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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 ...
It is suggested that modern mainstream economics is based entirely on DSGE models. [10] [5] Therefore, the importance of microfoundations lies in its synonymous relationship with DSGE. [11] The Smets-Wouters model is one example of the importance of microfoundations as it is regarded as a benchmark model for analysing monetary and fiscal policy ...
The Friedman doctrine is controversial, [1] with critics variously saying it is wrong on financial, economic, legal, social, or moral grounds. [14] [15] It has been criticized by proponents of the stakeholder theory, who believe the Friedman doctrine is inconsistent with the idea of corporate social responsibility to a variety of stakeholders. [16]
Social responsibility from businesses such as providing recycling bins can in turn provide opportunities for people to be socially responsible by recycling. Social responsibility is an ethical concept in which a person works and cooperates with other people and organizations for the benefit of the community. [1]
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 ...
The circular economy is an economic concept often linked to sustainable development, provision of the Sustainable Development Goals (Global Development Goals), and an extension of a green economy. [citation needed] Other definitions and precise thresholds that separate linear from circular activity have also been developed in the economic ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
Intellectual responsibility (also known as epistemic responsibility) is the quality of being adequately reflective about the truth of one's beliefs. [1] People are intellectually responsible if they have tried hard enough to be reflective about the truth of their beliefs, aiming not to miss any information that would cause them to abandon those beliefs as false.