Making things like cars or frozen food has shrunk in importance in most developed countries during the past half century as services have grown. In the United States and the UK, ...
The stuff that enables people to earn a living. Human capital can be increased by investing in education, training and health care. Economists increasingly argue that the ...
Production costs that do not change when the quantity of output produced changes, for instance, the cost of renting an office or factory space. Contrast with variable costs.
A middleman. An individual or institution that brings together investors (the source of funds) and users of funds (such as borrowers). May be increasingly at risk of ...
Sales abroad. Exports grew steadily as a share of world output during the second half of the 20th century. Yet by some measures this share was no higher than at the end of the ...
What people assume about the future, especially when they make decisions. Economists debate whether people have irrational or rational expectations, or adaptive expectations that ...
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