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In the absence of the opportunity to hold a risk-free asset, this region is the opportunity set (the feasible set). The positively sloped (upward-sloped) top boundary of this region is a portion of a hyperbola , [ 4 ] and is called the "efficient frontier".
In ethical philosophy, utilitarianism is a family of normative ethical theories that prescribe actions that maximize happiness and well-being for the affected individuals. [1] [2] In other words, utilitarian ideas encourage actions that ensure the greatest good for the greatest number.
TANSTAAFL: a plan for a new economic world order by Pierre Dos Utt (1949). The earliest known occurrence of the full phrase (except for the "a"), in the form "There ain't no such thing as free lunch", appears as the punchline of a joke related in an article in the El Paso Herald-Post of June 27, 1938 (and other Scripps-Howard newspapers about the same time), entitled "Economics in Eight Words".
Opportunity costs occur when a person must give up something that they normally would not for the sake of the relationship. Outcome Transformation . Outcome transformation is the concept that individuals may take into account their own outcomes as well as the outcome for the other individual in the interaction.
When technological progress occurs, the supply curve shifts. For example, assume that someone invents a better way of growing wheat so that the cost of growing a given quantity of wheat decreases. Otherwise stated, producers will be willing to supply more wheat at every price and this shifts the supply curve S 1 outward, to S 2 —an increase ...
A good can be produced at a lower relative opportunity cost or autarky price, i.e. at a lower relative marginal cost prior to trade. [1] Comparative advantage describes the economic reality of the gains from trade for individuals, firms, or nations, which arise from differences in their factor endowments or technological progress. [2]
Amazon websites are country-specific (for example, amazon.com for the U.S. and amazon.co.uk for UK) though some offer international shipping. [49] Visits to amazon.com grew from 615 million annual visitors in 2008, [50] to more than 2 billion per month in 2022. [citation needed] The e-commerce platform is the 12th most visited website in the ...
The co-operative behaviour of social insects like the honey bee can be explained by kin selection.. Kin selection is a process whereby natural selection favours a trait due to its positive effects on the reproductive success of an organism's relatives, even when at a cost to the organism's own survival and reproduction. [1]