|
Consumer Sovereignty
Consumer sovereignty is the economic concept that the consumer has some controlling power over goods that are produced, and that the consumer is the best judge of their own welfare. ''Consumer sovereignty in production'' is the controlling power of consumers, versus the holders of scarce resources, in what final products should be produced from these resources. It is sometimes used as a hypothesis that the production of goods and services is determined by the consumers' demand (rather than, say, by capital owners or producers). ''Consumer sovereignty in welfare'' is the idea that the consumer is the best judge of their own welfare (rather than, say, politicians). It is used to claim that, for example, the government should help the poor by giving them monetary transfers, rather than by giving them products that are deemed "essential" by the politicians. Consumer sovereignty in production Consumer sovereignty was first defined by William Harold Hutt as follows:The consumer is s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyses what is viewed as basic elements within economy, economies, including individual agents and market (economics), markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings, and Expenditure, investment expenditure interact; and the factors of production affecting them, such as: Labour (human activity), labour, Capital (economics), capital, Land (economics), land, and Entrepreneurship, enterprise, inflation, economic growth, and public policies that impact gloss ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumers' Co-operative
A consumer cooperative is an enterprise owned by consumers and managed democratically and that aims at fulfilling the needs and aspirations of its members. Such cooperatives operate within the market economy independently of the state, as a form of mutual aid oriented toward service rather than pecuniary profit. Many cooperatives, however, do have a degree of profit orientation. Just like other corporations, some cooperatives issue dividends to owners based on a share of total net profit or earnings (all owners typically receive the same amount); or based on a percentage of the total amount of purchases made by the owner. Regardless of whether they issue a dividend or not, most consumers’ cooperatives will offer owners discounts and preferential access to goods and services. Consumer cooperatives often take the form of retail outlets owned and operated by their consumers, such as food cooperatives. However, there are many types of consumers' cooperatives, operating in areas s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Probability
Probability is a branch of mathematics and statistics concerning events and numerical descriptions of how likely they are to occur. The probability of an event is a number between 0 and 1; the larger the probability, the more likely an event is to occur."Kendall's Advanced Theory of Statistics, Volume 1: Distribution Theory", Alan Stuart and Keith Ord, 6th ed., (2009), .William Feller, ''An Introduction to Probability Theory and Its Applications'', vol. 1, 3rd ed., (1968), Wiley, . This number is often expressed as a percentage (%), ranging from 0% to 100%. A simple example is the tossing of a fair (unbiased) coin. Since the coin is fair, the two outcomes ("heads" and "tails") are both equally probable; the probability of "heads" equals the probability of "tails"; and since no other outcomes are possible, the probability of either "heads" or "tails" is 1/2 (which could also be written as 0.5 or 50%). These concepts have been given an axiomatic mathematical formaliza ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lester Thurow
Lester Carl Thurow (May 7, 1938 – March 25, 2016) was an American political economist, former dean of the MIT Sloan School of Management, and author of books on economic topics. Education Born in Livingston, Montana, Thurow received his B.A. in political economy from Williams College in 1960, where he was in Theta Delta Chi and Phi Beta Kappa as a junior, and a Tyng Scholar. After he was awarded a Rhodes Scholarship, he went to Balliol College, Oxford to read Philosophy, Politics and Economics, graduating in 1962 with first class honors. He received a Ph.D. in Economics from Harvard University in 1964. Career Thurow was on the board of directors of Analog Devices, Grupo Casa Autrey, E-Trade, and Taiwan Semiconductor Manufacturing Corp (TSMC). Thurow was one of the founders of the Economic Policy Institute in 1986. Thurow was an economics columnist for, among others, the ''Boston Globe'' and ''USA Today''. He was an economics columnist for and on the editorial board of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Advertising
Advertising is the practice and techniques employed to bring attention to a Product (business), product or Service (economics), service. Advertising aims to present a product or service in terms of utility, advantages, and qualities of interest to Consumer, consumers. It is typically used to promote a specific good or service, but there are a wide range of uses, the most common being commercial advertisement. Commercial advertisements often seek to generate increased Consumption (economics), consumption of their products or services through "Branding (promotional), branding", which associates a product name or image with certain qualities in the minds of consumers. On the other hand, ads that intend to elicit an immediate sale are known as Direct marketing, direct-response advertising. Non-commercial entities that advertise more than consumer products or services include Political party, political parties, Interest group, interest groups, Religious organization, religious o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Kenneth Galbraith
John Kenneth Galbraith (October 15, 1908 – April 29, 2006), also known as Ken Galbraith, was a Canadian-American economist, diplomat, public official, and intellectual. His books on economic topics were bestsellers from the 1950s through the 2000s. As an economist, he leaned toward post-Keynesian economics from an institutional economics, institutionalist perspective. He served as the deputy director of the powerful Office of Price Administration (OPA) during World War II in charge of stabilizing all prices, wages and rents in the American economy, to combat the threat of inflation and hoarding during a time of shortages and rationing, a task which was successfully accomplished. Galbraith was a long-time Harvard faculty member and stayed with Harvard University for half a century as a professor of economics. He was a prolific author and wrote four dozen books, including several novels, and published more than a thousand articles and essays on various subjects. Among his works ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Abba P
ABBA ( ) were a Swedish pop group formed in Stockholm in 1972 by Agnetha Fältskog, Björn Ulvaeus, Benny Andersson, and Anni-Frid Lyngstad. They are one of the most popular and successful musical groups of all time, and are one of the List of best-selling music artists, best-selling music acts in the history of popular music. In , ABBA became 's first winner of the Eurovision Song Contest with the song "Waterloo (ABBA song), Waterloo", which in 2005 was chosen as the best song in the competition's history as part of the Congratulations: 50 Years of the Eurovision Song Contest, 50th anniversary celebration of the contest. During the band's main active years, it consisted of two couples: Fältskog and Ulvaeus, and Lyngstad and Andersson. With the increase of their popularity, their personal lives suffered, which eventually resulted in the collapse of both marriages. The relationship changes were reflected in the group's music, with later songs featuring darker and more intros ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pareto Optimum
In welfare economics, a Pareto improvement formalizes the idea of an outcome being "better in every possible way". A change is called a Pareto improvement if it leaves at least one person in society better off without leaving anyone else worse off than they were before. A situation is called Pareto efficient or Pareto optimal if all possible Pareto improvements have already been made; in other words, there are no longer any ways left to make one person better off without making some other person worse-off. In social choice theory, the same concept is sometimes called the unanimity principle, which says that if ''everyone'' in a society ( non-strictly) prefers A to B, society as a whole also non-strictly prefers A to B. The Pareto front consists of all Pareto-efficient situations. In addition to the context of efficiency in ''allocation'', the concept of Pareto efficiency also arises in the context of ''efficiency in production'' vs. ''x-inefficiency'': a set of outputs of goo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Welfare Economics
Welfare economics is a field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society. 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. Additionally, welfare economics serves as the theoretical foundation for several instruments of public economics, such as cost–benefit analysis. The intersection of welfare economics and behavioral economics has given rise to the subfield of behavioral welfare economics. Two fundamental theorems are associated with welfare economics. The first states that competitive markets, under certain assumptions, lead to Pareto efficient outcomes. This idea is sometimes referred to as Adam Smith's invisible hand. The second theorem states that with further restrictions, any Pareto efficient outcome can be achieved through a competitive market equilibrium, provided that a social ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Behaviour
Consumer behaviour is the study of individuals, groups, or organisations and all activities associated with the Purchasing, purchase, Utility, use and disposal of goods and services. It encompasses how the consumer's emotions, Attitude (psychology), attitudes, and Preference (economics), preferences affect Buyer decision process, buying behaviour, and how external cues—such as visual prompts, auditory signals, or tactile (haptic) feedback—can shape those responses. Consumer behaviour emerged in the 1940–1950s as a distinct sub-discipline of marketing, but has become an Interdisciplinarity, interdisciplinary social science that blends elements from psychology, sociology, Social Anthropology, social anthropology, anthropology, ethnography, ethnology, marketing, and economics (especially behavioural economics). The study of consumer behaviour formally investigates individual qualities such as demographics, personality lifestyles, and behavioural variables (like usage rate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Macmillan Dictionary
''Macmillan English Dictionary for Advanced Learners'', also known as ''MEDAL'', is an advanced learner's dictionary published from 2002 until 2023 by Macmillan Education. It shares most of the features of this type of dictionary: it provides definitions in simple language, using a controlled defining vocabulary; most words have example sentences to illustrate how they are typically used; and information is given about how words combine grammatically or in collocations. ''MEDAL'' also introduced a number of innovations. These include: * "collocation boxes" giving lists of high-frequency collocates, identified using Sketch Engine software * word frequency information, with the most frequent 7500 English words shown in red and categorised in three frequency bands, based on the idea, derived from Zipf's law, that a relatively small number of high-frequency words account for a high percentage of most texts * "metaphor boxes", showing how the vocabulary used for expressing common c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Resource Dependence Theory
Resource dependence theory is the study of how the external resources of an organization affect the behavior of the organization. The procurement of external resources is an important tenet of both the strategic and tactical management of any company. Nevertheless, a theory of the consequences of this importance was not formalized until the 1970s, with the publication of ''The External Control of Organizations: A Resource Dependence Perspective (Pfeffer and Salancik 1978)''. Resource dependence theory has implications regarding the optimal divisional structure of organizations, recruitment of board members and employees, production strategies, contract structure, external organizational links, and many other aspects of organizational strategy. Argument for The basic argument of resource dependence theory can be summarized as follows: * Organizations depend on resources.. * These resources ultimately originate from an organization's environment. * The environment, to a considerable ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
