Economics Terms

Economics Terms-70
If an entity is really efficient in producing a commodity (output to input ratio is high), it has an advantage over another entity which is not that efficient in producing the commodity under consideration.

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Just to appreciate the grandeur of this simple idea, just imagine your standard of living in a world where you have to produce everything for yourself.

You would likely revert to a medieval lifestyle, growing your own food and defending our own property.

Two branches within the subject have evolved thus: microeconomics (individual choices) which deals with entities and the interaction between those entities, while macroeconomics (aggregate outcomes) deals with the entire economy as a whole.

A typical college student (or an overburdened husband?

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The aim of studying economics is to understand the decision process behind allocating the currently available resources, the needs always unlimited but resources being limited.

Adam Smith wrote ‘‘ which as the name suggests, was an attempt at understanding the reasons behind the economic growth (or lack thereof) of a nation.

If there is an excess of demand, the producers have to gauge the nature of demand first (seasonal, increasing trend) to react in a swift fashion, to corner the market and retain the existing customers.

The stable state of equilibrium in an economic system makes the economy efficient, the suppliers are moving their goods and the consumers are getting what they are demanding.

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