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The dismal science is a derogatory term for the discipline of economics. [1] Thomas Carlyle used the phrase in his 1849 essay " Occasional Discourse on the Negro Question " in contrast with the then-familiar phrase "gay science" used to refer to the art of troubadours .
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 ...
In economics, Gresham's law is a monetary principle stating that "bad money drives out good". For example, if there are two forms of commodity money in circulation, which are accepted by law as having similar face value , the more valuable commodity will gradually disappear from circulation.
Consumer sovereignty is defined in the Macmillan dictionary of modern economics as: [7] The idea that the consumer is the best judge of his or her own welfare. This assumption underlies the theory of consumer behaviour and through it the bulk of economic analysis including the most widely accepted optimum in welfare economics, the Pareto optimum.
Charles Hugh Smith, writing for Business Insider, argues that while the use of credit has positive features in low amounts, but that the consumer economy and its expansion of credit produces consumer ennui because there is a marginal return to consumption, and that hyperinflation experts recommended investment in tangible goods.
In economic theory, moral hazard is a situation in which the behavior of one party may change to the detriment of another after the transaction has taken place. For example, a person with insurance against automobile theft may be less cautious about locking their car because the negative consequences of vehicle theft are now (partially) the ...
Temperament is the filter through which a person experiences the world, and Cat Twin’s cautious nature is what researchers call a slow-to-warm-up temperament, which describes up to 15% of ...
Clues are an integral part of the 1943 board game Cluedo. A clue or a hint is a piece of information bringing someone closer to a conclusion [1] or which points to the right direction towards the solution. [2] It is revealed either because it is discovered by someone who needs it or because it is shared (given) by someone else.