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Law Of Supply
The law of supply is a fundamental principle of economic theory which states that, keeping other factors constant, an increase in price results in an increase in quantity supplied. In other words, there is a direct relationship between price and quantity: quantities respond in the same direction as price changes. This means that producers are willing to offer more of a product for sale on the market at higher prices by increasing production as a way of increasing profits. In short, the law of supply is a positive relationship between quantity supplied and price and is the reason for the upward slope of the supply curve. Some heterodox economists, such as Steve Keen and Dirk Ehnts, dispute the law of supply, arguing that the supply curve for mass produced goods is often downward-sloping: as production increases, unit prices go down, and conversely, if demand is very low, unit prices go up. This corresponds to economies of scale. Definition To know law of supply, we should kn ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and market (economics), markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on glossary of economics, these elements. Other broad distinctions within economics include those between positive economics, desc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supply (economics)
In economics, supply is the amount of a resource that firms, producers, labourers, providers of financial assets, or other economic agents are willing and able to provide to the marketplace or to an individual. Supply can be in produced goods, labour time, raw materials, or any other scarce or valuable object. Supply is often plotted graphically as a supply curve, with the price per unit on the vertical axis and quantity supplied as a function of price on the horizontal axis. This reversal of the usual position of the dependent variable and the independent variable is an unfortunate but standard convention. The supply curve can be either for an individual seller or for the market as a whole, adding up the quantity supplied by all sellers. The quantity supplied is for a particular time period (e.g., the tons of steel a firm would supply in a year), but the units and time are often omitted in theoretical presentations. In the goods market, supply is the amount of a product per u ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market (economics)
In economics, a market is a composition of systems, institutions, procedures, social relations or infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services (including labour power) to buyers in exchange for money. It can be said that a market is the process by which the prices of goods and services are established. Markets facilitate trade and enable the distribution and allocation of resources in a society. Markets allow any tradeable item to be evaluated and priced. A market emerges more or less spontaneously or may be constructed deliberately by human interaction in order to enable the exchange of rights (cf. ownership) of services and goods. Markets generally supplant gift economies and are often held in place through rules and customs, such as a booth fee, competitive pricing, and source of goods for sale (local produce or stock registration). Markets can dif ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Heterodox Economics
Heterodox economics is any economic thought or theory that contrasts with orthodox schools of economic thought, or that may be beyond neoclassical economics.Frederic S. Lee, 2008. "heterodox economics," ''The New Palgrave Dictionary of Economics'', 2nd Edition, v. 4, pp. 2–65 Abstract. These include institutional, evolutionary, feminist, social, post-Keynesian (not to be confused with New Keynesian), ecological, Austrian, complexity, Marxian, socialist, and anarchist economics. Economics may be called ''orthodox'' or ''conventional'' economics by its critics.C. Barry, 1998. ''Political-economy: A comparative approach''. Westport, CT: Praeger. Alternatively, mainstream economics deals with the "rationality–individualism–equilibrium nexus" and heterodox economics is more "radical" in dealing with the "institutions–history–social structure nexus". A 2008 review documented several prominent groups of heterodox economists since at least the 1990s as working together with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Steve Keen
Steve Keen (born 28 March 1953) is an Australian economist and author. He considers himself a post-Keynesian, criticising neoclassical economics as inconsistent, unscientific and empirically unsupported. The major influences on Keen's thinking about economics include John Maynard Keynes, Karl Marx, Hyman Minsky, Piero Sraffa, Augusto Graziani, Joseph Alois Schumpeter, Thorstein Veblen, and François Quesnay. Hyman Minsky's financial instability hypothesis forms the main basis of his major contribution to economics which mainly concentrates on mathematical modelling and simulation of financial instability. He is a notable critic of the Australian property bubble, as he sees it. Keen was formerly an associate professor of economics at University of Western Sydney, until he applied for voluntary redundancy in 2013, due to the closure of the economics program at the university. In autumn 2014, he became a professor and Head of the School of Economics, History and Politics at Kingsto ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dirk Ehnts
Dirk H. Ehnts (born 1977) is a German heterodox economist. He is one of the leading proponents of Modern Monetary Theory in Europe. Early life and studies Ehnts was born on 11 April 1977 in Bremen, Germany and finished high school there. He studied Economics from 1997 to 2002 at the University of Göttingen and graduated with a diploma. He was research assistant at the University of Oldenburg between 2006 and 2012, from which, in 2008 he was awarded his Economics Ph.D. ''cum laude''. Career Ehnts worked as a visiting professor at the Berlin School of Economics and Law between 2012 and 2014, where he taught classes on macroeconomics, money, and currency. Within that period, he undertook a semester off to work as visiting professor at the Latin America Institute of the Free University of Berlin. In 2015, he moved to the Bard College Berlin, while from the end of 2016 to mid-2017 and again since May 2018, he has been teaching at the Chemnitz University of Technology. In between he ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Zed Books
Zed Books is an independent non-fiction publishing company based in London, UK. It was founded in 1977 under the name Zed Press by Roger van Zwanenberg. Zed publishes books for an international audience of both general and academic readers, covering areas such as politics and global current affairs, economics, gender studies and sexualities, development studies and the environment. Zed today Zed Books' business model and structure are unique to the publishing industry. It is the world's largest English-language publishing collective. The company is owned and managed as a non-hierarchical co-operative by its workers, without any shareholders. It publishes around 70 books per year, providing many to the academic market and to university courses. In 2019, Zed received the Independent Publishers Guild Alison Morrison Diversity Award. In March 2020, it was announced that "certain assets of Zed Books Limited" had been acquired by Bloomsbury Publishing Plc. and that Zed would opera ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economies Of Scale
In microeconomics, economies of scale are the cost advantages that enterprises obtain due to their scale of operation, and are typically measured by the amount of output produced per unit of time. A decrease in cost per unit of output enables an increase in scale. At the basis of economies of scale, there may be technical, statistical, organizational or related factors to the degree of market control. This is just a partial description of the concept. Economies of scale apply to a variety of the organizational and business situations and at various levels, such as a production, plant or an entire enterprise. When average costs start falling as output increases, then economies of scale occur. Some economies of scale, such as capital cost of manufacturing facilities and friction loss of transportation and industrial equipment, have a physical or engineering basis. The economic concept dates back to Adam Smith and the idea of obtaining larger production returns through the use ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Of Demand
In microeconomics, the law of demand is a fundamental principle which states that there is an inverse relationship between price and quantity demanded. In other words, "conditional on all else being equal, as the price of a good increases (↑), quantity demanded will decrease (↓); conversely, as the price of a good decreases (↓), quantity demanded will increase (↑)". Alfred Marshall worded this as: "When we say that a person's demand for anything increases, we mean that he will buy more of it than he would before at the same price, and that he will buy as much of it as before at a higher price". The law of demand, however, only makes a qualitative statement in the sense that it describes the direction of change in the amount of quantity demanded but not the magnitude of change. The law of demand is represented by a graph called the demand curve, with quantity demanded on the x-axis and price on the y-axis. Demand curves are downward sloping by definition of the law of dema ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
WIKI Pic 1
A wiki ( ) is an online hypertext publication collaboratively edited and managed by its own audience, using a web browser. A typical wiki contains multiple pages for the subjects or scope of the project, and could be either open to the public or limited to use within an organization for maintaining its internal knowledge base. Wikis are enabled by wiki software, otherwise known as wiki engines. A wiki engine, being a form of a content management system, differs from other web-based systems such as blog software, in that the content is created without any defined owner or leader, and wikis have little inherent structure, allowing structure to emerge according to the needs of the users. Wiki engines usually allow content to be written using a simplified markup language and sometimes edited with the help of a rich-text editor. There are dozens of different wiki engines in use, both standalone and part of other software, such as bug tracking systems. Some wiki engines are open ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Demand Curve
In economics, a demand curve is a graph depicting the relationship between the price of a certain commodity (the ''y''-axis) and the quantity of that commodity that is demanded at that price (the ''x''-axis). Demand curves can be used either for the price-quantity relationship for an individual consumer (an individual demand curve), or for all consumers in a particular market (a market demand curve). It is generally assumed that demand curves slope down, as shown in the adjacent image. This is because of the law of demand: for most goods, the quantity demanded falls if the price rises. Certain unusual situations do not follow this law. These include Veblen goods, Giffen goods, and speculative bubbles where buyers are attracted to a commodity if its price rises. Demand curves are used to estimate behaviour in competitive markets and are often combined with supply curves to find the equilibrium price (the price at which sellers together are willing to sell the same amount as bu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
