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Hospital emergency codes are coded messages often announced over a public address system of a hospital to alert staff to various classes of on-site emergencies. The use of codes is intended to convey essential information quickly and with minimal misunderstanding to staff while preventing stress and panic among visitors to the hospital.
Agent-based computational economics ( ACE) is the area of computational economics that studies economic processes, including whole economies, as dynamic systems of interacting agents. As such, it falls in the paradigm of complex adaptive systems. [1] In corresponding agent-based models, the "agents" are "computational objects modeled as ...
Market failure. While factories and refineries provide jobs and wages, they are also an example of a market failure, as they impose negative externalities on the surrounding region via their airborne pollutants. In neoclassical economics, market failure is a situation in which the allocation of goods and services by a free market is not Pareto ...
An economic theory that defines wealth by the amount of precious metals owned. business cycle. Also called the economic cycle or trade cycle. The downward and upward movement of gross domestic product (GDP) around its long-term growth trend. The length of a business cycle is the period of time containing a single boom and contraction in sequence.
The New Palgrave: A Dictionary of Economics (1987) is the title of the first New Palgrave edition. It is a four-volume reference edited by John Eatwell, Murray Milgate, and Peter Newman. It has 4,000 pages of entries, including 1,300 subject entries (with 4,000 cross-references), and 655 biographies. There were 927 contributors, including 13 ...
Unfunded mandate. An unfunded mandate is a statute or regulation that requires any entity to perform certain actions, with no money provided for fulfilling the requirements. This can be imposed on state or local government, as well as private individuals or organizations. The key distinction is that the statute or regulation is not accompanied ...
Based on data from the University of Missouri, the average national minimum wage was $3.10 per hour in 1980, which means a barista working 35 hours a week earned roughly $5,642 a year.
By country. Theory. v. t. e. Economic sanctions are commercial and financial penalties applied by states or institutions against states, groups, or individuals. [1] [2] Economic sanctions are a form of coercion that attempts to get an actor to change its behavior through disruption in economic exchange.