Economics

Economics

basics of economics

Industry: Economy

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Economics

Competitive advantage

Economy; Economics

Something that gives a firm (or a person or a country) an edge over its rivals.

Competition

Economy; Economics

The more competition there is, the more likely are firms to be efficient and prices to be low. Economists have identified several different sorts of competition. Perfect competition is the most ...

Comparative advantage

Economy; Economics

Paul Samuelson, one of the 20th century's greatest economists, once remarked that the principle of comparative advantage was the only big idea that economics had produced that was both true and ...

The enemy of capitalism and now nearly extinct. Invented by Karl Marx, who predicted that feudalism and capitalism would be succeeded by the "dictatorship of the proletariat", during which the state ...

Commodity

Economy; Economics

A comparatively homogeneous product that can typically be bought in bulk. It usually refers to a raw material – oil, cotton, cocoa, silver – but can also describe a manufactured product used to make ...

Commoditization

Economy; Economics

The process of becoming a commodity. Micro¬chips, for example, started out as a specialised technical innovation, costing a lot and earning their makers a high profit on each chip. Now chips are ...