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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]
George W. Bush uttered 'the 10 most important words in the history of economics' during the 2008 financial crisis, Warren Buffett says — here's how they now apply in 2024
A hot dog[ 1][ 2] is a dish consisting of a grilled, steamed, or boiled sausage served in the slit of a partially sliced bun. [ 3] The term hot dog can refer to the sausage itself. The sausage used is a wiener ( Vienna sausage) or a frankfurter ( Frankfurter Würstchen, also just called frank ).
The economics term cost, also known as economic cost or opportunity cost, refers to the potential gain that is lost by foregoing one opportunity in order to take advantage of another. The lost potential gain is the cost of the opportunity that is accepted. Sometimes this cost is explicit: for example, if a firm pays $100 for a machine, its cost ...
In microeconomics, diseconomies of scale are the cost disadvantages that economic actors accrue due to an increase in organizational size or in output, resulting in production of goods and services at increased per-unit costs. The concept of diseconomies of scale is the opposite of economies of scale. It occurs when economies of scale become ...
Money portal. v. t. e. Within economics, margin is a concept used to describe the current level of consumption or production of a good or service. [ 1] Margin also encompasses various concepts within economics, denoted as marginal concepts, which are used to explain the specific change in the quantity of goods and services produced and consumed.
Digital economy. The digital economy is a portmanteau of digital computing and economy, and is an umbrella term that describes how traditional brick-and-mortar economic activities (production, distribution, trade) are being transformed by the Internet and World Wide Web technologies. [1] [2]
President Bush was in office from January 2001 to January 2009, a complex and challenging economic and budgetary time. In addition to two recessions (2001 and the Great Recession of 2007–2009), the U.S. faced a housing bubble and bust, two wars, and the rise of Asian competitors, mainly China, which entered the World Trade Organization (WTO ...