Economics is about the production, distribution and consumption of goods. A key decision facing workers, firms and nations is what goods to produce. The economic concept of specialization helps answer this question. Under specialization, economic actors concentrate their skills on tasks at which they ...
(the unity of the relations of production and the forces of production) is a problem that involves understanding an important principle of historical materialism and political economics and thus is related to how we use fundamental social contradictions in solving real present problems; this must be...
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.
Economics (Noun) The branch of knowledge concerned with the production, consumption, and transfer of wealth. Example: “She decided to major in economics to understand global financial systems better.” Economy (Noun) The state of a country or region in terms of the production and consumption of...
(the unity of the relations of production and the forces of production) is a problem that involves understanding an important principle of historical materialism and political economics and thus is related to how we use fundamental social contradictions in solving real present problems; this must be...
Longman Business DictionaryRelated topics: Trade, Economicsproˈduction conˌtrol1[countable, uncountable] an action taken by a government or authority to limit the production of something in order to influence its priceThis price for oil is a goal OPEC hopes to achieve through production ...
economics [ ek-uh-nom-iks, ee-kuh- ] Phonetic (Standard)IPA noun (used with a singular verb)the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind. (used with a plural verb)financial considerations;economically...
X-efficiency points to irrational actions in the market by firms. Traditional neoclassical economics made the assumption that companies operated in rational ways, meaning they maximized production at the lowest possible costs–even when the markets were not efficient. Harvey Leibenstein, a Harvard prof...
That is, it is the science of a particular view of choice, namely, microeconomics. In this way, economics becomes a "discipline-determined" science. It is "discipline-determined" because the subject is no longer a field related to the material necessities, production, and distribution. It is...
In economics, marginal cost is the change in total production cost that comes from making or producing one additional unit. To calculate marginal cost, divide the change in production costs by the change in quantity. The purpose of analyzing marginal cost is to determine at what point an organi...