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A life hack (or life hacking) is any trick, shortcut, skill, or novelty method that increases productivity and efficiency, in all walks of life. The term was primarily used by computer experts who suffer from information overload or those with a playful curiosity in the ways they can accelerate their workflow in ways other than programming.
Advanced Placement (AP) Microeconomics (also known as AP Micro) is a course offered by the College Board as part of the Advanced Placement Program for high school students interested in college-level coursework in microeconomics and/or gaining advanced standing in college.
Consumption smoothing is an economic concept for the practice of optimizing a person's standard of living through an appropriate balance between savings and consumption over time. An optimal consumption rate should be relatively similar at each stage of a person's life rather than fluctuate wildly.
Microeconomics also deals with the effects of economic policies (such as changing taxation levels) on microeconomic behavior and thus on the aforementioned aspects of the economy. [6] Particularly in the wake of the Lucas critique , much of modern macroeconomic theories has been built upon microfoundations —i.e., based upon basic assumptions ...
In economics, the bliss point is a quantity of consumption where any further increase would make the consumer less satisfied. [1] [2] It is a quantity of consumption which maximizes utility in the absence of budget constraint. In other words, it refers to the amount of consumption that would be chosen by a person so rich that money imposed no ...
The mainstream view is that market economies are generally believed to be closer to efficient than other known alternatives [4] and that government involvement is necessary at the macroeconomic level (via fiscal policy and monetary policy) to counteract the economic cycle – following Keynesian economics.
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Hotelling's lemma is a result in microeconomics that relates the supply of a good to the maximum profit of the producer. It was first shown by Harold Hotelling, and is widely used in the theory of the firm.