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In an economic model, an exogenous change is one that comes from outside the model and is unexplained by the model. Such changes of an economic model from outside factors can include the influence of technology, in which this had previously been noted as an exogenous factor, but has rather been noted as a factor that can depict economic forces as a whole. [1]
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 ...
An economic variable can be exogenous in some models and endogenous in others. In particular this can happen when one model also serves as a component of a broader model.
A person with an external locus of control will tend to believe that their present circumstances are not the effect of their own influence, decisions, or control, [8] and even that their own actions are a result of external factors, such as fate, luck, history, the influence of powerful forces, or individually or unspecified others (such as ...
In economics, an externality or external cost is an indirect cost or benefit [a] to an uninvolved third party that arises as an effect of another party's (or parties') activity. Externalities can be considered as unpriced components that are involved in either consumer or producer market transactions.
"A threat to external validity is an explanation of how you might be wrong in making a generalization from the findings of a particular study." [5] In most cases, generalizability is limited when the effect of one factor (i.e. the independent variable) depends on other factors.
Under the controversy of person–situation debate, situationism is the theory that changes in human behavior are factors of the situation rather than the traits a person possesses. [1] Behavior is believed to be influenced by external, situational factors rather than internal traits or motivations.
In business analysis, PEST analysis (political, economic, social and technological) is a framework of external macro-environmental factors used in strategic management and market research. PEST analysis was developed in 1967 by Francis Aguilar as an environmental scanning framework for businesses to understand the external conditions and ...