Investopedia explains that the origin of economic thought lies with a man named Adam Smith who was heavily influenced by French writers and philosophers. Smith developed the discipline of economics as an alternative to French mercantilism, which was an easily exploited system that benefited the weal
Economic globalization is the increasing interdependence of national economies that has resulted from growing levels of trade between nations. This integration of the world's economies is possible as a result of technological advancements that allow for quicker communication around the world, as wel
According to Economics Help, economic growth is caused by an increase in aggregate demand and supply. An increase in national output and national income also contributes to a country's economic growth.
Economic rights are part of a range of legal principles based on the philosophy of human cultural and social obligations in which economic equality and freedom are preserved. Economic and social rights are granted to Americans fulfilled by the government in an effort to ensure that citizens have the
The three economic systems are the traditional, command and market economic systems. Different countries use different economic systems.
In economics, demand is the quantity of goods or services that consumers are able and willing to buy at a given price at a particular time. The law of demand provides that, if all other market factors remain constant, the demand for goods and services increases as their price decreases.
Screening in economic theory refers to the ways in which buyers filter out false information from sellers, retaining only what is true. Screening is especially necessary in contemporary markets, since products are increasingly complex for the average consumer. Non-specialist buyers of cars and other
"Descriptive economics" involves gathering and compiling data about the economy, while "economic theory" involves the interpretation of this data as well as the formation of hypotheses. Descriptive economics occurs when economists make observations, notice patterns and record facts.
Economic profit is the total revenue generated by a business minus total opportunity costs. It is a more theoretical way of looking at a company's profitability that differs from the standard accounting profit reflected on the company's income statement, which simply subtracts the cost of producing
Economic freedom refers to a condition in which a person living in a community, state or country has the right to purse economic opportunities. This condition is associated with capitalistic countries where individual opportunities to find work and make money are typically promoted by limited govern