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Opportunity cost is the concept of ensuring efficient use of scarce resources, [25] a concept that is central to health economics. The massive increase in the need for intensive care has largely limited and exacerbated the department's ability to address routine health problems.
Federalist No. 15 is an essay by Alexander Hamilton, the fifteenth of The Federalist Papers. [1] It was published by The Independent Journal (New York) on December 1, 1787, under the pseudonym Publius, the name under which all The Federalist papers were published at the time. [2] No. 15 addresses the failures of the Articles of Confederation to ...
Utilitarianism is a philosophical theory that focuses on the consequences of actions, promoting the greatest happiness for the greatest number.
Welfare economics is a field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society. This evaluation is typically done at the economy-wide level, [1] and attempts to assess the distribution of resources and opportunities among members of society. The principles of welfare economics are often ...
v. t. e. An economic model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes. Frequently, economic models posit structural parameters. [1]
In macroeconomics, the guns versus butter model is an example of a simple production–possibility frontier. It demonstrates the relationship between a nation's investment in defense and civilian goods. The "guns or butter" model is used generally as a simplification of national spending as a part of GDP. This may be seen as an analogy for ...
Market economy. A market economy is an economic system in which the decisions regarding investment, production and distribution to the consumers are guided by the price signals created by the forces of supply and demand. The major characteristic of a market economy is the existence of factor markets that play a dominant role in the allocation ...
A registration or licensing process to approve and permit the operation of a service, usually by a named organization or person; An inspection process or other form of ensuring standard compliance, including reporting and management of non-compliance with these standards; or. The setting of price controls in the form of price-cap regulation or ...