plural in form but singular or plural in construction 1 a : a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services b : economic theory, principles, or practices sound economics 2 : economic aspect or ...
Learn the inferior good definition in economics. See the differences in normal vs. inferior goods, inferior good elasticity and industry examples of inferior goods. Updated: 11/21/2023 Table of Contents What Is an Inferior Good? Normal vs. Inferior Good Difference Between Normal and Inferior ...
Related to goods:Goods and services or commodities any tangible economic products (cars, soap powders, tools, machines, etc.) that contribute directly (seeFINAL PRODUCTS) or indirectly (seeINTERMEDIATE PRODUCTS) to the satisfaction of human wants.CONSUMER GOODSand PRODUCERS’GOODare an important compo...
lands and goods Are, by the laws of Venice, confiscate Unto the state of Venice. --Shak.Dress goods,Dry goods, etc. See in the Vocabulary.Goods engine, a freight locomotive. [Eng.]Goods train, a freight train. [Eng.]Goods wagon, a freight car [Eng.] See the Note underCar, n.,...
Terms of trade definition can be simply described as the relationship between how much money a country pays for its imports and how much money it brings in from its exports. On the other hand, trade definition in economics refers to the deliberate or voluntary interchange of goods between two...
内容提示: 经济学定义(Definition of economics) Gross domestic product (GDP) refers to the sum of the market value of all the final products (goods and services) produced by a country or a certain region within a certain time. Gross national product (GNP) refers to the value of the final ...
The meaning of ECONOMICS is a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services. How to use economics in a sentence.
In economics, "stickiness" refers to the tendency of goods prices to change more slowly than the supply and demand in the market for that good. This may be because sellers wish to reducemenu costsby avoiding frequent price changes, or because it is difficult to accurately determine how product...
One of the core characteristics of Keynesian economics or demand-side economics is the emphasis on aggregate demand. Aggregate demand is composed of four elements: consumption of goods and services; investment by industry in capital goods; government spending on public goods and services; and net ex...
Total utility is the aggregate satisfaction that a consumer receives through the consumption of goods or services.