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Financial literacy is an ability to effectively manage the economic well-being of individuals with knowledge and financial skills. [12] The Government Accountability Office definition (2010) is "the ability to make informed judgments and to take effective actions regarding the current and future use and management of money.
Finance refers to monetary resources and to the study and discipline of money, currency, assets and liabilities. [a] As a subject of study, it is related to but distinct from economics, which is the study of the production, distribution, and consumption of goods and services.
Social studies of finance is an interdisciplinary research area that combines perspectives from anthropology, economic sociology, science and technology studies, international political economy, behavioral finance, and cultural studies in the study of financial markets and financial instruments. Work in social studies of finance emphasizes the ...
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 ...
Financial econometrics is the branch of financial economics that uses econometric techniques to parameterise the relationships identified. Mathematical finance is related in that it will derive and extend the mathematical or numerical models suggested by financial economics.
Financial intelligence requires an understanding of the basics of financial measurement including the income statement, the balance sheet, and the cash flow statement. It also requires knowing the difference between cash and profit and why a balance sheet balances. Understanding the art. Finance and accounting are an art as well as a science.
Arguments therein have been widely accepted on the demarcation of economics as science from discussion of recommendations on economic policy. [7] In that period, economists started referring to Robbins' definition of economics therein as generally accepted, along with continuing controversy that accompanied its blending into economics texts.
Theories more favorable to corporate activities are portrayed in words as "sound science". Past examples where "sound science" was used include the research into the toxicity of Alar, which was heavily criticized by antiregulatory advocates, and Herbert Needleman's research into low dose lead poisoning. Needleman was accused of fraud and ...