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Consumption (economics)
CONSUMPTION is major concept in economics and is also studied by many other social sciences. Economists are particularly interested in the relationship between consumption and income, as modeled with the _consumption function_. Different schools of economists define production and consumption differently. According to mainstream economists , only the final purchase of goods and services by individuals constitutes consumption, while other types of expenditure — in particular, fixed investment , intermediate consumption , and government spending — are placed in separate categories (See consumer choice ). Other economists define consumption much more broadly, as the aggregate of all economic activity that does not entail the design, production and marketing of goods and services (e.g. the selection, adoption, use, disposal and recycling of goods and services). CONTENTS * 1 Consumption function * 2 Behavioural economics and consumption * 3 Consumption and household production * 4 Effects of consumption * 5 Old-age spending * 6 See also * 7 References * 8 Further reading * 9 External links CONSUMPTION FUNCTION Main article: Consumption function The consumption function is a mathematical function that expresses consumer spending in terms of its determinants, such as income and accumulated wealth
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Spend (The Walking Dead)
"SPEND" is the fourteenth episode of the fifth season and 65th episode overall of the post-apocalyptic horror television series The Walking Dead , which aired on AMC on March 15, 2015. It was written by Matthew Negrete and directed by Jennifer Lynch . It marked Tyler James Williams ' final appearance as supporting character Noah and Daniel Bonjour's final appearance as Aiden Monroe. CONTENTS * 1 Plot * 2 Reception * 2.1 Ratings * 2.2 Critical reception * 3 References * 4 External links PLOTFather Gabriel ( Seth Gilliam ), torn over his loss of faith, tears up a Bible. As Rick ( Andrew Lincoln
Andrew Lincoln
) makes his rounds, he passes Jessie 's ( Alexandra Breckenridge ) house and notices her working on one of her sculptures, which has been vandalized. Rick offers to find the culprit, but she brushes him off. Rick is later approached by Jessie's husband Pete (Corey Brill), who tries to cultivate a friendship with him. Elsewhere, Noah asks to meet with Reg ( Steve Coulter ) to become his student so he'll know what to do to keep the walls up. Parts are needed from a nearby warehouse to repair the solar power system
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Economics
ECONOMICS (UK English: /iːkəˈnɒmɪks/ , /ɛkəˈnɒmɪks/ ; US English: /ɛkəˈnɑːmɪks/ , /ikəˈnɑːmɪks/ ) is "a social science concerned chiefly with description and analysis of the production , distribution , and consumption of goods and services ". Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes basic elements in the economy, including individual agents and markets , their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the entire economy (meaning aggregated production, consumption, savings, and investment) and issues affecting it, including unemployment of resources (labour, capital, and land), inflation, economic growth, and the public policies that address these issues (monetary, fiscal, and other policies). Other broad distinctions within economics include those between positive economics , describing "what is", and normative economics , advocating "what ought to be"; between economic theory and applied economics ; between rational and behavioural economics ; and between mainstream economics and heterodox economics . Countries by real GDP growth rate in 2014. Countries in red were in recession
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Supply And Demand
In microeconomics , SUPPLY AND DEMAND is an economic model of price determination in a market . It postulates that in a competitive market , the unit price for a particular good , or other traded item such as labor or liquid financial assets, will vary until it settles at a point where the quantity demanded (at the current price) will equal the quantity supplied (at the current price), resulting in an economic equilibrium for price and quantity transacted. CONTENTS* 1 Graphical representation * 1.1 Supply schedule * 1.2 Demand schedule * 2 Microeconomics
Microeconomics
* 2.1 Equilibrium * 2.2 Partial equilibrium * 3 Other markets * 4 Empirical estimation * 5 Macroeconomic
Macroeconomic
uses * 6 History * 7 Criticisms * 8 See also * 9 References * 10 Further reading * 11 External links GRAPHICAL REPRESENTATIONAlthough it is normal to regard the quantity demanded and the quantity supplied as functions of the price of the goods, the standard graphical representation, usually attributed to Alfred Marshall
Alfred Marshall
, has price on the vertical axis and quantity on the horizontal axis. Since determinants of supply and demand other than the price of the goods in question are not explicitly represented in the supply-demand diagram, changes in the values of these variables are represented by moving the supply and demand curves (often described as "shifts" in the curves)
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Demand
In economics, DEMAND is the quantity of a commodity or a service that people are willing or able to buy at a certain price. The relationship between price and quantity demanded is also known as demand curve . Preferences and choices, which underly demand, can be represented as functions of cost, benefit, odds and other variables. CONTENTS * 1 Determinants of (Factors affecting) demand * 2 Demand function and equation * 3 Demand curve * 4 Price elasticity of demand (PED) * 4.1 Determinants of PED * 4.2 Elasticity along linear demand curve * 4.3 Constant price elasticity demand * 5 Market structure and the demand curve * 6 Inverse demand function * 7 Residual demand curve * 8 Is the demand curve for PC firm really flat? * 9 Demand management in economics * 10 Different types of goods demand * 11 Criticism * 12 Demand reduction * 12.1 In psychopharmacology * 12.2 In energy conservation * 13 See also * 14 Notes * 15 Further reading * 16 External links DETERMINANTS OF (FACTORS AFFECTING) DEMANDInnumerable factors and circumstances could affect a buyer's willingness or ability to buy a good. Some of the common factors are: GOOD\'S OWN PRICE: The basic demand relationship is between potential prices of a good and the quantities that would be purchased at those prices
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Index Of Economics Articles
This aims to be a complete article LIST OF ECONOMICS TOPICS: ECONOMICS A supply and demand diagram, illustrating the effects of an increase in demand
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Outline Of Economics
The following hierarchical outline is provided as an overview of and topical guide to economics: ECONOMICS – analyzes the production , distribution , and consumption of goods and services . It aims to explain how economies work and how economic agents interact. CONTENTS * 1 Description of economics * 2 Branches of economics * 2.1 Subdisciplines of economics * 2.2 Methodologies or approaches * 2.3 Multidisciplinary fields involving economics * 3 Types of economies * 3.1 Economies, by political a branch or sphere of knowledge, or field of study, that an individual has chosen to specialize in.* Field of science – widely recognized category of specialized expertise within science, and typically embodies its own terminology and nomenclature. Such a field will usually be represented by one or more scientific journals, where peer reviewed research is published. There are many economics-related scientific journals
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History Of Economic Thought
The HISTORY OF ECONOMIC THOUGHT deals with different thinkers and theories in the subject that became political economy and economics , from the ancient world to the present day. It encompasses many disparate schools of economic thought . Ancient Greek writers such as the philosopher Aristotle examined ideas about the art of wealth acquisition, and questioned whether property is best left in private or public hands. In the Middle Ages , scholasticists such as Thomas Aquinas argued that it was a moral obligation of businesses to sell goods at a just price . In the Western world, economics was not a separate discipline, but part of philosophy until the 18th–19th century Industrial Revolution and the 19th century Great Divergence , which accelerated economic growth. Long before that, from the Renaissance at least, economics as an intellectual discipline or science was dominated by Western thinkers and their academic institutions, schooling economists from outside the West, although there are isolated instances in other societies
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Economic History
ECONOMIC HISTORY is the study of economies or economic phenomena of the past. Analysis in economic history is undertaken using a combination of historical methods , statistical methods and the application of economic theory to historical situations and institutions . The topic includes financial and business history and overlaps with areas of social history such as demographic and labor history . The quantitative —in this case, econometric —study of economic history is also known as cliometrics . CONTENTS* 1 Development as a separate field * 1.1 United States * 2 Economic history and economics * 3 Economic history and the history of capitalism * 4 Nobel Memorial Prize-winning economic historians * 5 Notable economic historians * 6 See also * 7 Notes * 8 References * 9 Further reading * 10 External links * 10.1 Journals * 10.2 Professional societies * 10.3 Historical statistics * 10.4 Recent and forthcoming economic history conferences * 10.5 Economic History Services DEVELOPMENT AS A SEPARATE FIELDIn Germany in the late 19th century, scholars in a number of universities, led by Gustav von Schmoller , developed the historical school of economic history . It ignored quantitative and mathematical approaches. Historical approach dominated German and French scholarship for most of the 20th century
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Schools Of Economic Thought
In the history of economic thought , a SCHOOL OF ECONOMIC THOUGHT is a group of economic thinkers who share or shared a common perspective on the way economies work. While economists do not always fit into particular schools, particularly in modern times, classifying economists into schools of thought is common. Economic thought may be roughly divided into three phases: premodern ( Greco-Roman , Indian , Persian , Islamic , and Imperial Chinese ), early modern (mercantilist , physiocrats ) and modern (beginning with Adam Smith and classical economics in the late 18th century). Systematic economic theory has been developed mainly since the beginning of what is termed the modern era . Currently, the great majority of economists follow an approach referred to as mainstream economics (sometimes called 'orthodox economics'). Within the mainstream in the United States, distinctions can be made between the Saltwater school (associated with Berkeley , Harvard , MIT , Pennsylvania , Princeton , and Yale ), and the more laissez-faire ideas of the Freshwater school (represented by the Chicago school of economics , Carnegie Mellon University , the University of Rochester and the University of Minnesota ). Both of these schools of thought are associated with the neoclassical synthesis
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Microeconomics
MICROECONOMICS (from Greek prefix _mikro-_ meaning "small") is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses. Microeconomics shows conditions under which free markets lead to desirable allocations. It also analyzes market failure , where markets fail to produce efficient results. Microeconomics stands in contrast to macroeconomics , which involves "the sum total of economic activity, dealing with the issues of growth , inflation , and unemployment and with national policies relating to these issues". Microeconomics also deals with the effects of economic policies (such as changing taxation levels) on the aforementioned aspects of the economy. Particularly in the wake of the Lucas critique , much of modern macroeconomic theory has been built upon 'microfoundations '—i.e. based upon basic assumptions about micro-level behavior
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Macroeconomics
MACROECONOMICS (from the Greek prefix _makro-_ meaning "large" and economics) is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole. This includes national, regional, and global economies. Macroeconomics and microeconomics , a pair of terms coined by Ragnar Frisch , are the two most general fields in economics. In contrast to macroeconomics, microeconomics is the branch of economics that studies the behavior of individuals and firms in making decisions and the interactions among these individuals and firms in narrowly-defined markets. MACROECONOMISTS study aggregated indicators such as GDP , unemployment rates , national income , price indices , and the interrelations among the different sectors of the economy to better understand how the whole economy functions. Macroeconomists develop models that explain the relationship between such factors as national income , output , consumption , unemployment , inflation , savings , investment , international trade and international finance . While macroeconomics is a broad field of study, there are two areas of research that are emblematic of the discipline: the attempt to understand the causes and consequences of short-run fluctuations in national income (the business cycle ), and the attempt to understand the determinants of long-run economic growth (increases in national income)
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Economic Methodology
ECONOMIC METHODOLOGY is the study of methods, especially the scientific method , in relation to economics , including principles underlying economic reasoning. In contemporary English, 'methodology' may reference theoretical or systematic aspects of a method (or several methods). Philosophy and economics also takes up methodology at the intersection of the two subjects. CONTENTS * 1 Scope * 2 See also * 3 Notes * 4 References * 5 External links SCOPE _ This section IS IN A LIST FORMAT THAT MAY BE BETTER PRESENTED USING PROSE . You can help by converting this section to prose, if appropriate . Editing help is available
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Heterodox Economics
HETERODOX ECONOMICS refers to schools of economic thought or methodologies that are outside "mainstream economics ", often represented by expositors as contrasting with or going beyond neoclassical economics . "Heterodox economics" is an umbrella term used to cover various approaches, schools, or traditions. These include anarchist , socialist , Marxian , institutional , evolutionary , Georgist , Austrian , feminist , social , post-Keynesian (not to be confused with New Keynesian ), and ecological economics among others. In the JEL classification codes developed by the _Journal of Economic Literature_, heterodox economics is in the second of the 19 primary categories at: JEL: B – History of Economic Thought , Methodology , and HETERODOX APPROACHES. Mainstream economics may be called _orthodox _ or _conventional_ economics by its critics. 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". Many mainstream economists dismiss heterodox economics as "fringe" and "irrelevant", with little or no influence on the vast majority of academic mainstream economists in the English-speaking world
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JEL Classification Codes
Articles in economics journals are usually classified according to the JEL CLASSIFICATION CODES, a system originated by the _Journal of Economic Literature _. The _JEL_ is published quarterly by the American Economic Association (AEA) and contains survey articles and information on recently published books and dissertations. The AEA maintains EconLit , a searchable data base of citations for articles, books, reviews, dissertations, and working papers classified by JEL codes for the years from 1969. A recent addition to EconLit is indexing of economics-journal articles from 1886 to 1968 parallel to the print series _Index of Economic Articles_. CONTENTS * 1 Structure * 2 Purpose * 3 JEL categories * 3.1 A. General Economics and Teaching * 3.2 B. History of Economic Thought, Methodology, and Heterodox Approaches * 3.3 C. Mathematical and Quantitative Methods * 3.4 D. Microeconomics * 3.5 E. Macroeconomics and Monetary Economics * 3.6 F. International Economics * 3.7 G. Financial Economics * 3.8 H. Public Economics * 3.9 I. Health, Education, and Welfare * 3.10 J. Labor and Demographic Economics * 3.11 K. Law and Economics * 3.12 L. Industrial Organization * 3.13 M
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Econometrics
ECONOMETRICS is the application of statistical methods to economic data and is described as the branch of economics that aims to give empirical content to economic relations. More precisely, it is "the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference". An introductory economics textbook describes econometrics as allowing economists "to sift through mountains of data to extract simple relationships". The first known use of the term "econometrics" (in cognate form) was by Polish economist Paweł Ciompa in 1910.