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Sir Thomas Gresham. In economics, Gresham's law is a monetary principle stating that "bad money drives out good". For example, if there are two forms of commodity money in circulation, which are accepted by law as having similar face value, the more valuable commodity will gradually disappear from circulation.
A moneyless economy or nonmonetary economy is a system for allocation of goods and services without payment of money. The simplest example is the family household.Other examples include barter economies, gift economies and primitive communism.
A variety of factors can lead to missing markets: A classic example of a missing market is the case of an externality like pollution, where decision makers are not responsible for some of the consequences of their actions.
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 ...
For most of our history, Americans have experienced rapid economic growth and therefore upward absolute mobility. Over the last generation, however, economic growth has slowed without evidence of an offsetting increase in relative mobility. Between 1947 and 1973, the typical family‟s income roughly doubled.
When you pay too much, you lose a little money – that is all. When you pay too little, you sometimes lose everything, because the thing you bought was incapable of doing the thing it was bought to do. The common law of business balance prohibits paying a little and getting a lot – it can't be done.
The everyday usage of the word unemployed is usually broad enough to include disguised unemployment, and may include people with no intention of finding a job. For example, a dictionary definition is: "not engaged in a gainful occupation", [7] which is broader than the economic definition.
While many workers fear that automation or artificial intelligence will take their jobs, history has shown that when jobs in some sectors disappear, jobs in new sectors are created. [1] One example is the United States, where a century of increasing productivity and technological improvements changed the percentage of Americans employed in the ...