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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 ...
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 ...
A related concept is one part per ten thousand, 1 / 10,000 .The same unit is also (rarely) called a permyriad, literally meaning "for (every) myriad (ten thousand)". [4] [5] If used interchangeably with basis point, the permyriad is potentially confusing because an increase of one basis point to a 10 basis point value is generally understood to mean an increase to 11 basis points; not ...
A simple fraction (also known as a common fraction or vulgar fraction) [n 1] is a rational number written as a/b or , where a and b are both integers. [9] As with other fractions, the denominator (b) cannot be zero. Examples include 1 / 2 , − 8 / 5 , −8 / 5 , and 8 / −5 .
The minim (abbreviated min, ♏︎ or ♍︎) is a unit of volume in both the imperial and U.S. customary systems of measurement. Specifically, in the imperial system, it is 1 ⁄ 60 of an imperial fluid drachm [1] [2] or 1 ⁄ 480 of an imperial fluid ounce; in the U.S. customary system, it is 1 ⁄ 60 of a US customary fluid dram or 1 ⁄ 480 of a US customary fluid ounce.
Mathematical economics is the application of mathematical methods to represent theories and analyze problems in economics.Often, these applied methods are beyond simple geometry, and may include differential and integral calculus, difference and differential equations, matrix algebra, mathematical programming, or other computational methods.
The backwardness model is a theory of economic growth created by Alexander Gerschenkron.The model postulates that the more backward an economy is at the outset of economic development, the more likely certain conditions are to occur:
In mathematics, a function is a rule for taking an input (in the simplest case, a number or set of numbers) [5] and providing an output (which may also be a number). [5] A symbol that stands for an arbitrary input is called an independent variable, while a symbol that stands for an arbitrary output is called a dependent variable. [6]