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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 ...
In economics, a budget constraint represents all the combinations of goods and services that a consumer may purchase given current prices within their given income. Consumer theory uses the concepts of a budget constraint and a preference map as tools to examine the parameters of consumer choices .
Grelling–Nelson paradox: Is the word "heterological", meaning "not applicable to itself", a heterological word? (A close relative of Russell's paradox.) Hilbert–Bernays paradox: If there was a name for a natural number that is identical to a name of the successor of that number, there would be a natural number equal to its successor.
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.
This is an incomplete alphabetical list by surname of notable economists, experts in the social science of economics, past and present. For a history of economics, see the article History of economic thought. Only economists with biographical articles in Wikipedia are listed here.
Bidenomics, from Joe Biden and economics; Clintonomics, from Bill Clinton and economics; Freakonomics, from freak and economics; Moneygeddon, from money and Armageddon (permanent scare of financial crises) [2] precariat, from precarious and proletariat; Reaganomics, from Ronald Reagan and economics; Rogernomics, from Roger Douglas and economics
Examples of alternatives to utility maximisation due to bounded rationality are; satisficing, elimination by aspects and the mental accounting heuristic. The satisficing heuristic is when a consumer defines an aspiration level and looks until they find an option that satisfies this, they will deem this option good enough and stop looking.
A company with $5000 on hand and incomes of $3000 a month has a constraint of $8000. That means, if the terms of an economic exchange (buying equipment, etc.) require terms that are cash-in-advance, then the limit that the company can actually obtain is $8000.