Economics

Bertrand competition is a model of competition found in economics, named after Joseph Louis François Bertrand (1822–1900). It describes relationship among firms (sellers) of which…

Coercive monopoly is usually a business concern which is operating in an environment where competitors are being prevented from going into the field, that the…

Natural Monopoly is a variety of monopoly that exists caused by the high set or start-up expenses of operating a profitable business in a distinct…

Social division of labor, one of each aspects of the division of labor, is the societal structural foundation of the specialized commodity output divided between…

Corporate republic is a theoretical form of government occasionally hypothesized throughout works of scientific disciplines fiction, though some historical nations for example medieval Florence might…

Division of Labor is the narrow specialization of tasks in a production process to ensure each worker can become a specialist in doing a very…

Surplus labor is a concept used by Karl Marx in his critique of political economy. It means labor performed more than the labor important to…

Labor Theory of Value is an economic theory that stipulates that this value of a great or service is determined by the labor found in…

Time Based Currency is a currency whose value is based on one man-hour regarding labor. A time-based currency is usually an alternative form of currency…

Transaction Cost expenses incurred when selling or buying securities. Transaction expenses include broker’s income and spreads. The transaction cost to buyers and sellers include the…

The endowment effect talks about a circumstance during which an individual values something they already own more than something which they don’t yet own. Sometimes…

Ambiguity aversion or uncertainty aversion is a preference for acknowledged risks over unfamiliar risks. An ambiguity averse individual would prefer to choose an alternative the…