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Economic Problem
Economic systems as a type of social system must confront and solve the three fundamental economic problems:Samuelson, P. Anthony., Samuelson, W. (1980). Economics. 11th ed. / New York: McGraw-Hill. p. 34 * What kinds and quantities of goods shall be produced, "how much and which of alternative goods and services shall be produced?" * How shall goods be produced? ..by whom and with what resources (using what technology)...?" * For whom are the goods or services produced? Who benefits? Samuelson rephrased this question as "how is the total of the national product to be distributed among different individuals and families?" Economic systems solve these problems in several ways:"... by custom and instinct; by command and centralized control (in planned economies) and in mixed economies that "...uses both market signals and government directives to allocate goods and resources." The latter is variously defined as an economic system blending elements of a market economy with ele ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic System
An economic system, or economic order, is a system of production, resource allocation and distribution of goods and services within a society or a given geographic area. It includes the combination of the various institutions, agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community. An economic system is a type of social system. The mode of production is a related concept. All economic systems must confront and solve the four fundamental economic problems: * What kinds and quantities of goods shall be produced: This fundamental economic problem is anchored on the theory of pricing. The theory of pricing, in this context, has to do with the economic decision-making between the production of capital goods and consumer goods in the economy in the face of scarce resources. In this regard, the critical evaluation of the needs of the society based on population distribution in terms of age, sex, occupat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marginal Benefit
In economics, utility is the satisfaction or benefit derived by consuming a product. The marginal utility of a good or service describes how much pleasure or satisfaction is gained by consumers as a result of the increase or decrease in consumption by one unit. There are three types of marginal utility. They are positive, negative, or zero marginal utility. For instance, you like eating pizza, the second piece of pizza brings you more satisfaction than only eating one piece of pizza. It means your marginal utility from purchasing pizza is positive. However, after eating the second piece you feel full, and you would not feel any better from eating the third piece. This means your marginal utility from eating pizza is zero. Moreover, you might feel sick if you eat more than three pieces of pizza. At this time, your marginal utility is negative. In other words, a negative marginal utility indicates that every unit of goods or service consumed will do more harm than good, which will ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Intensity
Capital intensity is the amount of fixed or real capital present in relation to other factors of production, especially labor. At the level of either a production process or the aggregate economy, it may be estimated by the capital to labor ratio, such as from the points along a capital/labor isoquant. Growth The use of tools and machinery makes labor more effective, so rising capital intensity (or " capital deepening") pushes up the productivity of labor. Capital intensive societies tend to have a higher standard of living over the long run. Calculations made by Robert Solow claimed that economic growth was mainly driven by technological progress (productivity growth) rather than inputs of capital and labor. However recent economic research has invalidated that theory, since Solow did not properly consider changes in both investment and labor inputs. Dale Jorgenson, of Harvard University, President of the American Economic Association in 2000, concludes that: 'Griliches and I sh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labour Intensity
Labor intensity is the relative proportion of labor (compared to capital) used in any given process. Its inverse is capital intensity. Labor intensity has been declining since the onset of the Industrial Revolution in the late 1700s, while its inverse, capital intensity, has increased nearly exponentially since the latter half of the 20th century. Labor-intensive industries A labor-intensive industry requires large amounts of manual labor to produce its goods or services. In such industries, labor costs are more of a concern than capital costs. Labor intensity is measured by its proportion to the amount of capital to produce goods or services. The higher the labor cost, the more labor intense is the business. Labor cost can vary because businesses can add or subtract workers based on business needs. When it comes to controlling expenses, labor intensive businesses have an advantage over those that are capital intensive and require a large investment in capital equipment, such a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wasting
In medicine, wasting, also known as wasting syndrome, refers to the process by which a debilitating disease causes muscle and fat tissue to "waste" away. Wasting is sometimes referred to as "acute malnutrition" because it is believed that episodes of wasting have a short duration, in contrast to stunting, which is regarded as chronic malnutrition. An estimated 45 million children under 5 years of age (or 6.7%) were wasted in 2021. Prevalence is highest in Southern Asia, followed by Oceania (excluding Australia and New Zealand) and South-eastern Asia. Causes Wasting can be caused by an extremely low energy intake (e.g., caused by famine), nutrient losses due to infection, or a combination of low intake and high loss. Infections and conditions associated with wasting include tuberculosis, chronic diarrhea, AIDS, and superior mesenteric artery syndrome. The mechanism may involve cachectin – also called tumor necrosis factor, a macrophage-secreted cytokine. Caretakers and he ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pareto Efficiency
Pareto efficiency or Pareto optimality is a situation where no action or allocation is available that makes one individual better off without making another worse off. The concept is named after Vilfredo Pareto (1848–1923), Italian civil engineer and economist, who used the concept in his studies of economic efficiency and income distribution. The following three concepts are closely related: * Given an initial situation, a Pareto improvement is a new situation where some agents will gain, and no agents will lose. * A situation is called Pareto-dominated if there exists a possible Pareto improvement. * A situation is called Pareto-optimal or Pareto-efficient if no change could lead to improved satisfaction for some agent without some other agent losing or, equivalently, if there is no scope for further Pareto improvement. The Pareto front (also called Pareto frontier or Pareto set) is the set of all Pareto-efficient situations. Pareto originally used the word "optimal" fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Product
National Product is a little-known rock band from Oahu, Hawaii. History National Product began playing local gigs while attending Kalaheo High School, and moved to California in 2000.Melissa MonizCover Story: Hot Rock from the Islands '' MidWeek'', May 25, 2007. Accessed August 18, 2007. Soon afterwards, most of the members left lead singer Danny Casler in California. In California, they reformed with same lineup and added lead guitarist Jeffrey Feuerhaken. 2003. In 2005, they contributed a remake of the song "Disarm" to the obscure Smashing Pumpkins tribute album, ''Shot Full of Diamonds''. They played the Warped Tour in 2005 as well as 2006. In 2007, the group signed with R&M Artist Records, run by Mark Mazzetti (formerly of A&M Records) and Randy Delano, who signed the band as their "flagship group."Lillie Dremeaux, "Alternative Rockers Remain Accessible, Inspirational". ''Anchorage Daily News'', February 23, 2007. Available via Lexis-Nexis. National Product was the only gro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Resource Efficiency
Resource efficiency is the maximising of the supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively, with minimum wasted (natural) resource expenses. It means using the Earth's limited resources in a sustainable manner while minimising environmental impact. Motivation A 2014 report by The Carbon Trust suggested that resource challenges are intensifying rapidly – for example, there could be a 40% gap between available water supplies and water needs by 2030, and some critical materials could be in short supply as soon as 2016. These challenges could lead to disruptions to supply, growing regulatory requirements, volatile fluctuation of prices, and may ultimately threaten the viability of existing business models. Related concepts Resource efficiency measures, methods, and aims are quite similar to those of resource productivity/ resource intensity and of the slightly more environment-inclined concept ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Goods
A final good or consumer good is a final product ready for sale that is used by the consumer to satisfy current wants or needs, unlike a intermediate good, which is used to produce other goods. A microwave oven or a bicycle is a final good, but the parts purchased to manufacture them are intermediate goods. When used in measures of national income and output, the term "final goods" includes only new goods. For example, gross domestic product (GDP) excludes items counted in an earlier year to prevent double counting based on resale of items. In that context, the economic definition of goods also includes what are commonly known as '' services''. Manufactured goods are goods that have been processed in any way. They are distinct from raw materials but include both intermediate goods and final goods. Law There are legal definitions. For example, the United States' Consumer Product Safety Act has an extensive definition of consumer product, which begins: CONSUMER PRODUCT ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Goods
The economic concept of a capital good (also called complex product systems (CoPS),H. Rush, "Managing innovation in complex product systems (CoPS)," IEE Colloquium on EPSRC Technology Management Initiative (Engineering & Physical Sciences Research Council), London, UK, 1997, pp. 4/1-4/4, doi: 10.1049/ic:19971215. and means of production) is as a "...series of heterogeneous commodities, each having specific technical characteristics ..." in the form of a durable good that is used in the production of goods or services. Capital goods are a particular form of economic good and are tangible property. A society acquires capital goods by saving wealth that can be invested in the means of production. People use them to produce other goods or services within a certain period. Machinery, tools, buildings, computers, or other kinds of equipment that are involved in the production of other things for sale are capital goods. The owners of the capital good can be individuals, households, cor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commodity
In economics, a commodity is an economic good, usually a resource, that has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them. The price of a commodity good is typically determined as a function of its market as a whole: well-established physical commodities have actively traded spot and derivative markets. The wide availability of commodities typically leads to smaller profit margins and diminishes the importance of factors (such as brand name) other than price. Most commodities are raw materials, basic resources, agricultural, or mining products, such as iron ore, sugar, or grains like rice and wheat. Commodities can also be mass-produced unspecialized products such as chemicals and computer memory. Popular commodities include crude oil, corn, and gold. Other definitions of commodity include something useful or valued and an alternative term for an economic good or serv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scarcity
In economics, scarcity "refers to the basic fact of life that there exists only a finite amount of human and nonhuman resources which the best technical knowledge is capable of using to produce only limited maximum amounts of each economic good."Samuelson, P. Anthony., Samuelson, W. (1980). Economics. 11th ed. / New York: McGraw-Hill. If the conditions of scarcity didn't exist and an "infinite amount of every good could be produced or human wants fully satisfied ... there would be no economic goods, i.e. goods that are relatively scarce..." Scarcity is the limited availability of a commodity, which may be in demand in the market or by the commons. Scarcity also includes an individual's lack of resources to buy commodities. The opposite of scarcity is abundance. Scarcity plays a key role in economic theory, and it is essential for a "proper definition of economics itself."Montani G. (1987) Scarcity. In: Palgrave Macmillan (eds) ''The New Palgrave Dictionary of Economics''. Palgr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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