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It deals with what choices people make, what factors influence their choices and how their decisions affect the goods markets by affecting the price.
He created the invisible hand idea that is one of the most fundamental equilibrating relations in Economic Theory.
Partnershipsare the result of the extension of proprietorial enterprises wherein if proprietors establish a partnership by means of a contract they become partners.
He sees the invisible hand as embodied in a central planner, guiding the economy to a social optimum.
________ represents the flows of goods and services between households and firms.
_______ is the boundary of the analyticity of arithmetic which was not airtight and for the Colloquium's work on general equilibrium theory wherein Carnap's invocation of ever richer arithmetical languages was problematic and would prove to be prophetic at least with regard to general equilibrium theory.
This a graph that shows the various combinations of outputthat the economy can possibly produce given the available factors of production and the available production technology those firms can use to turn these factors into output.
He began his Republic with an economic interpretation of history wherein he begins by seeking the meaning of justice.
Welfare independency remains a problem for those individuals who are forced by meager economic circumstances to form their livelihood on receiving welfare.
The absolute price commodity is a measure of how expensive a good is in terms of units of some other good or service.
This is when making choices wherein this means that individuals are assumed to select the alternative(s) that they believe will make them happiest, given the information that they possess at the time of the decision.
_______ is the production of a good if the individual can produce the good at the lowest opportunity cost.
The _______ determine supply price consist of wages and profits.
________ wrote that the definition of corporate controlis the authority to employ and dismiss managers at the highest level and to determine their remuneration.
The theory of value treats the short period, in which the _______ of capital equipment is given and it has many applications.
_______ is an English philosopher, laid the foundation for British Utilitarian microeconomics in his Introduction to the Principles of Morals and Legislation.
_______ is largely responsible for the simplification of Bentham's utilitarian philosophy as is has come to be used as a foundation for mainstream microeconomics.
Economics evaluates the current state of our world and to speculate on ways that it might be improved where it is an important aspect of our education.
_______ began his Republic with an economic interpretation of history wherein he begins by seeking the meaning of justice.
Chrematistiks was an analysis of how decisions were made regarding the management of resources.
It conceived that the Communist Party is an organizational weapon for seizing power.
There is a quantity which can be translated from one number to another by changing the unit and this is called ________.
This is the rate at which the currency of one country is converted into the currency of another country.
Opportunity cost is one of the Ten Principles of Economics wherein the cost of something is what you give up to get it such that one good as measured in terms of the other good.
Pareto was the successor to Walras at the University of Lausanne whose name has been associated with the basic criteria used as a measure of efficiency.
The theory of consumer choice examines the tradeoffs that people face in their role as Producers.
This is characterize when a unit of labor that was expended at a certain time in the past is more valuable today than a unit expended today, because its fruits are already ripe.
The category of _______ includes all natural resources and these natural resources include the land itself, as well as any minerals, oil deposits, timber, or water that exists on or below the ground.
Marginal cost is defined as the ________ associated with a one-unit increase in the level of the activity.
The _______ economist thinks of a position of equilibrium as a position towards which an economy is tending to move as time goes by.
Firms produce goods and services using inputs, such as labor, land, and capital (buildings and machines).
_______ continued to work on the possibility of the existence, stability, and uniqueness of general equilibrium theory in increasingly complex formal mathematical models.
Residual rights of control are the power to make decisions regarding the distribution of the residue produced under the contract.
_______ is the specific list of all the goods in existence at any moment including work-in-progressing the pipe lines of production.
Stock of capital as the specific list of all the goods in existence at any moment including work-in-progressing the pipe lines of production.
Keynes had diagnosed the Great Depression of the 1930s as a failure of aggregate demand.
The theory of consumer choice examines the tradeoffs that people face in their role as _______.
_______ succinctly defines corporate control as the power exercised over the company with varying degrees of influence by shareholders or those with related benefits.
Holistic characterizations of cultures and societies as trusting as well as thick or thin in network structures are only meaningful insofar as there is a substantial amount of ________ within a society or at least one perspective is hegemonic.
________ started from a pragmatic perspective, defining corporate control as the actual right to choose the members of the board of directors of a company or the majority of the members whether through the exercise of legal powers or by bringing pressure to bear.
They produce goods and services using inputs, such as labor, land, and capital (buildings and machines).
The production possibilities frontier simplifies a complex ________ to highlight and clarifies some basic ideas.
The _______ theory came about in the latter half of the 19th century explicitly in the form of Leon Walras' 1874 work "Elements of Pure Economics" and subsequently with the addition of graphical representation in his 1892 paper "Geometrical Theory of the Determination of Prices".
Jeremy Bentham draws an analogy between the Principles of Maximum Energy and the Principles of Greatest Happiness.
Pareto expressed it in the second edition when he proposed that welfare increases if some people gain and nobody loses.
They span that there were evidently a spade and a spindle already in existence.
The City of London Regulations of the United Kingdom define control rights as the ownership or joint ownership of 30% or more of the voting shares in a company whether or not the amount owned constitutes the actual voting rights.
Industrial welfare economics was substantially criticized if not undermined by the argument that interpersonal comparisons of utility had no scientific basis.
________ suggested that a perfect market economy and a perfectly planned market economy were equivalent.
The City of London Regulations of the United Kingdom define control rights as meaning the ownership or joint ownership of 30% or more of the voting shares in a company whether or not the amount owned constitutes the actual voting rights.
Households and firms interact in two types of markets. In the markets for goods and services, _______ are buyers and _______ are sellers.
This analysis confirms a message that many Russians learned long ago that a portfolio of resources is the best way to secure welfare.
In the theory of the market for corporate control, the conduct of takeovers by companies in that market and the accompanying threat of takeover are external control mechanisms, which can reduce agency costs.
Education is a human capital determinant of individual ________ either directly or indirectly.
This _______ approach encourages the focus to be on individual behavior and the optimization of the welfare of the individual.
The theory of ________ examines the tradeoffs that people face in their role as consumers.
Pareto discussed how a judicious government can increase welfare where the full-fledged version of the modern welfare theory was fleshed out in The Economics of Welfare.
Monetary companies own the factors of production and consume all the goods and services that the firms produce.
_______ used only one basic criterion of social improvement called the Pareto comparison.
_______ is positive because profits are positive though at the same time the cost and difficulty of obtaining finance play a part in keeping productive equipment scarce and so contribute to maintaining the level of profits.
This is a market system in which goods or services are traded directly for other goods or services.
_______ is the best known of the early contributors to French rationalist microeconomics wherein he perceives the quantity demanded as a continuous function of the price.
This is a measurement of how expensive a good is in terms of units of some other good or service.
Economists say that these goods are the increase in the price of one result in a reduction in the demand for the other.
Productiveness of capital consists in the fact that a unit of labor that was expended at a certain time in the past is more valuable today than a unit expended today because its fruits are already ripe.
This is the relationship that exists between the price of a good and the quantity supplied in a given time period.
This _______ demand for a product includes both domestic and foreign demand.
Economics is the study of how individuals and societies use limited ________ to satisfy unlimited wants.
In the theory of the market for corporate control, the conduct of takeovers by companies in that market and the accompanying threat of takeover are external control mechanisms, which can reduce _______.
_______ also use models to learn about the world, but instead of being made of plastic, they are most often composed of diagrams and equations.
_______ consists, in essence, in employing labor now in a way which will yield its fruits in the future.
This diagram offers a simple way of organizing all the economic transactions that occur between households and firms in the economy.
The characteristic by which goods are specified is that they have value that is purchasing power over each other for which the list of goods is quite specific.
_______ is the result of the extension of proprietorial enterprises wherein if proprietors establish a partnership by means of a contract they become partners.
John Stuart Mill is an English philosopher who laid the foundation for British Utilitarian microeconomics in his Introduction to the Principles of Morals and Legislation.
________ is the inverse relationship exists between the price of a good and the quantity demanded in a given time period.
_______ was an analysis of how decisions were made regarding the management of resources.
The theory of the market for corporate control was first put forward by Professor Henry G. See of the Washington University Law School in 1965.
Market advantage is the production of a good if the individual can produce the good at the lowest opportunity cost.
Stocks, bonds, and other financial assets are examples of _______.
_______ economies are those where the rate of profit is falling in spite of rapid technical progress and miserable ones are those where the rate of profit is high in spite of technical stagnation.
His influence on the development of microeconomics is through the work of Leon Walras.
This is positive because profits are positive though at the same time the cost and difficulty of obtaining finance play a part in keeping productive equipment scarce, and so contribute to maintaining the level of profits.
________ approach encourages the focus to be on individual behavior and the optimization of the welfare of the individual.
Total utility of society was simply the sum of the individual utilities which focuses the analysis on the ________.
Godel's proof is the boundary of the analyticity of arithmetic was not airtight and for the Colloquium's work on general equilibrium theory, Carnap's invocation of ever richer arithmetical languages was problematic and would prove to be prophetic at least with regard to general equilibrium theory.
An _______ is said to be efficient if the economy is getting all it can from the scarce resources it has available.
Decision management includes the decision's initial proposal and its implementation after authorization while decision control includes the examination and approval of the proposed decision and supervision of its implementation.
The first book in Adam Smith's celebrated volume The Wealth of Nations brings up a valuation problem that is usually referred to as The Economic Theory.
He introduced the full-fledged general equilibrium system based on the fundamental principles of utility maximization and profit maximization.
Self-interest people may donate their time to charitable organizations, give gifts to loved ones, contribute to charities and engage in other similarly altruistic activities.
Circular-flowdiagram offers a simple way of organizing all the economic transactions that occur between households and firms in the economy.
_______ is a market system in which goods or services are traded directly for other goods or services.
_______ is characterize by a unit of labor that was expended at a certain time in the past is more valuable today than a unit expended today, because its fruits are already ripe.
Commercial rights of control are the power to make decisions regarding the distribution of the residue produced under the contract.
This Microeconomics may be used as a tool to aid in the decision making process.
_______ pioneered the use of utilitarian calculus to obtain judgments about the social interest by aggregating the personal interests of different individuals in the form of their respective utilities.
Demand is the relationship that exists between the price of a good and the quantity supplied in a given time period.
________ provided a justification for and explanation of the activities of the rising merchant class.
Arthur Montblancis the best known of the early contributors to French rationalist microeconomics wherein he perceives the quantity demanded as a continuous function of the price.
His idea of maximizing utility of the maximum number of people typically involves one maximum too many to be feasible.
This is the inverse relationship exists between the price of a good and the quantity demanded in a given time period.
Godel's proof is the boundary of the analyticity of arithmetic which was not airtight and for the Colloquium's work on general equilibrium theory wherein Carnap's invocation of ever richer arithmetical languages was problematic and would prove to be prophetic at least with regard to ________.
Partnerships are the result of the extension of proprietorial enterprises wherein if proprietors establish a partnership by means of a contract they become partners.
_______ considers social welfare function, which although still problematic along positivist grounds, provided a framework for ranking different social states on the basis of a configuration or profile of individual preferences.
The ________ survey found that in Russia, four-fifths to nine-tenths do not belong to any voluntary association.
In these markets, households provide firms the inputs that the firms use to _______ and _______.
_______ provides control which means that the power to exercise a controlling influence over a company's operational management and specific policies or the activity of a natural person directly or indirectly whether by voting, through one or more intermediaries such as a contract or other means.
________ was developed by utilitarian economists such as Marshall and Pigou, taking inspiration from their predecessor Jeremy Bentham.
This survey found out that in Russia, four-fifths to nine-tenths do not belong to any voluntary association.
The theory of the market for corporate control was first put forward by ________ of the Washington University Law School in 1965.
A capitalist who buys a machine readymade pays a price for it which includes profit to the capitalist who sells it.
Economic good is if the quantity of the good demanded exceeds the quantity supplied at a zero price.
_______ transactions in enterprise control rights began in 1984 in such cities as Baoding and Wuhan.
Goods that are used to produce other goods or services are called economic growth and are also known as inputs or factors of production.
_______ is a studied human activities involved with "wealth-getting" which could be unnatural as well as natural.
This is the production of a good if the individual can produce the good at the lowest opportunity cost.
The process of accumulation consists in refraining from consuming current output in order to add to the ________.
It determines supply price consist of wages and profits.
_______ was the successor to Walras at the University of Lausanne whose name has been associated with the basic criteria used as a measure of efficiency.
They are the one who buys a machine readymade pays a price for it which includes profit to the capitalist who sells it.
This was defined by Sidgwick as the system that fixes as the reasonable ultimate end of each individual's action his own greatest happiness.
Social capital networks produce goods and ________ that are not a new phenomenon but they are an inevitable part of every society, ancient or modern, high income or low income.
The cost a capitalist who has the machine built in his own workshops will expect to receive, from sales of the final output, includes profit on the interest on the cost of having the machine built reckoned over the period of construction.
The costs of production which determine supply price consist of wages and profits.
They summarize their results that the intersection between the official lie and the private truth has created unstable welfare systems.
_______ is an un-invested finance for a sum of money and the net receipts of a business are sums of money.
This is a process of accumulation consists in refraining from consuming current output.
He suggested that a perfect market economy and a perfectly planned market economy were equivalent.
People consume less than they desire because their spending is constrained or limited by their ________.
He is the best known of the early contributors to French rationalist microeconomics wherein he perceives the quantity demanded as a continuous function of the price.
Walter Korpi argued that previously relatively backward nations in the ________ were rather catching up with Sweden than Sweden lagging behind and that this was only to be expected since higher growth rates are to be expected from countries that from the outset are relatively poorer.
Jevons is largely responsible for the simplification of Bentham's utilitarian philosophy and it had come to be used as a foundation for mainstream microeconomics.
This theory of trust normally treats social capital as a diffuse attribute of an individual wherein a person trusts others in many different situations.
He is the famous seventeenth century scientist and mathematician, allegedly became intrigued one day when he saw an apple fall from an apple tree.
Capital when it consists of un-invested finance is a sum of money and the net receipts of a business are sums of money.
Scarcity implies the existence of tradeoffs wherein these tradeoffs can be illustrated quite nicely by a production possibilities frontier.
When Adam delved and Eve span, there were evidently a spade and a spindle already in existence.
This is the production of a good if the individual can produce more than the other individuals.
Cost of capital includes the cost of capital goods and since they must be constructed before they can be used, part of the cost of capital is interest over the period of time between the moment when work was done in constructing capital goods and the time when they are producing a stream of output.
_______ Company Law provides that companies can take two forms, namely limited liability companies or joint stock limited companies.
Egoistic Hedonism was defined by Sidgwick as the system that fixes as the reasonable ultimate end of each individual's action his own greatest happiness.
Welfare declines if some people lose and nobody gains or if some gain and some lose, the welfare change is ambiguous, no verdict where this partial ordering was later called the Pareto criterion.
The _______ of the United Kingdom define control rights as the ownership or joint ownership of 30% or more of the voting shares in a company whether or not the amount owned constitutes the actual voting rights.
This approach encourages the focus to be on individual behavior and the optimization of the welfare of the individual.
It refers to the ability to organize production and bear risks.
In recent years, this is the most fundamental and loud-voiced criticism of the Swedish model pertains to its function.
International market is taken into account where the demand for a product includes both domestic and foreign demand.
Mechanisms of restraint in corporate control can be examined with regard to internal and external mechanisms wherein internal control mechanisms are also known as the company's internal governance structure.
He was the first to describe the system as a whole and to show that a competitive market economy generates a Pareto optimal allocation of resources.
Anders Isaksson has been given ample room in the columns to put forward the case wherein he argues that income ________ is an ever-increasing burden on the welfare state.
They are often regarded as the first important contributors to Western culture.
Internal control mechanisms of corporate governance is mainly reflected in the market for corporate control and especially in contention for control rights.
This is making current products available for the workers to consume in the meantime.
This diagram represents the flows of goods and services between households and firms.
Generic social capital is the basis of most theories of ________, for a poor, uneducated or blind person is expected to be excluded from productive networks across a wide range of welfare goods and services.
It evaluates the current state of our world and to speculate on ways that it might be improved; it is an important aspect of our education.
Economists say that supplementary goods areincrease in the price of one result in a reduction in the demand for the other.
Stocks, bonds, and other financial assets are examples of capital/ resources.
_______ define residual rights of control as enterprise ownership.
Sweden has this kind of social security system where payments are compulsory.
The _______ and _______ refers to the phenomenon of the almost total lack of control rights or lack of direct control rights over company management policy by shareholders in publicly held corporations.
_______ of corporate governance is mainly reflected in the market for corporate control and especially in contention for control rights.
_______ was defined by Sidgwick as the system that fixes as the reasonable ultimate end of each individual's action his own greatest happiness.
Dynamic change can also involve an increase in total welfare in the ________ insofar as greater use of formal networks is more efficient and effective.
_______ is the power to make decisions regarding the distribution of the residue produced under a contract.
They argued that similar benefits accrue from international specialization and trade.
John Stuart Mill who held that the utilities of different commodities were not independent with some commodities functioning as substitutes or complements for each other or the consumption of a commodity affecting the utility of another commodity in some fashion.
The _______ of a capitalist who has the machine built in his own workshops will expect to receive, from sales of the final output which includes profit on the interest on the cost of having the machine built reckoned over the period of construction.
Pareto analyzed the process by which a social welfare function might be formulated, arguing that a social welfare function is only a valid concept if it is derived from the preferences of the individuals composing the society.
_______ is making current products available for the workers to consume in the meantime.
He is the Swedish economist with a book European Dawn - After the Social Model which summarizes the neoliberal case against the Swedish model very succinctly.
_______ influence on the development of microeconomics is through the work of Leon Walras.
_______ draws an analogy between the Principles of Maximum Energy and the Principles of Greatest Happiness.
This is the inverse relationship exists between the price of a good and the quantity demanded in a given time period, ceteris paribus.
U.K. Federal provides control which means the power to exercise a controlling influence over a company's operational management or general and specific policies or the activity of a natural person directly or indirectly whether by voting, through one or more intermediaries, a contract or other means.
China transactions in enterprise control rights began in 1984 in such cities as Baoding and Beijing.
Opportunity cost is defined as the cost of not selecting the ________ alternative.
This is the _______ production of a good if the individual can produce more than the other individuals.
This monetary economy individuals trade goods or services for money and then use this money to buy the goods or services that they wish to acquire.
_______ theory carried with it key foundational problems surrounding the very concept of rationality in a game-theoretic setting.
He is an English philosopher who laid the foundation for British Utilitarian microeconomics in his Introduction to the Principles of Morals and Legislation.
This is one of the parts of the Swedish welfare state, which most resembles the image of a general welfare state.
_______ held that the utilities of different commodities were not independent with some commodities functioning as substitutes or complements for each other or the consumption of a commodity affecting the utility of another commodity in some fashion.
This was an analysis of how decisions were made regarding the management of resources.
_______ considered that claim to residue refers to residual rights of control with the implication that those with claims regarding the ownership of residue are the contractual controllers in respect of actions concerning the assets and have the final decision and also that they bear operational profits and losses independently.
This _______ is individual that trade goods or services for money and then use this money to buy the goods or services that they wish to acquire.
_______ developed an analysis of the moral system called The Theory of Moral Sentiments, then an economic system called The Wealth of Nations.
He emphasized that networks tend to be situational wherein getting a pension involves interaction with officials in a large bureaucratic organization, whereas organizing a social evening for a church depends on informal personal networks.
Enrico Barone led the way in developing both the conceptual framework and the theoretical tools wherein he coined the term incentive compatibility.
The Germans are often regarded as the first important contributors to Western culture.
Bureaucratic organizations are predictably expected to deliver goods and services to individuals as citizens and customers.
Yin Zhaoliang succinctly defines corporate control as the power exercised over the company with varying degrees of influence by shareholders or those with related benefits.
Mechanisms of restraint in corporate control can be examined with regard to internal and external mechanisms. Internal control mechanisms are also known as the company's internal governance structure.
_______ is if the quantity of the good demanded exceeds the quantity supplied at a zero price.
This is for the most part not a universal system proper connected to citizens' rights, but rather best described as wage-labor based which to some extent even workfare rather than welfare wherein it is not tax financed but financed through compulsory payments on the wage to a nationally administered social security system.
Saving consists, in essence, in employing labor now in a way which will yield its fruits in the future.
He draws an analogy between the Principles of Maximum Energy and the Principles of Greatest Happiness.
This individual trade goods or services for money and then use this money to buy the goods or services that they wish to acquire.
India's Company Law provides that companies can take two forms, namely limited liability companies or joint stock limited companies.
_______ includes the decision's initial proposal and its implementation after authorization while decision control includes the examination and approval of the proposed decision and supervision of its implementation.
_______ and _______ argued that similar benefits accrue from international specialization and trade.
Another of the Ten Principles of Economics is that the cost of something is what you give up to get it, one good as measured in terms of the other good.
Adam Smith developed an analysis of the moral system called The Theory of Moral Sentiments as well an economic system called The Wealth of Nations.
When _______ and _______ span there were evidently a spade and a spindle already in existence.
________ are a necessary part of a modern society, which by definition requires impersonal bureaucratic organizations of state and market that can routinely produce complex goods such as automobiles and services such as university education.
The category of "land" includes all natural resources wherein these natural resources include the land itself, as well as any minerals, oil deposits, timber, or water that exists on or below the ground.
Self-interested people may donate their time to charitable organizations, give gifts to loved ones, contribute to charities and engage in other similarly altruistic activities.
Households and firms interact in two types of markets wherein in the markets for goods and services, firms are buyers and households are sellers.
This may be used as a tool to aid in the decision making process.
He was the successor to Walras at the University of Lausanne whose name has been associated with the basic criteria used as a measure of efficiency.
The only part of the theory of value which treats of the short period, in which the technological stock of capital equipment is given, has any application.
He has been given ample room in the columns to put forward the case wherein he argues that income social security is an ever-increasing burden on the welfare state.
________ is not a static body of truths, rather, it is an expression of a perspective about economic activities during a particular historical period.
U.S. Federal Securities Act provides control which means the power to exercise a controlling influence over a company's operational management or general and specific policies or the activity of a natural person directly or indirectly whether by voting a contract or other means.
The purpose of which is to keep the price of a good above the market equilibrium price.
He wrote a famous typology of welfare regimes under capitalism.
This kind of economist thinks of a position of equilibrium as a position towards which an economy is tending to move as time goes by.
This is when capital equipment is given only part of the theory of value which treats of the short period.
The theory of the market for corporate control was first put forward by Professor _______ of the Washington University Law School in 1965.
Goods that are used to produce other goods or services are called _______ and are also known as inputs or factors of production.
This is the leading Swedish daily journal that has consistently in its editorial pages campaigned for social security reforms.
This studied human activities involved with "wealth-getting" which could be unnatural as well as natural.
_______ and _______ started from observed disequilibrium and through a process of adjustments, they approached general equilibrium.
________ of corporate governance are mainly reflected in the market for corporate control and especially in contention for control rights.
According to him, if private parties can bargain without cost over the allocation of resources, then the private market will always solve the problem of externalities and allocate resources efficiently.
He discussed how a judicious government can increase welfare wherein the full-fledged version of the modern welfare theory was fleshed out in The Economics of Welfare.
The process of accumulation consists in refraining from consuming current output in order to add to thestock of wealth.
Absolute advantage is the production of a ________ if the individual can produce more than the other individuals.
A single largest social security system is the old age insurance for those over 20 years of age.
Investment is making current products available for the workers to consume in the meantime.
This is the only consistently significant socio-economic influence wherein older people tend to have less income security.
This can never be expended in a pure form.
Goods that are used to produce other goods or services are called economic resources and are also known as inputs or factors of production.
The characteristic by which goods are specified and that they have value that is purchasing power over each other wherein the list of goods is quite specific with so many actual particular objects is called ________.
The General Equilibriumtheory came about in the latter half of the 19th century explicitly in the form of Leon Walras' 1874 work, Elements of Pure Economics, and subsequently with the addition of graphical representation in his 1892 paper "Geometrical Theory of the Determination of Prices".
Economist also uses models to learn about the world but instead of being made of plastic, they are most often composed of diagrams and equations.
_______ produce goods and services using inputs, such as labor, land, and capital (buildings and machines).
_______ analyzed the process by which a social welfare function might be formulated, arguing that a social welfare function is only a valid concept if it is derived from the preferences of the individuals composing the society.
He argued that backward nations in the OECD were rather catching up with Sweden than Sweden lagging behind.
This local market demand for a product includes both domestic and foreign demand.
The law of supply is the inverse relationship exists between the price of a good and the quantity demanded in a given time period.
These arguments gained ground from 1980 and onwards in Swedish public debate wherein this has been conducted in a setting of some irony and with a portion of outright dishonesty.
This mechanism is a system of side-payments which introduced to the individual alongside the willingness to pay.
This welfare consists of means and needs tested benefits, which are administered at the local levels.
The category of land includes all natural resources and these natural resources include the land itself, as well as any minerals, oil deposits, timber, or water that exists on or below the ground.
The comparative advantage production of a good is if the individual can produce more than the other individuals.
These are taken into account that includes the demand for a product both domestic and foreign demand.
This _______ may be used as a tool to aid in the decision making process.
John Stuart Mill can be regarded as a ________ writer, he connects the Classical economists and Utilitarianism to the development of market oriented microeconomics.
This model has for some time attracted attention worldwide wherein in the golden era of welfare capitalism, it was hailed left and right for its unique combination of a capitalist ownership structure and a social market.
The main system of protection from income-loss and/or absence from the labor market in Sweden remains the overall social security system.
Professor _______ of the U.S. Corporate Governance Authority and the Wharton School stated that the American enterprise system has been transformed from "management capitalism" with de facto management control to "investor capitalism" where the investor exercise effective constraints on managers.
Stefan Folster and Fredrik Bergstrom summarize their results that the intersection between the official lie and the ________ has created unstable welfare systems.
He is largely responsible for the simplification of Bentham's utilitarian philosophy as is has come to be used as a foundation for mainstream microeconomics.
Professor Michael Jensen of the U.S. Corporate Governance Authority and the Wharton School stated that the American enterprise system has been transformed from "management capitalism" with de facto management control to "investor capitalism" where the investor exercise effective constraints on managers.
This is un-invested finance which is a sum of money while the net receipts of a business are sums of money.
_______ includes the cost of capital goods, and since they must be constructed before they can be used, part of which is interest over the period of time between the moment when work was done in constructing capital goods and the time when they are producing a stream of output.
These is consists, in essence, in employing labor now in a way which will yield its fruits in the future.
_______ had diagnosed the Great Depression of the 1930s as a failure of aggregate demand.
In China, transactions in enterprise control rights began in 1984 in such cities as Baoding and Wuhan.
_______ was substantially criticized if not undermined by the argument that interpersonal comparisons of utility had no scientific basis.
Lenism developed the party as an organization with the totalitarian vocation of abolishing informal social networks and mobilizing the population into party-led formal organizations covering every sphere of social life.
In the theory of the market for corporate control, the conduct of takeovers by companies in that market and the accompanying threat of takeover are external control mechanisms, which can reduceagency costs.
A _______ buys a machine readymade pays a price for it which includes profit to the capitalist who sells it.
United Kingdom Company Law provides that companies can take two forms, namely limited liability companies or joint stock limited companies.
Manufacturers own the factors of production and consume all the goods and services that the firms produce.
_______ is a pioneer and advocate of social choice theory and he attacked the notion of the abstract individual subject displaying a rarefied form of social behavior integral to the history of economic theory as too simplistic.
He paints a vivid picture of the demerits of the welfare state in this relation.
Walras and Pareto started from observed disequilibrium and through a process of adjustments, they approached general equilibrium.
Regional cost defined as the additional cost associated with a one-unit increase in the level of the activity.
________ is a market system in which goods or services is traded directly for other goods or services.
According to Mill's theorem, if private parties can bargain without cost over the allocation of resources, then the private market will always solve the problem of externalities and allocate resources efficiently.
This result has tried to modify the axioms to resolve the conflict between individual and social orderings but no fully satisfactory solution has been found.
It comes to employ a particular methodological outlook where theory was understood to correspond with truth and was prior to the dissembling world of praxis called _______.
________ is the study of decisions, relationships and behavioral patterns of individuals, families, organizations, industries and markets.
_______ refers to the ability to organize production and bear risks.
_______ people may donate their time to charitable organizations, give gifts to loved ones, contribute to charities and engage in other similarly altruistic activities.
The _______ are often regarded as the first important contributors to Western culture.
They own the factors of production and consume all the goods and services that the firms produce.
This implies the existence of tradeoffs wherein these tradeoffs can be illustrated quite nicely by a production possibilities frontier.
The separation of ownership and control refers to the phenomenon of the almost total lack of control rights or lack of direct control rights over company management policy by shareholders in privately held corporations.
This version was first introduced by Dupuit (1844), in which he studied the value of a large project.
General equilibrium model explains how ________ used to produce a set of goods that will result in the maximum social wealth.
The Economic Rule is a first best policy rule for public provision where it presupposes that the government or social planner can collect revenue by using lump-sum taxes.
Zhu Yikun considered that claim to residue refers to residual rights of control with the implication that those with claims regarding the ownership of residue are the contractual controllers in respect of actions concerning the assets and have the final decision and also that they bear operational profits and losses independently.
They called these taxes the welfare optimizing or improving taxes under externalities.
________ theory exemplifies how far contemporary neoclassical economics has come from a time when rationally maximizing behavior on the part of individuals was thought to be necessary for a coherent economic model.
This is a first best policy rule for public provision wherein it presupposes that the government or social planner can collect revenue by using lump-sum taxes.
They are the one who founded the modern utilitarian framework in Economics.
Zhu Yikun succinctly defines corporate control as the power exercised over the company with varying degrees of influence by shareholders or those with related benefits.
Micro-economic theories conventionally conceive of welfare as the outcome of individual ________, particularly income.
_______ of restraint in corporate control can be examined with regard to internal and external mechanisms.
These are far distant system from Weber's ideal-type modern society or Putnam's civic democracy wherein many of the organizational pathologies found there also exist in other parts of the world.
This is defined as the additional cost associated with a one-unit increase in the level of the activity.
There is a quantity which can be translated from one number to another by changing the unit and this is calledequilibrium.
Individuals are assumed to select the alternative(s) that they believe will make them happiest, given the information that they possess at the time of the decision.
He developed an analysis of the moral system (The Theory of Moral Sentiments), then an economic system (The Wealth of Nations).
Babbage pioneered the use of utilitarian calculus to obtain judgments about the social interest by aggregating the personal interests of different individuals in the form of their respective utilities.
Internal control mechanisms of corporate governance are mainly reflected in the market for corporate control and especially in contention for control rights.
_______ is a type of reasoning that is amenable in principle to a multiplicity of player types such as own-gain maximizes and those preferring equality.
He took the distributional issue quite a bit further when he made two key contributions to existing theory.
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