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Two aspects of the patient's state may be reported. The first aspect is the patient's current state, which may be reported as "good" or "serious," for instance. Second, the patient's short-term prognosis may be reported. Examples include that the patient is improving or getting worse.
Economic forecasting is the process of making predictions about the economy. Forecasts can be carried out at a high level of aggregation—for example for GDP, inflation, unemployment or the fiscal deficit—or at a more disaggregated level, for specific sectors of the economy or even specific firms. Economic forecasting is a measure to find ...
There are two fundamental theorems of welfare economics. The first states that in economic equilibrium , a set of complete markets , with complete information , and in perfect competition , will be Pareto optimal (in the sense that no further exchange would make one person better off without making another worse off).
A common and specific example is the supply-and-demand graph shown at right. This graph shows supply and demand as opposing curves, and the intersection between those curves determines the equilibrium price. An alteration of either supply or demand is shown by displacing the curve to either the left (a decrease in quantity demanded or supplied ...
Inequality metrics are anonymous. They ignore certain effects of income mobility, in which the identity of "who is rich" and "who is poor" is considered. For example, at a particular time, Alice may have $10 and Bob may have $2. At some time later, Bob may have $10 and Alice may have $2.
Welfare economics is a field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society. [ 1 ] The principles of welfare economics are often used to inform public economics , which focuses on the ways in which government intervention can improve social welfare .
For example, Survey of Consumer Finances data found that 93% percent of top-earning households had tax-advantaged 401(k) and other retirement plans as of 2022, while a large percentage of lower ...
For example, an extra dollar or an additional good is perceived as less valuable as someone gets wealthier. In other words, desirability related to a financial gain depends on the gain itself and the person's wealth. Bernoulli suggested that people maximize "moral expectation" rather than expected monetary value.