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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 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".
Economic sociology is the study of the social cause and effect of various economic phenomena. The field can be broadly divided into a classical period and a ...
Today, concepts of social class often assume three general economic categories: a very wealthy and powerful upper class that owns and controls the means of production; a middle class of professional workers, small business owners and low-level managers; and a lower class, who rely on low-paying jobs for their livelihood and experience poverty.
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.
Basic groups: The smallest possible social group with a defined number of people (i.e. greater than 1)—often associated with family building: Dyad : Will be a group of two people. Social interaction in a dyad is typically more intense than in larger groups as neither member shares the other's attention with anyone else.
Categorization is a type of cognition involving conceptual differentiation between characteristics of conscious experience, such as objects, events, or ideas.It involves the abstraction and differentiation of aspects of experience by sorting and distinguishing between groupings, through classification or typification [1] [2] on the basis of traits, features, similarities or other criteria that ...
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.