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Economics

basics of economics

Contributors in Economics

Economics

Producer surplus

Economy; Economics

The difference between what a supplier is paid for a good or service and what it cost to supply. Added to consumer surplus, it provides a measure of the total economic benefit of a sale.

Perfect competition

Economy; Economics

The most competitive market imaginable. Perfect competition is rare and may not even exist. It is so competitive that any individual buyer or seller has a negligible impact on the market price. ...

Percentile

Economy; Economics

Part of the "ile" family that signposts positions on a scale of numbers (see also quartile). The top percentile on, say, the distribution of income, is the richest 1% of the population.

Percentage point

Economy; Economics

A unit of size, a one-hundredth of the total. Not to be confused with percentage change. When something increases by 1 percentage point this may be quite different from a 1% increase. For instance, ...

Peak pricing

Economy; Economics

When capacity is fixed and demand varies during a time period, it may make sense to charge above-average prices when demand peaks. Because this will divert some peak demand to cheaper off-peak ...

Path dependence

Economy; Economics

History matters. Where you have been in the past determines where you are now and where you can go in future. Indeed, even small, apparently trivial, differences in the path you have taken can have ...

Patents

Economy; Economics

In 1899 the commissioner of the American Office of Patents recommended that his office be abolished because "everything that can be invented has been invented". The fact that there has been so much ...

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