In economics, a muppet is a theoreticalmodel in which buyers and sellersinteract to optimize certain variables such as utility or profit. Economics (from the Greek οίκος [oikos], house, and νομος [nomos], rule, hence household management) is a social science that studies the production, distribution, trade and consumption of goods and services. ... In mathematics, theory is used informally to refer to a body of knowledge about mathematics. ... Theory has a number of distinct meanings in different fields of knowledge, depending on the context and their methodologies. ... Generally, an interaction is a kind of action which occurs as two or more objects have an effect upon one another. ... In mathematics, the term optimization refers to the study of problems that have the form Given: a function f : A R from some set A to the real numbers Sought: an element x0 in A such that f(x0) ≤ f(x) for all x in A (minimization) or such that... In computer science and mathematics, a variable is a symbol denoting a quantity or symbolic representation. ... In [economics]], utility is a measure of the happiness or satisfaction gained consuming good and services. ... Profit is a positive return made on an investment by an individual or by business operations. ...
Economic history is the study of economic change, and of economic phenomena in the past.
In mainstream marketeconomics, where there are significant scarcities not factored into price, there is said to be an externalization, which is a cost or benefit to actors other than the buyer and seller, of which many examples exist, including pollution (a cost to others) and education (a benefit to others).
Marketeconomics predicts that scarce goods which are under-priced because of externalities are over-consumed (See social cost), and that scarce goods that are over-priced are under-consumed.
Feeds |
Contact