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An economic theory that defines wealth by the amount of precious metals owned. [48] business cycle. Also called the economic cycle or trade cycle. The downward and upward movement of gross domestic product (GDP) around its long-term growth trend. [49] The length of a business cycle is the period of time containing a single boom and contraction ...
The economics term cost, also known as economic cost or opportunity cost, refers to the potential gain that is lost by foregoing one opportunity in order to take advantage of another. The lost potential gain is the cost of the opportunity that is accepted.
A public domain stock photo titled "frog on palm frond". Stock photography is the supply of photographs that are often licensed for specific uses. [1] The stock photo industry, which began to gain hold in the 1920s, [1] has established models including traditional macrostock photography, [2] midstock photography, [3] and microstock photography. [4]
In economics, the distinction was formalized and terms were set in (Fisher 1896), in which Irving Fisher formalized capital (as a stock). Polish economist Michał Kalecki emphasized the centrality of the distinction of stocks and flows, caustically calling economics "the science of confusing stocks with flows" in his critique of the quantity ...
Today stock photos can be purchased through a subscription and downloaded from a stock photography distributor's Website or purchased as a CD-ROM collection. [1] Buying stock art is convenient for those who are looking for high-quality images without spending too much time and spending only what their budgets allow. Stock images (that includes ...
In economics, a commodity is an economic good, usually a resource, that specifically has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them. [1] [2] [3]
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Economic transactions occur when two groups or parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. However, monetary transactions only account for a small part of the economic domain. Economic activity is spurred by production which uses natural resources, labor and capital.