Ad
related to: economic examples
Search results
Results From The WOW.Com Content Network
economic growth, the process by which a nation’s wealth increases over time. Although the term is often used in discussions of short-term economic performance, in the context of economic theory it generally refers to an increase in wealth over an extended period.
supply and demand, in economics, relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy. It is the main model of price determination used in economic theory.
Keynesian economics, body of ideas set forth by John Maynard Keynes in his General Theory of Employment, Interest and Money (1935–36) and other works, intended to provide a theoretical basis for government full-employment policies.
A manufacturer assembling a product for a distant market, a country submitting to international law, and a language adopting a foreign loanword are all examples of globalization.
business cycle, periodic fluctuations in the general rate of economic activity, as measured by the levels of employment, prices, and production. Figure 1, for example, shows changes in wholesale prices in four Western industrialized countries over the period from 1790 to 1940. As can be seen, the movements are not, strictly speaking, cyclic ...
In economics, monopoly and competition signify certain complex relations among firms in an industry. A monopoly implies an exclusive possession of a market by a supplier of a product or a service for which there is no substitute.
factors of production, term used by economists to denote the economic resources, both human and other, which, if properly utilized, will bring about a flow or output of goods and services. Simply stated, factors of production are the “ inputs ” necessary to obtain an “ output.”.
labour economics, study of the labour force as an element in the process of production. The labour force comprises all those who work for gain, whether as employees, employers, or as self-employed, and it includes the unemployed who are seeking work.
capital and interest, in economics, a stock of resources that may be employed in the production of goods and services and the price paid for the use of credit or money, respectively. Capital in economics is a word of many meanings.
utility and value, in economics, the determination of the prices of goods and services. The modern industrial economy is characterized by a high degree of interdependence of its parts. The supplier of components or raw materials, for example, must deliver the desired quantities of his products at the right moment and in the desired specifications.