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A Wall Street Journal report earlier this year revealed that Trump’s economic advisers drafted a plan to undermine the Fed’s independence by giving the president a greater say in the central ...
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 ...
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.
In this context, Ritzer has a very specific meaning of "efficiency". In the example of McDonald's customers, it is the fastest way to get from being hungry to being full. Efficiency in McDonaldization means that every aspect of the organization is geared toward the minimization of time.
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James Stuart (1767) authored the first book in English with 'political economy' in its title, explaining it just as: . Economy in general [is] the art of providing for all the wants of a family, so the science of political economy seeks to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious; to provide everything necessary ...
In economics, a false economy or hallucinated economy is an action that does save money at the beginning but which, over a longer period of time, results in more money being spent or wasted than being saved. For example, it may be false economy if a city government decided to purchase the cheapest automobiles for use by city workers to save ...