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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 ...
Buffett deemed this quip “the 10 most important words in the history of economics,” he told billionaire Dan Gilbert during an interview at the Detroit Homecoming event at the College for ...
In any technical subject, words commonly used in everyday life acquire very specific technical meanings, and confusion can arise when someone is uncertain of the intended meaning of a word. This article explains the differences in meaning between some technical terms used in economics and the corresponding terms in everyday usage.
The word verbosity comes from Latin verbosus, "wordy". There are many other English words that also refer to the use of excessive words. Prolixity comes from Latin prolixus, "extended". Prolixity can also be used to refer to the length of a monologue or speech, especially a formal address such as a lawyer's oral argument. [2]
Brain rot, a 170-year-old concept that has taken on new meaning in the social media age, is the Oxford Word of the Year for 2024. Oxford University Press, the publisher of the Oxford English ...
In literary criticism, purple prose is overly ornate prose text that may disrupt a narrative flow by drawing undesirable attention to its own extravagant style of writing, thereby diminishing the appreciation of the prose overall. [1] Purple prose is characterized by the excessive use of adjectives, adverbs, and metaphors.
In a wider definition, a widespread domestic labour shortage is caused by excessively low salaries (relative to the domestic cost of living) and adverse working conditions (excessive workload and working hours) in low-wage industries (hospitality and leisure, education, health care, rail transportation, aviation, retail, manufacturing, food ...