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Economic efficiency. In microeconomics, economic efficiency, depending on the context, is usually one of the following two related concepts: [citation needed] Allocative or Pareto efficiency: any changes made to assist one person would harm another. Productive efficiency: no additional output of one good can be obtained without decreasing the ...
e. Advanced Placement ( AP) Macroeconomics (also known as AP Macro and AP Macroecon) is an Advanced Placement macroeconomics course for high school students that culminates in an exam offered by the College Board . Study begins with fundamental economic concepts such as scarcity, opportunity costs, production possibilities, specialization ...
Biological globalization refers to the phenomenon where domesticated species are brought and cultivated in other favorable environments, facilitated by and for the benefit of humans. It has been defined as "the spread of plants domesticated in one area to favorable environments around the world". [ 1] A growing and changing human population ...
Economic globalization refers to the widespread international movement of goods, capital, services, technology and information. It is the increasing economic integration and interdependence of national, regional, and local economies across the world through an intensification of cross-border movement of goods, services, technologies and capital ...
An example in economic policy, economist Anthony Downs concluded that a high income voter ‘votes for whatever party he believes would provide him with the highest utility income from government action’, [19] using rational choice theory to explain people's income as their justification for their preferred tax rate.
The balance of trade measures a flow variable of exports and imports over a given period of time. The notion of the balance of trade does not mean that exports and imports are "in balance" with each other. If a country exports a greater value than it imports, it has a trade surplus or positive trade balance, and conversely, if a country imports ...
An exchange rate regime is a way a monetary authority of a country or currency union manages the currency about other currencies and the foreign exchange market.It is closely related to monetary policy and the two are generally dependent on many of the same factors, such as economic scale and openness, inflation rate, the elasticity of the labor market, financial market development, and ...
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.