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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 ...
James Stuart (1767) authored the first book in English with 'political economy' in its title, explaining it just as: . Economy in general [is] the art of providing for all the wants of a family, so the science of political economy seeks to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious; to provide everything necessary ...
Non-financial assets, such as land and buildings, may also be included. For example, dictionary definitions of money include "wealth reckoned in terms of money" and "persons or interests possessing or controlling great wealth", [8] neither of which correspond to the economic definition.
The theory of the firm consists of a number of economic theories that explain and predict the nature of the firm, company, or corporation, including its existence, behaviour, structure, and relationship to the market. [1] Firms are key drivers in economics, providing goods and services in return for monetary payments and rewards.
Examples of single-field dictionaries are a dictionary of law, a dictionary of economics and a dictionary of welding. The main advantage of single-field dictionaries is that they can easily be maximizing dictionaries, i.e. attempt to cover as many terms of the subject field as possible without being a dictionary in several volumes.
In economics, land comprises all naturally occurring resources as well as geographic land. Examples include particular geographical locations, mineral deposits, forests, fish stocks, atmospheric quality, geostationary orbits, and portions of the electromagnetic spectrum. Supply of these resources is fixed. [1]
energy economics A branch of economics concerned with energy supply and demand. energy efficient transformer A power transformer designed to have lower than average energy loss. energy returned on energy invested A measure of how long an energy producing system takes to replace the energy it took to make it. energy subsidies
Orbital maneuver – In spaceflight, an orbital maneuver (otherwise known as a burn) is the use of propulsion systems to change the orbit of a spacecraft. Orbital mechanics – or astrodynamics , is the application of ballistics and celestial mechanics to the practical problems concerning the motion of rockets and other spacecraft .