Author: lixin

Goods are items that are usually (but not always) tangible, such as pens or apples. Services are activities provided by other people, such as teachers or barbers. Taken together, it is the production, distribution, and consumption of goods and services which underpins all economic activity and trade. According to economic theory, consumption of goods and…

Consumption is the act of using resources to satisfy current needs and wants.[1] It is seen in contrast to investing, which is spending for acquisition of future income.[2] Consumption is a major concept in economics and is also studied in many other social sciences. Different schools of economists define consumption differently. According to mainstream economists,…

In economics, distribution is the way total output, income, or wealth is distributed among individuals or among the factors of production (such as labour, land, and capital).[1] In general theory and in for example the U.S. National Income and Product Accounts, each unit of output corresponds to a unit of income. One use of national…

Production is the process of combining various inputs, both material (such as metal, wood, glass, or plastics) and immaterial (such as plans, or knowledge) in order to create output. Ideally this output will be a good or service which has value and contributes to the utility of individuals.[1] The area of economics that focuses on…

Economics (/ˌɛkəˈnɒmɪks, ˌiːkə-/)[1][2] is a social science that studies the production, distribution, and consumption of goods and services.[3][4] Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyses what is viewed as basic elements within economies, including individual agents and markets, their interactions, and the outcomes of interactions. Individual…

Liability refers to the following: Law Legal liability, in both civil and criminal law Public liability, part of the law of tort which focuses on civil wrongs Product liability, the area of law in which manufacturers, distributors, suppliers, retailers, and others who make products available to the public are held responsible for the injuries those…

In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value of ownership that can be converted into cash (although cash itself is also considered an asset).[1] The balance sheet…

A currency[a] is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins.[1][2] A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state.[3] Under this…

Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context.[1][2][3] The primary functions which distinguish money are: medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred…

An academic discipline or academic field is a subdivision of knowledge that is taught and researched at the college or university level. Disciplines are defined (in part) and recognized by the academic journals in which research is published, and the learned societies and academic departments or faculties within colleges and universities to which their practitioners…