making decisions based on self-interest, unintended benefits are produced for society at large. This is the basis for the underlying concept of Smith’s overriding explanation of the importance of self-interest in economics.
(What is a function?) A function refers to a specific type of mathematical relationship that maps one set of inputs, known as the domain, to a corresponding set of outputs, known as the range. In simpler terms, a function takes an input va...
Operational efficiencymeasures how well profits are earned as a function ofoperating costs. The greater the operational efficiency, the more profitable the firm orinvestment. This is because the entity is able to generate greaterincomeor returns for the same or lower cost than an alternative. In f...
What is real capital in economics? What is real income in economics? What is demand theory in managerial economics? Define economic entity assumption What is price theory in microeconomics? What is price line in economics? What is utility function in economics?
Utility in economics is typically described by a utility function- for example: U(x) = 2x + 7, where U is utility and X is wealth Marginal Analysis in Economics The articleMarginal Analysisdescribes the use of marginal analysis in economics: ...
What is value of money in economics? Production Function: Every day you, as a student let's say, choose how many hours you want to spend studying. What factors influence your choice? Perhaps how much you enjoy your work, how difficult you find it, how much work your friends do, and ...
What is productivity in economics? We’ve touched on labor productivity, but economists measure other types of productivity, too.Capital productivityis a measure of how well physical capital—such as real estate, equipment, and inventory—is used to generate output such as goods and services. (Ca...
Sine function is a trigonometric function that is equal to the ratio of perpendicular and hypotenuse of a right triangle. Learn sine function definition, formula, properties, values for different angles, at BYJU'S.
Learning the economics on the fly,rather than taking time to fully understand unit economics and implement a business model with long-term potential. Instead, work to understand the key drivers of growth and profitability through the lens of profit and loss. ...
Sustainability is at the heart of the concept of the common home. By prioritizing sustainability, we can create a better common home and ensure the well-being of present and future generations. However, there is a dilemma in the interpretation of sustainability, which is mainly characterized by ...