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GDP
GROSS DOMESTIC PRODUCT (GDP) is a monetary measure of the market value of all final goods and services produced in a period (quarterly or yearly) of time . Nominal GDP estimates are commonly used to determine the economic performance of a whole country or region, and to make international comparisons. Nominal GDP per capita
GDP per capita
does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore using a basis of GDP per capita
GDP per capita
at purchasing power parity (PPP) is arguably more useful when comparing differences in living standards between different nations
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Mathematical Economics
MATHEMATICAL ECONOMICS is the application of mathematical methods to represent theories and analyze problems in economics . By convention, the applied methods refer to those beyond simple geometry, such as differential and integral calculus , difference and differential equations , matrix algebra , mathematical programming , and other computational methods . An advantage claimed for the approach is its allowing formulation of theoretical relationships with rigor, generality, and simplicity. Mathematics
Mathematics
allows economists to form meaningful, testable propositions about wide-ranging and complex subjects which could less easily be expressed informally. Further, the language of mathematics allows economists to make specific, positive claims about controversial or contentious subjects that would be impossible without mathematics
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US Department Of Commerce
The UNITED STATES DEPARTMENT OF COMMERCE is the Cabinet department of the United States
United States
government concerned with promoting economic growth . The mission of the department is to "promote job creation and improved living standards for all Americans by creating an infrastructure that promotes economic growth, technological competitiveness, and sustainable development." Among its tasks are gathering economic and demographic data for business and government decision-making, and helping to set industrial standards. This organization's main purpose is to create jobs, promote economic growth, encourage sustainable development and improve standards of living for all Americans. The Department of Commerce headquarters is the Herbert C. Hoover Building
Herbert C

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Experimental Economics
An EXPERIMENT is a procedure carried out to support, refute, or validate a hypothesis . Experiments provide insight into cause-and-effect by demonstrating what outcome occurs when a particular factor is manipulated. Experiments vary greatly in goal and scale, but always rely on repeatable procedure and logical analysis of the results. There also exists natural experimental studies . A child may carry out basic experiments to understand gravity, while teams of scientists may take years of systematic investigation to advance their understanding of a phenomenon. Experiments and other types of hands-on activities are very important to student learning in the science classroom. Experiments can raise test scores and help a student become more engaged and interested in the material they are learning, especially when used over time. Experiments can vary from personal and informal natural comparisons (e.g. tasting a range of chocolates to find a favorite), to highly controlled (e.g
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Game Theory
GAME THEORY is "the study of mathematical models of conflict and cooperation between intelligent rational decision-makers". Game theory is mainly used in economics , political science , and psychology , as well as logic , computer science and biology . Originally, it addressed zero-sum games , in which one person's gains result in losses for the other participants. Today, game theory applies to a wide range of behavioral relations, and is now an umbrella term for the science of logical decision making in humans, animals, and computers. Modern game theory began with the idea regarding the existence of mixed-strategy equilibria in two-person zero-sum games and its proof by John von Neumann
John von Neumann
. Von Neumann's original proof used the Brouwer fixed-point theorem on continuous mappings into compact convex sets , which became a standard method in game theory and mathematical economics
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Bretton Woods Conference
The BRETTON WOODS CONFERENCE, formally known as the UNITED NATIONS MONETARY AND FINANCIAL CONFERENCE, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel
Mount Washington Hotel
, situated in Bretton Woods , New Hampshire
New Hampshire
, United States, to regulate the international monetary and financial order after the conclusion of World War II
World War II
. The conference was held from July 1–22, 1944. Agreements were signed that, after legislative ratification by member governments, established the International Bank for Reconstruction and Development (IBRD) and the International Monetary Fund
International Monetary Fund
(IMF)
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Simon Kuznets
SIMON SMITH KUZNETS (/kʊzˈnɛts/ , /ˈkʌznɛts/ ; Russian : Семён Абра́мович Кузне́ц; IPA: ; April 30, 1901 – July 8, 1985) was a Russo-American economist , statistician , demographer , and economic historian who received the 1971 Nobel Memorial Prize in Economic Sciences "for his empirically founded interpretation of economic growth which has led to new and deepened insight into the economic and social structure and process of development". Kuznets made a decisive contribution to the transformation of economics into an empirical science and to the formation of quantitative economic history
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United States Congress
535 voting members * 100 senators * 435 representatives 6 non-voting members SENATE POLITICAL GROUPS * Republican (51) * Democratic (47)* Independent (2) (caucusing with Democrats) HOUSE OF REPRESENTATIVES POLITICAL GROUPS * Republican (238) * Democratic (193) * Vacant (4) ELECTIONS SENATE LAST ELECTION November 8, 2016 HOUSE OF REPRESENTATIVES LAST ELECTION November 8, 2016 MEETING PLACE United States Capitol
United States Capitol

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Economic System
An ECONOMIC SYSTEM 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. As such, an economic system is a type of social system . The mode of production is a related concept. All economic systems have three basic questions to ask: what to produce, how to produce and in what quantities, and who receives the output of production. The study of economic systems includes how these various agencies and institutions are linked to one another, how information flows between them, and the social relations within the system (including property rights and the structure of management)
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Demand
In economics, DEMAND is the quantity of a commodity or a service that people are willing or able to buy at a certain price. The relationship between price and quantity demanded is also known as demand curve . Preferences and choices, which underly demand, can be represented as functions of cost, benefit, odds and other variables
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Schools Of Economic Thought
In the history of economic thought , a SCHOOL OF ECONOMIC THOUGHT is a group of economic thinkers who share or shared a common perspective on the way economies work. While economists do not always fit into particular schools, particularly in modern times, classifying economists into schools of thought is common. Economic thought may be roughly divided into three phases: premodern ( Greco-Roman , Indian , Persian , Islamic , and Imperial Chinese ), early modern (mercantilist , physiocrats ) and modern (beginning with Adam Smith
Adam Smith
and classical economics in the late 18th century). Systematic economic theory has been developed mainly since the beginning of what is termed the modern era . Currently, the great majority of economists follow an approach referred to as mainstream economics (sometimes called 'orthodox economics')
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Microeconomics
MICROECONOMICS (from Greek prefix mikro- meaning "small") is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses. Microeconomics
Microeconomics
shows conditions under which free markets lead to desirable allocations. It also analyzes market failure , where markets fail to produce efficient results. Microeconomics
Microeconomics
stands in contrast to macroeconomics , which involves "the sum total of economic activity, dealing with the issues of growth , inflation , and unemployment and with national policies relating to these issues"
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Heterodox Economics
HETERODOX ECONOMICS refers to schools of economic thought or methodologies that are outside "mainstream economics ", often represented by expositors as contrasting with or going beyond neoclassical economics . "Heterodox economics" is an umbrella term used to cover various approaches, schools, or traditions. These include anarchist , socialist , Marxian , institutional , evolutionary , Georgist , Austrian , feminist , social , post-Keynesian (not to be confused with New Keynesian ), and ecological economics among others. In the JEL classification codes developed by the Journal of Economic Literature, heterodox economics is in the second of the 19 primary categories at: JEL: B – History of Economic Thought , Methodology , and HETERODOX APPROACHES. Mainstream economics
Mainstream economics
may be called orthodox or conventional economics by its critics
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JEL Classification Codes
Articles in economics journals are usually classified according to the JEL CLASSIFICATION CODES, a system originated by the Journal of Economic Literature . The JEL is published quarterly by the American Economic Association (AEA) and contains survey articles and information on recently published books and dissertations. The AEA maintains EconLit , a searchable data base of citations for articles, books, reviews, dissertations, and working papers classified by JEL codes for the years from 1969. A recent addition to EconLit is indexing of economics-journal articles from 1886 to 1968 parallel to the print series Index of Economic Articles. CONTENTS * 1 Structure * 2 Purpose * 3 JEL categories * 3.1 A. General Economics
Economics
and Teaching * 3.2 B. History of Economic Thought, Methodology, and Heterodox Approaches * 3.3 C. Mathematical and Quantitative Methods * 3.4 D
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Index Of Economics Articles
This aims to be a complete article LIST OF ECONOMICS TOPICS: ECONOMICS A supply and demand diagram, illustrating the effects of an increase in demand
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Outline Of Economics
The following hierarchical outline is provided as an overview of and topical guide to economics: ECONOMICS – analyzes the production , distribution , and consumption of goods and services . It aims to explain how economies work and how economic agents interact. CONTENTS * 1 Description of economics * 2 Branches of economics * 2.1 Subdisciplines of economics * 2.2 Methodologies or approaches * 2.3 Multidisciplinary fields involving economics * 3 Types of economies * 3.1 Economies, by political a branch or sphere of knowledge, or field of study, that an individual has chosen to specialize in.* Field of science – widely recognized category of specialized expertise within science, and typically embodies its own terminology and nomenclature. Such a field will usually be represented by one or more scientific journals, where peer reviewed research is published. There are many economics-related scientific journals
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