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Household Production Function
Consumers often choose not directly from the commodities that they purchase but from commodities they transform into goods through a household production function. It is these goods that they value. The idea was originally proposed by Gary Becker, Kelvin Lancaster, and Richard Muth in the mid-1960s. The idea was introduced simultaneously into macroeconomics in two separate papers by Jess Benhabib, Richard Rogerson, and Randall Wright (1991); and Jeremy Greenwood and Zvi Hercowitz (1991). Household production theory has been used to explain the rise in married female labor-force participation over the course of the 20th century, as the result of labor-saving appliances. More recently with the rise of the DIY or Maker movement household production has become more sophisticated. For example, consumers can now convert plastic wire into high-value products with inexpensive 3-D printers in their own homes. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commodity
In economics, a commodity is an economic good, usually a resource, that has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them. The price of a commodity good is typically determined as a function of its market as a whole: well-established physical commodities have actively traded spot and derivative markets. The wide availability of commodities typically leads to smaller profit margins and diminishes the importance of factors (such as brand name) other than price. Most commodities are raw materials, basic resources, agricultural, or mining products, such as iron ore, sugar, or grains like rice and wheat. Commodities can also be mass-produced unspecialized products such as chemical substance, chemicals and computer memory. Popular commodities include Petroleum, crude oil, Maize, corn, and gold. Other definitions of commodity include something useful or valued and an alternative ter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jeremy Greenwood (economist)
Jeremy John Denis Greenwood CBE The Most Excellent Order of the British Empire is a British order of chivalry, rewarding contributions to the arts and sciences, work with charitable and welfare organisations, and public service outside the civil service. It was established o ... (born 7 September 1942) is a British ornithology, ornithologist and was Director of the British Trust for Ornithology (BTO) from 1988 until he retired in September 2007. Greenwood was educated at Royal Grammar School Worcester and St Catherine's College, Oxford. Prior to working at the BTO, he spent 20 years as a lecturer in biological sciences at the University of Dundee. He is also president of the European Ornithologists Union. He is also an honorary Professor at the University of Birmingham's Centre for Ornithology. He was responsible for publishing the two largest surveys on British bird populations. Since 2000, he has been a trustee of The British Birds Charitable Trust, which publishes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Home Economics
Gary Stanley Becker (; December 2, 1930 – May 3, 2014) was an American economist who received the 1992 Nobel Memorial Prize in Economic Sciences. He was a professor of economics and sociology at the University of Chicago, and was a leader of the third generation of the Chicago school of economics. Becker was awarded the Nobel Memorial Prize in Economic Sciences in 1992 and received the United States Presidential Medal of Freedom in 2007. A 2011 survey of economics professors named Becker their favorite living economist over the age of 60, followed by Kenneth Arrow and Robert Solow. Economist Justin Wolfers called him "the most important social scientist in the past 50 years." Becker was one of the first economists to analyze topics that had been researched in sociology, including racial discrimination, crime, family organization, and rational addiction. He argued that many different types of human behavior can be seen as rational and utility-maximizing, including those that a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Family Economics
Family economics applies economic concepts such as production, division of labor, distribution, and decision making to the family. It is used to explain outcomes unique to family—such as marriage, the decision to have children, fertility, polygamy, time devoted to domestic production, and dowry payments using economic analysis. The family, although recognized as fundamental from Adam Smith onward, received little systematic treatment in economics before the 1960s. Important exceptions are Thomas Robert Malthus' model of population growthThomas Robert Malthus, 1798. '' An Essay on the Principle of Population''. Full text on WikiSource. and Friedrich Engels'Friedrich Engels, 1981, The Origin of the Family, Private Property and State, International Publishers, pp 94-146 pioneering work on the structure of family, the latter being often mentioned in Marxist and feminist economics. Since the 1960s, family economics has developed within mainstream economics, propelled by the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cake
Cake is a flour confection made from flour, sugar, and other ingredients, and is usually baked. In their oldest forms, cakes were modifications of bread, but cakes now cover a wide range of preparations that can be simple or elaborate, and which share features with desserts such as pastries, meringues, custards, and pies. The most common ingredients include flour, sugar, eggs, fat (such as butter, oil or margarine), a liquid, and a leavening agent, such as baking soda or baking powder. Common additional ingredients include dried, candied, or fresh fruit, nuts, cocoa, and extracts such as vanilla, with numerous substitutions for the primary ingredients. Cakes can also be filled with fruit preserves, nuts or dessert sauces (like custard, jelly, cooked fruit, whipped cream or syrups), iced with buttercream or other icings, and decorated with marzipan, piped borders, or candied fruit. Cake is often served as a celebratory dish on ceremonial occasions, such as wedd ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
3-D Printers
3D printing or additive manufacturing is the construction of a three-dimensional object from a CAD model or a digital 3D model. It can be done in a variety of processes in which material is deposited, joined or solidified under computer control, with material being added together (such as plastics, liquids or powder grains being fused), typically layer by layer. In the 1980s, 3D printing techniques were considered suitable only for the production of functional or aesthetic prototypes, and a more appropriate term for it at the time was rapid prototyping. , the precision, repeatability, and material range of 3D printing have increased to the point that some 3D printing processes are considered viable as an industrial-production technology, whereby the term ''additive manufacturing'' can be used synonymously with ''3D printing''. One of the key advantages of 3D printing is the ability to produce very complex shapes or geometries that would be otherwise impossible to construct ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
