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Welfare economics is a branch of economics that uses microeconomic techniques to evaluate economic well-being, especially relative to competitive general equilibrium, with a focus on economic efficiency and income distribution. [13] In general usage, including by economists outside the above context, welfare refers to a form of transfer payment ...
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 ...
Trickle-up economics (also known as bubble-up economics) is an economic policy proposition that final demand among a broad population can stimulate national income in an economy. The trickle-up effect states that policies that directly benefit lower income individuals will boost the income of society as a whole, and thus those benefits will ...
In most circumstances the demand curve has a negative slope, and therefore slopes downwards. This is due to the law of demand which conditions that there is an inverse relationship between price and the demand of commodity (good or a service). As price goes up quantity demanded reduces and as price reduces quantity demanded increases.
In economics and microeconomics, the economic region of production is an offshoot of the theory of production function with two variables. It is a cost-oriented theory which defines the region in which the optimal factor combination will lie. [1] It serves as a map of the region of optimal production.
The negative slope of the indifference curve incorporates the willingness of the consumer to make trade offs. [9] If two goods are perfect substitutes then the indifference curves will have a constant slope since the consumer would be willing to switch between at a fixed ratio. The marginal rate of substitution between perfect substitutes is ...
In business, a top-up is a variation of a company's stock repurchase program for common shareholders. [1] Although this buyback reduces voting interest of its shareholder, the shareholder may subsequently increase its holdings, called a top-up.
A supply shock is an event that suddenly increases or decreases the supply of a commodity or service, or of commodities and services in general.This sudden change affects the equilibrium price of the good or service or the economy's general price level.