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The inverse demand function can be used to derive the total and marginal revenue functions. Total revenue equals price, P, times quantity, Q, or TR = P×Q. Multiply the inverse demand function by Q to derive the total revenue function: TR = (120 - .5Q) × Q = 120Q - 0.5Q². The marginal revenue function is the first derivative of the total ...
Subsidy. A subsidy or government incentive is a type of government expenditure for individuals and households, as well as businesses with the aim of stabilizing the economy. It ensures that individuals and households are viable by having access to essential goods and services while giving businesses the opportunity to stay afloat and/or ...
Economic justice. Economic justice is a component of social justice and welfare economics. It is a set of moral and ethical principles for building economic institutions, where the ultimate goal is to create an opportunity for each person to establish a sufficient material foundation upon which to have a dignified, productive, and creative life.
Balance of payments. In international economics, the balance of payments (also known as balance of international payments and abbreviated BOP or BoP) of a country is the difference between all money flowing into the country in a particular period of time (e.g., a quarter or a year) and the outflow of money to the rest of the world. In other ...
In economics, the concept of returns to scale arises in the context of a firm's production function. It explains the long-run linkage of increase in output (production) relative to associated increases in the inputs ( factors of production ). In the long run, all factors of production are variable and subject to change in response to a given ...
Economic dynamism is the rate and direction of change in an economy. [1] This can include activities like the rate of new business formation, the frequency of labor market turnover, and the geographic mobility of the workforce. [1] Economists disagree on the usefulness of the term, with some calling it too ambiguous, and with others calling it ...
Economic operator. An economic operator is a business or other organisation which supplies goods, works or services within the context of market operations. The term is used in public procurement to cover suppliers, contractors and service providers. The term is defined in the UK's Public Contracts Regulations as:
Economic corridors are integrated networks of infrastructure within a geographical area designed to stimulate economic development. [1] They connect different economic agents in a particular geographic area. Corridors may be developed within a country or between countries. [2] They have been part of strategies for economic development in Asia ...