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Economic data provide an empirical basis for economic research, whether descriptive or econometric. Data archives are also a key input for assessing the replicability of empirical findings [ 3] and for use in decision making as to economic policy . At the level of an economy, many data are organized and compiled according to the methodology of ...
The economic concept dates back to Adam Smith and the idea of obtaining larger production returns through the use of division of labor. [2] Diseconomies of scale are the opposite. Economies of scale often have limits, such as passing the optimum design point where costs per additional unit begin to increase.
Aggregate data is high-level data which is acquired by combining individual-level data. For instance, the output of an industry is an aggregate of the firms’ individual outputs within that industry. [ 1] Aggregate data are applied in statistics, data warehouses, and in economics. There is a distinction between aggregate data and individual data.
Economics. An economic indicator is a statistic about an economic activity. Economic indicators allow analysis of economic performance and predictions of future performance. One application of economic indicators is the study of business cycles.
Financial forecast. A financial forecast is an estimate of future financial outcomes for a company or project, usually applied in budgeting, capital budgeting and / or valuation. Depending on context, the term may also refer to listed company (quarterly) earnings guidance . For a country or economy, see Economic forecast .
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.
Stocks and flows in accounting. Thus, a stock refers to the value of an asset at a balance date (or point in time), while a flow refers to the total value of transactions (sales or purchases, incomes or expenditures) during an accounting period. If the flow value of an economic activity is divided by the average stock value during an accounting ...
A good's price elasticity of demand ( , PED) is a measure of how sensitive the quantity demanded is to its price. When the price rises, quantity demanded falls for almost any good ( law of demand ), but it falls more for some than for others. The price elasticity gives the percentage change in quantity demanded when there is a one percent ...