The meaning of ECONOMIC is of, relating to, or based on the production, distribution, and consumption of goods and services. How to use economic in a sentence.
economics (iːkəˈnomiks) noun singular the study of production and distribution of money and goods. He is studying economics.economíaeˈconomist noun a person who is an expert in economics. economistaeˈconomize, eˈconomise verb to spend money or goods carefully. We must ...
economic science- the branch of social science that deals with the production and distribution and consumption of goods and services and their management economics,political economy production- (economics) manufacturing or mining or growing something (usually in large quantities) for sale; "he introduced...
Economics is the field of study that examines how resources are used to produce goods and services and how purchasing decisions are made by consumers based on scarcity. Understanding basic economic principles such as scarcity, supply and demand, marginal costs, marginal benefits, and incentives are ...
(through the laws ofsupply and demand) firms to produce the right quantities of consumer goods in the economy that will provide the highest consumer satisfaction relative to the costs of inputs. When economic resources are allocated across different firms and industries (each following the principle...
Human Resources Definition: Economics Human resources are people who are needed to produce goods or services. There is a cost associated with this type of resource since humans require training, and workplaces are charged with offering reasonable protections for the people who work there. The people...
Economic Value of Consumer Goods Because economic value is subjective and dependent on a person’s intentions it cannot be directly measured. Various methods have been devised in order to try to quantify or estimate economic value however.
To measure inflation, one of the most followed indicators is the Consumer Purchasing Index (CPI). The CPI measures the change of prices of a basket of goods, relative to a base year. The formula is as follows: A basket is aggregated by the most consumed consumer goods or services. The ...
bilateral or multinational prohibitions (embargoes) on theEXPORTandIMPORTof goods, services and capital to and from a particular country Economic sanctions are applied as an adjunct to political pressure being brought to bear on a country by the international community for that country to change its...
and excess supplies will emerge in the markets for the goods on which those incomes previously were spent. For the system to adjust, orders will have to go out to all demanders to cut down on theirconsumptionof oil and for all other suppliers of oil to increase their output so that the ...