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Comparative Advantage
Comparative advantage in an economic model is the advantage over others in producing a particular Goods (economics), good. A good can be produced at a lower relative opportunity cost or autarky price, i.e. at a lower relative marginal cost prior to trade. Comparative advantage describes the economic reality of the gains from trade for individuals, firms, or nations, which arise from differences in their factor endowments or technological progress. David Ricardo developed the classical theory of comparative advantage in 1817 to explain why countries engage in international trade even when one country's workers are more efficient at producing ''every'' single good than workers in other countries. He demonstrated that if two countries capable of producing two commodities engage in the free market (albeit with the assumption that the capital and labour do not move internationally), then each country will increase its overall consumption by exporting the good for which it has a comparat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Model
An economic model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes. Frequently, economic models posit structural parameters. A model may have various exogenous variables, and those variables may change to create various responses by economic variables. Methodological uses of models include investigation, theorizing, and fitting theories to the world. Overview In general terms, economic models have two functions: first as a simplification of and abstraction from observed data, and second as a means of selection of data based on a paradigm of econometric study. ''Simplification'' is particularly important for economics given the enormous complexity of economic processes. This complexity can be attributed to the diversity of factors that determine economic activity; t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Broadcloth
Broadcloth is a dense, Plain weave, plain woven textile, cloth, historically made of wool. The defining characteristic of broadcloth is not its finished width but the fact that it was woven much wider (typically 50 to 75% wider than its finished width) and then heavily Fulling#Milling, milled (traditionally the cloth was worked by heavy wooden trip hammers in hot soapy water) in order to shrink it to the required width. The effect of the milling process is to draw the yarns much closer together than could be achieved in the loom and allow the individual fibres of the wool to bind together in a felting process, which results in a dense, blind face cloth with a stiff drape which is highly weather-resistant, hard wearing and capable of taking a cut edge without the need for being hemmed. The manufacturing process originates from Flanders, the type of cloth was also made in Leiden and several parts of England at the end of the medieval period. The raw material was short Staple (te ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Donald MacDougall
Sir George Donald Alastair MacDougall, (26 October 1912 – 22 March 2004) was a Scottish economist and civil servant who influenced UK public policy during the 1960s. He headed the Government Economic Service and, between 1969 and 1973, acted as chief economic adviser to Chancellors of the Exchequer Roy Jenkins, Iain Macleod and Anthony Barber. He predicted in about 2000 that the euro currency could not work and that the EU Stability and Growth Pact would not be enforced. Interview with MacDougall "about 10 years" before article date. MacDougall was born in Glasgow in 1912, the son of a family with a china business, and was educated at Kelvinside Academy, Shrewsbury School and Balliol College, Oxford. During the Second World War, he worked in the Prime Minister's Statistical Branch, and was appointed a CBE in the 1945 Prime Minister's Resignation Honours. References External links MacDougall, Sir (George) Donald AlastairOxford Dictionary of National BiographyThe Pap ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
William Whewell
William Whewell ( ; 24 May 17946 March 1866) was an English polymath. He was Master of Trinity College, Cambridge. In his time as a student there, he achieved distinction in both poetry and mathematics. The breadth of Whewell's endeavours is his most remarkable feature. In a time of increasing specialisation, Whewell belonged in an earlier era when natural philosophers investigated widely. He published work in mechanics, physics, geology, astronomy, and economics, while also composing poetry, writing a Bridgewater Treatise, translating the works of Goethe, and writing sermons and Theology, theological tracts. In mathematics, Whewell introduced what is now called the Whewell equation, defining the shape of a curve without reference to an arbitrarily chosen coordinate system. He also organized thousands of volunteers internationally to study ocean tides, in what is now considered one of the first citizen science projects. He received the Royal Medal for this work in 1837. One ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
General Equilibrium
In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium. General equilibrium theory contrasts with the theory of ''partial'' equilibrium, which analyzes a specific part of an economy while its other factors are held constant. General equilibrium theory both studies economies using the model of equilibrium pricing and seeks to determine in which circumstances the assumptions of general equilibrium will hold. The theory dates to the 1870s, particularly the work of French economist Léon Walras in his pioneering 1874 work ''Elements of Pure Economics''. The theory reached its modern form with the work of Lionel W. McKenzie (Walrasian theory), Kenneth Arrow and Gérard Debreu (Hicksian theory) in the 1950s. Overview Broadly speaking, general equilibrium tries to give a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cloth
Textile is an umbrella term that includes various fiber-based materials, including fibers, yarns, filaments, threads, and different types of fabric. At first, the word "textiles" only referred to woven fabrics. However, weaving is not the only manufacturing method, and many other methods were later developed to form textile structures based on their intended use. Knitting and non-woven are other popular types of fabric manufacturing. In the contemporary world, textiles satisfy the material needs for versatile applications, from simple daily clothing to bulletproof jackets, spacesuits, and doctor's gowns. Textiles are divided into two groups: consumer textiles for domestic purposes and technical textiles. In consumer textiles, aesthetics and comfort are the most important factors, while in technical textiles, functional properties are the priority. The durability of textiles is an important property, with common cotton or blend garments (such as t-shirts) able to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wine
Wine is an alcoholic drink made from Fermentation in winemaking, fermented fruit. Yeast in winemaking, Yeast consumes the sugar in the fruit and converts it to ethanol and carbon dioxide, releasing heat in the process. Wine is most often made from grapes, and the term "wine" generally refers to grape wine when used without any qualification. Even so, wine can be made fruit wine, from a variety of fruit crops, including plum, cherry, pomegranate, blueberry, Ribes, currant, and Sambucus, elderberry. Different varieties of grapes and Strain (biology), strains of yeasts are major factors in different styles of wine. These differences result from the complex interactions between the Biochemistry, biochemical development of the grape, the reactions involved in fermentation, the grape's growing environment (terroir), and the wine production process. Many countries enact legal appellations intended to define styles and qualities of wine. These typically restrict the geographical origin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
A Priori And A Posteriori
('from the earlier') and ('from the later') are Latin phrases used in philosophy to distinguish types of knowledge, justification, or argument by their reliance on experience. knowledge is independent from any experience. Examples include mathematics,Some associationist philosophers have contended that mathematics comes from experience and is not a form of any ''a priori'' knowledge () tautologies and deduction from pure reason. Galen Strawson has stated that an argument is one in which "you can see that it is true just lying on your couch. You don't have to get up off your couch and go outside and examine the way things are in the physical world. You don't have to do any science." () knowledge depends on empirical evidence. Examples include most fields of science and aspects of personal knowledge. The terms originate from the analytic methods found in '' Organon'', a collection of works by Aristotle. Prior analytics () is about deductive logic, which comes from ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
England
England is a Countries of the United Kingdom, country that is part of the United Kingdom. It is located on the island of Great Britain, of which it covers about 62%, and List of islands of England, more than 100 smaller adjacent islands. It shares Anglo-Scottish border, a land border with Scotland to the north and England–Wales border, another land border with Wales to the west, and is otherwise surrounded by the North Sea to the east, the English Channel to the south, the Celtic Sea to the south-west, and the Irish Sea to the west. Continental Europe lies to the south-east, and Ireland to the west. At the 2021 United Kingdom census, 2021 census, the population was 56,490,048. London is both List of urban areas in the United Kingdom, the largest city and the Capital city, capital. The area now called England was first inhabited by modern humans during the Upper Paleolithic. It takes its name from the Angles (tribe), Angles, a Germanic peoples, Germanic tribe who settled du ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Portugal
Portugal, officially the Portuguese Republic, is a country on the Iberian Peninsula in Southwestern Europe. Featuring Cabo da Roca, the westernmost point in continental Europe, Portugal borders Spain to its north and east, with which it shares Portugal-Spain border, the longest uninterrupted border in the European Union; to the south and the west is the North Atlantic Ocean; and to the west and southwest lie the Macaronesia, Macaronesian archipelagos of the Azores and Madeira, which are the two Autonomous Regions of Portugal, autonomous regions of Portugal. Lisbon is the Capital city, capital and List of largest cities in Portugal, largest city, followed by Porto, which is the only other Metropolitan areas in Portugal, metropolitan area. The western Iberian Peninsula has been continuously inhabited since Prehistoric Iberia, prehistoric times, with the earliest signs of Human settlement, settlement dating to 5500 BC. Celts, Celtic and List of the Pre-Roman peoples of the Iberia ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
World Economy
The world economy or global economy is the economy of all humans in the world, referring to the global economic system, which includes all economic activities conducted both within and between nations, including production (economics), production, consumption (economics), consumption, management, economic management, Work (human activity), work in general, financial transactions and trade of goods and services. In some contexts, the two terms are distinct: the "international" or "global economy" is measured separately and distinguished from national economies, while the "world economy" is simply an aggregate of the separate countries' measurements. Beyond the minimum standard concerning value in production, use and exchange, the definitions, representations, models and valuations of the world economy vary widely. It is inseparable from the geography and ecology of planet Earth. It is common to limit questions of the world economy exclusively to Economics, human economic activit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ricardo Example Of Comparative Advantage
Ricardo is the Spanish and Portuguese cognate of the name Richard. It derived from Proto-Germanic ''*rīks'' 'king, ruler' + ''*harduz'' 'hard, brave'. It may be a given name, or a surname. People Given name *Ricardo de Araújo Pereira (born 1974), Portuguese comedian *Ricardo Arjona (born 1964), Guatemalan singer *Ricardo Arona (born 1978), Brazilian mixed martial artist *Ricardo Ávila (born 1997), Panamanian footballer *Ricardo Bierhals (born 1990), Brazilian footballer * Ricardo Bralo (1916–?), Argentine long-distance runner *Ricardo Bombine Pimentel (born 1978), Brazilian musician *Ricardo Bueno Fernández (1940-2015), Spanish politician * Ricardo Busquets (born 1974), Puerto Rican swimmer *Ricardo Cardeno (born 1971), Colombian triathlete *Ricardo Carvalho (born 1978), Portuguese footballer *Ricardo Cortez (1900-1977), American actor *Ricardo Darín (born 1957), Argentine actor * Ricardo da Silva (born 1980), Cape Verdean-Portuguese footballer *Ricardo Esgaio, Portuguese ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
