Economics is a social science that studies the production, distribution, and consumption of goods and services.
In economics, stagflation or recession-inflation is a situation in which the inflation rate is high or increasing, the economic growth rate slows, and unemployment remains steadily high. It presents a dilemma for economic policy, since actions intended to lower inflation may exacerbate unemployment.
This aims to be a complete article list of economics topics:
A non-renewable resource is a natural resource that cannot be readily replaced by natural means at a pace quick enough to keep up with consumption. An example is carbon-based fossil fuels. The original organic matter, with the aid of heat and pressure, becomes a fuel such as oil or gas. Earth minerals and metal ores, fossil fuels and groundwater in certain aquifers are all considered non-renewable resources, though individual elements are always conserved.
In theories of competition in economics, a barrier to entry, or an economic barrier to entry, is a fixed cost that must be incurred by a new entrant, regardless of production or sales activities, into a market that incumbents do not have or have not had to incur. Because barriers to entry protect incumbent firms and restrict competition in a market, they can contribute to distortionary prices and are therefore most important when discussing antitrust policy. Barriers to entry often cause or aid the existence of monopolies and oligopolies, or give companies market power. Barriers of entry also have an importance in industries. First of all it is important to identify that some exist naturally, such as brand loyalty. Governments can also create barriers to entry to meet consumer protection laws, protecting the public. In other cases it can also be due to inherent scarcity of public resources needed to enter a market.
Artificial scarcity is scarcity of items despite the technology for production or the sufficient capacity for sharing. The most common causes are monopoly pricing structures, such as those enabled by laws that restrict competition or by high fixed costs in a particular marketplace. The inefficiency associated with artificial scarcity is formally known as a deadweight loss.
Post-scarcity is a theoretical economic situation in which most goods can be produced in great abundance with minimal human labor needed, so that they become available to all very cheaply or even freely.
The International Water Management Institute (IWMI) is a non-profit international water management research organisation under the CGIAR with its headquarters in Colombo, Sri Lanka, and offices across Africa and Asia. Research at the Institute focuses on improving how water and land resources are managed, with the aim of underpinning food security and reducing poverty while safeguarding the environment.
Advanced Placement (AP) Macroeconomics is an Advanced Placement macroeconomics course for high school students that culminates in an exam offered by the College Board.
Water scarcity is the lack of fresh water resources to meet the standard water demand. There are two types of water scarcity: physical water scarcity and economic water scarcity. Physical water scarcity is where there is not enough water to meet all demands, including that needed for ecosystems to function. Arid areas for example Central and West Asia, and North Africa often suffer from physical water scarcity. On the other hand, economic water scarcity is the result of a lack of investment in infrastructure or technology to draw water from rivers, aquifers, or other water sources, or insufficient human capacity to meet the demand for water. Much of Sub-Saharan Africa has economic water scarcity.
Water resources are natural resources of water that are potentially useful for humans, for example as a source of drinking water supply or irrigation water. 97% of the water on the Earth is salt water and only three percent is fresh water; slightly over two-thirds of this is frozen in glaciers and polar ice caps. The remaining unfrozen freshwater is found mainly as groundwater, with only a small fraction present above ground or in the air. Natural sources of fresh water include surface water, under river flow, groundwater and frozen water. Artificial sources of fresh water can include treated wastewater and desalinated seawater. Human uses of water resources include agricultural, industrial, household, recreational and environmental activities.
In economics, scarcity "refers to the basic fact of life that there exists only a finite amount of human and nonhuman resources which the best technical knowledge is capable of using to produce only limited maximum amounts of each economic good." If the conditions of scarcity didn't exist and an "infinite amount of every good could be produced or human wants fully satisfied ... there would be no economic goods, i.e. goods that are relatively scarce..." Scarcity is the limited availability of a commodity, which may be in demand in the market or by the commons. Scarcity also includes an individual's lack of resources to buy commodities. The opposite of scarcity is abundance. Scarcity plays a key role in economic theory, and it is essential for a "proper definition of economics itself".
"The best example is perhaps Walras' definition of social wealth, i.e., economic goods. 'By social wealth', says Walras, 'I mean all things, material or immaterial, that are scarce, that is to say, on the one hand, useful to us and, on the other hand, only available to us in limited quantity'."
Natural resource economics deals with the supply, demand, and allocation of the Earth's natural resources. One main objective of natural resource economics is to better understand the role of natural resources in the economy in order to develop more sustainable methods of managing those resources to ensure their availability for future generations. Resource economists study interactions between economic and natural systems, with the goal of developing a sustainable and efficient economy.
The following outline is provided as an overview of and topical guide to economics:
Hoarding in economics refers to the concept of purchasing and storing a large amount of product belonging to a particular market, creating scarcity of that product, and ultimately driving the price of that product up. Commonly hoarded products include assets such as money, gold and public securities, as well as vital goods such as fuel and medicine. Consumers are primarily hoarding resources so that they can maintain their current consumption rate in the event of a shortage. Hoarding resources can prevent or slow products or commodities from traveling through the economy. Subsequently, this may lead to the product or commodity to becomes scarce, causing the value of the resource to rise.
Ecoflation is a future scenario in "Rattling Supply Chains", a research report by the World Resources Institute and A.T. Kearney, released in November 2008. It is characterized by natural resources becoming scarcer and sustainability issues become more pressing, leading to an increase in the price of commodities. The effects of the increase in the price of commodities are felt by corporations suffering environmental costs being added to their usual cost of doing business. The concept of ecoflation focuses on having environmental externalities of business be the burden of the organization/business responsible, rather than costs being allocated to the general public. Ecoflation represents more accurate pricing of the true costs associated with business actions. The concepts also emphasized the necessity of businesses to be creative and innovative in order to adapt their business models and supply chains to remain competitive on the market. The idea is that the more a business integrates sustainability in their core business principle, the more success they will have.
Peak minerals marks the point in time when the largest production of a mineral will occur in an area, with production declining in subsequent years. While most mineral resources will not be exhausted in the near future, global extraction and production has become more challenging. Miners have found ways over time to extract deeper and lower grade ores with lower production costs. More than anything else, declining average ore grades are indicative of ongoing technological shifts that have enabled inclusion of more 'complex' processing – in social and environmental terms as well as economic – and structural changes in the minerals exploration industry and these have been accompanied by significant increases in identified Mineral Reserves.
Water scarcity in Africa is predicted to reach dangerously high levels by 2025 when it is estimated that about two-thirds of the world's population may suffer from fresh water shortage. The main causes of water scarcity in Africa are physical and economic scarcity, rapid population growth, and climate change. Water scarcity is the lack of fresh water resources to meet the standard water demand. Although Sub-Saharan Africa has a plentiful supply of rainwater, it is seasonal and unevenly distributed, leading to frequent floods and droughts. Additionally, prevalent economic development and poverty issues, compounded with rapid population growth and rural-urban migration have rendered Sub-Saharan Africa as the world's poorest and least developed region.
Scarcity, in the area of social psychology, works much like scarcity in the area of economics. Scarcity is basically how people handle satisfying themselves regarding unlimited wants and needs with resources that are limited. Humans place a higher value on an object that is scarce, and a lower value on those that are in abundance. For example diamonds are more valuable than rocks because diamonds are not as abundant. These perceptions of scarcity can lead to irregular consumer behavior, such as systemic errors or cognitive bias.
Resource efficiency is the maximising of the supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively, with minimum wasted (natural) resource expenses. It means using the Earth's limited resources in a sustainable manner while minimising environmental impact.
