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The New Palgrave: A Dictionary of Economics. The New Palgrave: A Dictionary of Economics (1987) is the title of the first New Palgrave edition. It is a four-volume reference edited by John Eatwell, Murray Milgate, and Peter Newman. It has 4,000 pages of entries, including 1,300 subject entries (with 4,000 cross-references), and 655 biographies.
Exchange economy. Exchange economy is technical term used in microeconomics research to describe interaction between several agents. In the market, the agent is the subject of exchange and the good is the object of exchange. Each agent brings his/her own endowment, and they can exchange products among them based on a price system.
An economic theory that defines wealth by the amount of precious metals owned. [56] business cycle. Also called the economic cycle or trade cycle. The downward and upward movement of gross domestic product (GDP) around its long-term growth trend. [57] The length of a business cycle is the period of time containing a single boom and contraction ...
Positive economics as a science concerns the investigation of economic behavior. [4] It deals with empirical facts as well as cause-and-effect behavioral relationships and emphasizes that economic theories must be consistent with existing observations and produce precise, verifiable predictions about the phenomena under investigation.
Equity, or economic equality, is the construct, concept or idea of fairness in economics and justice in the distribution of wealth, resources, and taxation within a society. Equity is closely tied to taxation policies, welfare economics, and the discussions of public finance, influencing how resources are allocated among different segments of ...
e. In economics, a market is a composition of systems, institutions, procedures, social relations or infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services (including labour power) to buyers in exchange for money.
Macroeconomics. Production and national income: Macroeconomics takes a big-picture view of the entire economy, including examining the roles of, and relationships between, firms, households and governments, and the different types of markets, such as the financial market and the labour market. Macroeconomics is a branch of economics that deals ...
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.