Microeconomics
Microeconomics (from Greek prefix mikro- meaning "small" and economics) is a branch of economics that studies the behavior of individuals and small impacting organizations in making decisions on the a...
Microeconomics - Wikipedia
The rise of the 'new rich': 1 in 5 Americans will reach affluence in their lives
It’s not just the wealthiest 1 percent. Fully 20 percent of U.S. adults become rich for parts of their lives, wielding outsize influence on America’s economy and politics. This little-known group may ...
Angus Deaton Wins Nobel Prize In Economics
A British-born Princeton professor, Angus Deaton, has won the Nobel prize in economics for his work charting global developments in health, wellbeing and inequality. The Nobel Committee said the econo...
Young Presidents' Organization – YPO | 10 Questions With… Dan Price, Entrepreneur of 2014
What does it mean to be Entrepreneur of the Year? Meet YPO member Dan Price, CEO of Gravity Payments.
CEO Slashes $1 Million Salary To Give Lowest-Paid Workers A Raise
Three weeks ago, Dan Price took a $930,000 pay cut. Growing income inequality had been on his mind for months. But as he went for a hike with a friend one afternoon and listened to her describe her st...
Opportunity cost
In microeconomic theory, the opportunity cost of a choice is the value of the best alternative forgone, in a situation in which a choice needs to be made between several mutually exclusive alternative...
Behavioral economics
Behavioral economics and the related field, behavioral finance, study the effects of psychological, social, cognitive, and emotional factors on the economic decisions of individuals and institutions a...
Capital (economics)
Capital is a type of good that can be consumed now, but if consumption is deferred an increased supply of consumable goods will be available later. Adam Smith defines capital as "That part of a man's...
Classical economics
Classical economics is widely regarded as the first modern school of economic thought. Its major developers include Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Malthus and John Stuart Mill.A...
Consumer theory
In microeconomics, the theory of consumer choice relates preferences (for the consumption of both goods and services) to consumption expenditures; ultimately, this relationship between preferences and...
Consumer theory - Wikipedia
Economic engineering
Engineering economics, previously known as engineering economy, is a subset of economics for application to engineering projects. Engineers seek solutions to problems, and the economic viability of ea...
Income distribution
In economics, income distribution is how a nation’s total GDP is distributed amongst its population.Income and its distribution have always been a central concern of economic theory and economic polic...
Income distribution - Wikipedia
Production theory
Production theory is the study of production, or the economic process of converting inputs into outputs. Production uses resources to create a good or service that is suitable for use, gift-giving in...
Production theory - Wikipedia
Indifference curve
In microeconomic theory, an indifference curve is a graph showing different bundles of goods between which a consumer is indifferent. That is, at each point on the curve, the consumer has no preferenc...
Indifference curve - Wikipedia
Hotelling's lemma
Hotelling's lemma is a result in microeconomics that relates the supply of a good to the profit of the good's producer. It was first shown by Harold Hotelling, and is widely used in the theory of the...
The rise of the 'new rich': 1 in 5 Americans will reach affluence in their lives
It’s not just the wealthiest 1 percent. Fully 20 percent of U.S. adults become rich for parts of their lives, wielding outsize influence on America’s economy and politics. This little-known group may ...
Public capital
Public capital is the aggregate body of government-owned assets that are used as the means for private productivity. Such assets span a wide range including: large components such as highways, airport...
Overchoice
Overchoice, also referred to as "choice overload", is a term describing a problem facing consumers in the postindustrial society: too many choices. The term was first introduced by Alvin Toffler in hi...
Excess supply
For the opposite, see: excess demand (also called shortage)In economics, excess supply (also called surplus) is a situation in which the quantity of a good or service supplied is more than the quantit...
Excess supply - Wikipedia
Lexicographic preferences
Lexicographic preferences or lexicographic orderings (lexicographical order based on the order of amount of each good) describe comparative preferences where an economic agent prefers an amount of one...
Bliss point
Bliss point may refer to: