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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 term economics was originally known as "political economy".This term evolved from the French Mercantilist usage of économie politique, which expanded the notion of economy from the ancient Greek concept of household management to the national level, as the public administration of state affairs.
Economic base analysis is a theory that posits that activities in an area divide into two categories: basic and nonbasic. Basic industries are those exporting from the region and bringing wealth from outside, while nonbasic (or service) industries support basic industries.
An economic system, or economic order, [1] is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions , agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
Planned economy – economic system where investment, production and the allocation of capital goods takes place according to economy-wide economic plans and production plans. Subsistence economy – economy directed to basic subsistence (the provision of food, clothing and shelter) rather than to the market.
It influences many decisions. These special characteristics (as compared with other types of goods) complicate many standard economic theories. [35] The economics of information has recently become of great interest to many - possibly due to the rise of information-based companies inside the technology industry. [13]
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".
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]