resource suppliers. An example of a price mechanism uses announced bid and ask prices. Generally speaking, when two parties wish to engage in trade, the purchaser will announce a price he is willing to pay (the bid ...