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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 ...
Regional economics – economic advantage of a geographical location and human activities of greatest height to contribute maximally to the general growth and prosperity of the region. Regional science – field of economics concerned with analytical approaches to problems that are related specifically to regional and international issues.
Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. [ 9 ] Robbins describes the definition as not classificatory in "pick[ing] out certain kinds of behaviour" but rather analytical in "focus[ing] attention on a particular aspect of behaviour, the form imposed by the ...
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".
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.
Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyses what is viewed as basic elements within economies, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers.
Science is a systematic discipline that builds and organises knowledge in the form of testable hypotheses and predictions about the universe. [1] [2] Modern science is typically divided into two or three major branches: [3] the natural sciences (e.g., physics, chemistry, and biology), which study the physical world; and the social sciences (e.g., economics, psychology, and sociology), which ...
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]