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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.
The economics term cost, also known as economic cost or opportunity cost, refers to the potential gain that is lost by foregoing one opportunity in order to take advantage of another. The lost potential gain is the cost of the opportunity that is accepted. Sometimes this cost is explicit: for example, if a firm pays $100 for a machine, its cost ...
t. e. In economics, output is the quantity and quality of goods or services produced in a given time period, within a given economic network, [ 1] whether consumed or used for further production. [ 2] The economic network may be a firm, industry, or nation. The concept of national output is essential in the field of macroeconomics.
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an ...
Stabilization policy attempts to stimulate an economy out of recession or constrain the money supply to prevent excessive inflation. Fiscal policy, often tied to Keynesian economics, uses government spending and taxes to guide the economy. Fiscal stance: The size of the deficit or surplus. Tax policy: The taxes used to collect government income ...
v. t. e. Information economics or the economics of information is the branch of microeconomics that studies how information and information systems affect an economy and economic decisions. [ 1] One application considers information embodied in certain types of commodities that are "expensive to produce but cheap to reproduce." [ 2]
The terms of trade ( TOT) is the relative price of exports in terms of imports [ 1] and is defined as the ratio of export prices to import prices. [ 2] It can be interpreted as the amount of import goods an economy can purchase per unit of export goods. An improvement of a nation's terms of trade benefits that country in the sense that it can ...
In economics, a medium of exchange is any item that is widely acceptable in exchange for goods and services. [1] In modern economies, the most commonly used medium of exchange is currency . Most forms of money are categorised as mediums of exchange, including commodity money , representative money , cryptocurrency , and most commonly fiat money .