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Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. [ 9 ] Robbins describes the definition as not classificatory in "pick[ing] out certain kinds of behaviour" but rather analytical in "focus[ing] attention on a particular aspect of behaviour, the form imposed by the ...
In Marxist philosophy, reification (Verdinglichung, "making into a thing") is the process by which human social relations are perceived as inherent attributes of the people involved in them, or attributes of some product of the relation, such as a traded commodity.
the way people are formally and informally associated within the economic sphere of production, including as social classes, co-operative work relations (including household labor), socio-economic dependencies between people arising from the way they produce and reproduce their existence, relationships between different worksites or production ...
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 ...
Economic interdependence is the mutual dependence of the participants in an economic system who trade in order to obtain the products they cannot produce efficiently for themselves. Such trading relationships require that the behavior of a participant affects its trading partners and it would be costly to rupture their relationship. [1]
An example of this is the convoy model of support, this model uses concentric circles to describe relationships around an individual with the strongest relationships in the closet circle. As a person ages, these relationships form a convoy that moves along with the person and exchanges in support and assistance through different circumstances ...
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".
This plays out in Karl Marx's writings of economic and political relationships that create impoverishment within capitalist systems . [4] Today, relational poverty is best understood when both ethnographic and geographical studies are examined, "broad and historically deep enough to discover connections that implicate the global wealthy". [ 5 ]