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Learn about the economic concept of factors of production, which are the resources or inputs used to produce goods and services. Compare different schools of economics and their views on land, labour, capital, entrepreneurship, and other factors.
Welfare economics is a branch of economics that uses microeconomic techniques to evaluate economic well-being, especially relative to competitive general equilibrium, with a focus on economic efficiency and income distribution. [13] In general usage, including by economists outside the above context, welfare refers to a form of transfer payment ...
An economic system is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions, agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
A list of definitions of terms and concepts used in economics, its sub-disciplines, and related fields. Includes topics such as 401 (k) plan, AD–AS model, allocative efficiency, and ancient economic thought.
Transaction cost is a cost incurred when making an economic trade or participating in a market. It depends on factors such as frequency, specificity, uncertainty, rationality and opportunism. Learn more about the history, theory and applications of transaction cost economics.
Economics is a social science that studies the production, distribution, and consumption of goods and services. It can be divided into microeconomics, macroeconomics, and other fields, and it can be applied to various domains of society and policy.
Learn about the Advanced Placement macroeconomics course for high school students that covers basic economic concepts, national income and price determination, fiscal and monetary policy, and international economics. Find out the exam format, topics, score distribution, and links to other AP subjects.
Learn how the term 'economics' evolved from political economy to the science of choice and scarcity, and how different economists defined it in various contexts and levels. Compare the classic, neoclassical, and modern definitions of economics and their implications for the subject matter and methods.