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The economics term cost, also known as economic cost or opportunity cost, refers to the potential gain that is lost by foregoing one opportunity in order to take advantage of another. The lost potential gain is the cost of the opportunity that is accepted. Sometimes this cost is explicit: for example, if a firm pays $100 for a machine, its cost ...
Normative economics predicates itself upon maximizing both an agents social and political utility, recognized as "aggregating interests". Subfields of normative economics include social choice theory, cooperative game theory, and mechanism design. Some earlier technical problems posed in welfare economics and the theory of justice have been ...
Commonly used in economics, ceteris paribus allows for supply and demand models to reflect specific variables. If one assumes that the only thing changing is, say, the price of wheat, then demand and supply will both be affected appropriately. While this is simplification of actual dynamic market models, it makes learning economic theory easier ...
Economics (/ ˌ ɛ k ə ˈ n ɒ m ɪ k s, ˌ iː k ə-/) is a social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work.
Political Economy or Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing. Thus it is on the one side a study of wealth; and on the other, and more important side, a part ...
After a quiet week on the economic data front, a key reading of the Fed's preferred inflation gauge is set to greet investors in the week ahead. A second update on economic growth in the first ...
A more general definition is that a currency is a "system" of money (monetary units) in common use, especially within a particular nation. current account A country's current account is one of the two components of its balance of payments, the other being the capital account (also known as the financial account).
A good's price elasticity of demand ( , PED) is a measure of how sensitive the quantity demanded is to its price. When the price rises, quantity demanded falls for almost any good ( law of demand ), but it falls more for some than for others. The price elasticity gives the percentage change in quantity demanded when there is a one percent ...