46 relations: Adam Smith, Agent (economics), Antoine Augustin Cournot, Capitalism, Cartel, Classical economics, Competition law, Console exclusivity, Consumer sovereignty, Economic equilibrium, Economic liberalism, Economics, Edgeworth's limit theorem, Effective competition, Evergreening, Externality, Fixed cost, General equilibrium theory, George Stigler, Globalization, Imperfect competition, Jeffrey M. Perloff, Mark Blaug, Market (economics), Market power, Marketing mix, Mercantilism, Microeconomics, Monopoly, Natural monopoly, Oligopoly, Pareto efficiency, Perfect competition, Protectionism, Public good, Resource, Scarcity, Self-competition, Sugar industry, Tariff, Term (time), The New Palgrave Dictionary of Economics, The Review of Economic Studies, The Wealth of Nations, Theory of the second best, X-inefficiency.
Adam Smith (16 June 1723 NS (5 June 1723 OS) – 17 July 1790) was a Scottish economist, philosopher and author as well as a moral philosopher, a pioneer of political economy and a key figure during the Scottish Enlightenment era.
In economics, an agent is an actor and more specifically a decision maker in a model of some aspect of the economy.
Antoine Augustin Cournot (28 August 180131 March 1877) was a French philosopher and mathematician who also contributed to the development of economics theory.
Capitalism is an economic system based upon private ownership of the means of production and their operation for profit.
A cartel is a group of apparently independent producers whose goal is to increase their collective profits by means of price fixing, limiting supply, or other restrictive practices.
Classical economics or classical political economy (also known as liberal economics) is a school of thought in economics that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century.
Competition law is a law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies.
Console exclusivity refers to the status of a video game being released on only one video game console.
Consumer sovereignty is an economic concept described by William Harold Hutt in his book Economists and the Public:A Study of Competition and Opinion (1936).
In economics, economic equilibrium is a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change.
Economic liberalism is an economic system organized on individual lines, which means the greatest possible number of economic decisions are made by individuals or households rather than by collective institutions or organizations.
Economics is the social science that studies the production, distribution, and consumption of goods and services.
Edgeworth's limit theorem is an economic theorem created by Francis Ysidro Edgeworth that examines a range of possible outcomes which may result from free market exchange or barter between groups of people.
Effective competition is a concept first proposed by John Maurice Clark, then under the name of "workable competition," as a "workable" alternative to the economic theory of perfect competition, as perfect competition is seldom observed in the real world.
Evergreening is any of various legal, business and technological strategies by which producers extend their patents over products that are about to expire, in order to retain royalties from them, by either taking out new patents (for example over associated delivery systems, or new pharmaceutical mixtures), or by buying out, or frustrating competitors, for longer periods of time than would normally be permissible under the law.
In economics, an externality is the cost or benefit that affects a party who did not choose to incur that cost or benefit.
In economics, fixed costs, indirect costs or overheads are business expenses that are not dependent on the level of goods or services produced by the business.
In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium.
George Joseph Stigler (January 17, 1911 – December 1, 1991) was an American economist, the 1982 laureate in Nobel Memorial Prize in Economic Sciences and a key leader of the Chicago School of Economics.
Globalization or globalisation is the process of interaction and integration between people, companies, and governments worldwide.
In economic theory, imperfect competition is a type of market structure showing some but not all features of competitive markets.
Jeffrey M. Perloff is an American economics professor at the University of California, Berkeley.
Mark Blaug FBA (3 April 1927 – 18 November 2011) was a Dutch-born British economist (naturalised in 1982), who covered a broad range of topics during his long career.
A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange.
In economics and particularly in industrial organization, market power is the ability of a firm to profitably raise the market price of a good or service over marginal cost.
The marketing mix (also known as the 4 Ps) is a foundation model in marketing.
Mercantilism is a national economic policy designed to maximize the trade of a nation and, historically, to maximize the accumulation of gold and silver (as well as crops).
Microeconomics (from Greek prefix mikro- meaning "small") is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.
A monopoly (from Greek μόνος mónos and πωλεῖν pōleîn) exists when a specific person or enterprise is the only supplier of a particular commodity.
A natural monopoly is a monopoly in an industry in which high infrastructural costs and other barriers to entry relative to the size of the market give the largest supplier in an industry, often the first supplier in a market, an overwhelming advantage over potential competitors.
An oligopoly (from Ancient Greek ὀλίγος (olígos) "few" + πωλεῖν (polein) "to sell") is a market form wherein a market or industry is dominated by a small number of large sellers (oligopolists).
Pareto efficiency or Pareto optimality is a state of allocation of resources from which it is impossible to reallocate so as to make any one individual or preference criterion better off without making at least one individual or preference criterion worse off.
In economics, specifically general equilibrium theory, a perfect market is defined by several idealizing conditions, collectively called perfect competition.
Protectionism is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations.
In economics, a public good is a good that is both non-excludable and non-rivalrous in that individuals cannot be effectively excluded from use and where use by one individual does not reduce availability to others.
A resource is a source or supply from which a benefit is produced.
Scarcity refers to the limited availability of a commodity, which may be in demand in the market.
In business, self-competition is competition by a company with itself for customers.
The sugar industry subsumes the production, processing and marketing of sugars (mostly saccharose and fructose).
A tariff is a tax on imports or exports between sovereign states.
A term is a period of duration, time or occurrence, in relation to an event.
The New Palgrave Dictionary of Economics (2008), 2nd ed., is an eight-volume reference work on economics, edited by Steven N. Durlauf and Lawrence E. Blume and published by Palgrave Macmillan.
The Review of Economic Studies (also known as RESTUD) is a quarterly peer-reviewed academic journal covering economics.
An Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, is the magnum opus of the Scottish economist and moral philosopher Adam Smith.
In economics, the theory of the second best concerns the situation when one or more optimality conditions cannot be satisfied.
X-inefficiency is the difference between efficient behavior of businesses assumed or implied by economic theory and their observed behavior in practice caused by a lack of competitive pressure.