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In an economic model, an exogenous variable is one whose measure is determined outside the model and is imposed on the model, and an exogenous change is a change in an exogenous variable. [1]: p. 8 [2]: p. 202 [3]: p. 8 In contrast, an endogenous variable is a variable whose measure is determined by the model. An endogenous change is a change ...
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 ...
The opposite bias, of not attributing feelings or thoughts to another person, is dehumanised perception, [23] a type of objectification. Attentional bias, the tendency of perception to be affected by recurring thoughts. [24] Frequency illusion or Baader–Meinhof phenomenon.
Welfare economics is a branch of economics that uses microeconomic techniques to evaluate economic well-being, especially relative to competitive general equilibrium, with a focus on economic efficiency and income distribution. [13] In general usage, including by economists outside the above context, welfare refers to a form of transfer payment ...
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]
In economics, inferior goods are goods whose demand decreases when consumer income rises (or demand increases when consumer income decreases). [2] [3] This behaviour is unlike the supply and demand behaviour of normal goods, for which the opposite is observed; [4] normal goods are those goods for which the demand rises as consumer income rises ...
Air pollution is an example of a public bad. A public bad, in economics, is the symmetrical opposite of a public good. Air pollution is the most obvious example since it is non-excludable and non-rival, and negatively affects welfare.
The endogeneity problem is particularly relevant in the context of time series analysis of causal processes. It is common for some factors within a causal system to be dependent for their value in period t on the values of other factors in the causal system in period t − 1.