Economics

In economics, a duty is a target-specific form of tax levied by a state or other political entity. It is often associated with customs, in which context they are also known as tariffs or dues. The term is often used to describe a tax on certain items purchased abroad.

A duty is levied on specific commodities, financial transactions, estates, etc. rather than being a direct imposition on individuals or corporations such income or property taxes. Examples include customs duty, excise duty, stamp duty, estate duty, and gift duty.

Regulatory economics is the application of law by government or regulatory agencies for various economics-related purposes, including remedying market failure, protecting the environment and economic management.

Liberal arts education (from Latin liberalis 'free' and ars 'art or principled practice') is a traditional academic course in Western higher education, which traditionally covers the natural sciences, social sciences, arts, and humanities. Liberal arts takes the term art in the sense of a learned skill rather than specifically the fine arts. Liberal arts education can refer to studies in a liberal arts degree course or to a university education more generally. Such a course of study contrasts with those that are principally vocational, professional, or technical, as well as religiously based courses.

The term liberal arts for an educational curriculum dates back to classical antiquity in the West, but has changed its meaning considerably, mostly expanding it. The seven subjects in the ancient and medieval meaning came to be divided into the trivium of rhetoric, grammar, and logic, and the quadrivium of astronomy, arithmetic, geometry, and music. Liberal arts colleges and schools often have names such as arts and social sciences, arts and sciences and humanities. Liberal arts degrees from today's universities and colleges traditionally include the following disciplines: Anthropology, English, Literature, Fine arts, Foreign languages, Philosophy, Psychology, Sociology, Music, Journalism, Economics, Law, Communications, Architecture, Creative arts, Art, and History. Degrees in Liberal studies are often confused with those in a liberal arts discipline. Liberal studies refers to degrees with a broad curriculum, across multiple liberal arts disciplines and/or sciences and technologies.

Mass media refers to the forms of media that reach large audiences via mass communication. It includes broadcast media, digital media, print media, social media, streaming media, advertising, and events.

Mass media encompasses news, advocacy, entertainment, and public service announcements, and intersects with the study of marketing, propaganda, public relations, political communication, journalism, art, drama, computing, and technology. The influence of mass media on individuals and groups has also been analysed from the standpoint of anthropology, economics, history, law, philosophy, psychology, and sociology.

Data (/ˈdeɪtə/ DAY-tə, US also /ˈdætə/ DAT-ə) are a collection of discrete or continuous values that convey information, describing the quantity, quality, fact, statistics, other basic units of meaning, or simply sequences of symbols that may be further interpreted formally. A datum is an individual value in a collection of data. Data are usually organized into structures such as tables that provide additional context and meaning, and may themselves be used as data in larger structures. Data may be used as variables in a computational process. Data may represent abstract ideas or concrete measurements.Data are commonly used in scientific research, economics, and virtually every other form of human organizational activity. Examples of data sets include price indices (such as the consumer price index), unemployment rates, literacy rates, and census data. In this context, data represent the raw facts and figures from which useful information can be extracted.

Data are collected using techniques such as measurement, observation, query, or analysis, and are typically represented as numbers or characters that may be further processed. Field data are data that are collected in an uncontrolled, in-situ environment. Experimental data are data that are generated in the course of a controlled scientific experiment. Data are analyzed using techniques such as calculation, reasoning, discussion, presentation, visualization, or other forms of post-analysis. Prior to analysis, raw data (or unprocessed data) is typically cleaned: Outliers are removed, and obvious instrument or data entry errors are corrected.

In the mathematical field of dynamical systems, an attractor is a set of states toward which a system tends to evolve, for a wide variety of starting conditions of the system. System values that get close enough to the attractor values remain close even if slightly disturbed.

In finite-dimensional systems, the evolving variable may be represented algebraically as an n-dimensional vector. The attractor is a region in n-dimensional space. In physical systems, the n dimensions may be, for example, two or three positional coordinates for each of one or more physical entities; in economic systems, they may be separate variables such as the inflation rate and the unemployment rate.

In mathematics, a differential equation is an equation that relates one or more unknown functions and their derivatives. In applications, the functions generally represent physical quantities, the derivatives represent their rates of change, and the differential equation defines a relationship between the two. Such relations are common in mathematical models and scientific laws; therefore, differential equations play a prominent role in many disciplines including engineering, physics, economics, and biology.

The study of differential equations consists mainly of the study of their solutions (the set of functions that satisfy each equation), and of the properties of their solutions. Only the simplest differential equations are solvable by explicit formulas; however, many properties of solutions of a given differential equation may be determined without computing them exactly.

An institution is a humanly devised structure of rules and norms that shape and constrain social behavior. All definitions of institutions generally entail that there is a level of persistence and continuity. Laws, rules, social conventions and norms are all examples of institutions. Institutions vary in their level of formality and informality. Institutions embody a great deal of knowledge of how to do things in society and have been described as the social science equivalent of theories in the natural sciences.

Institutions are a principal object of study in social sciences such as political science, anthropology, economics, and sociology (the latter described by Émile Durkheim as the "science of institutions, their genesis and their functioning"). Primary or meta-institutions are institutions such as the family or money that are broad enough to encompass sets of related institutions. Institutions are also a central concern for law, the formal mechanism for political rule-making and enforcement. Historians study and document the founding, growth, decay and development of institutions as part of political, economic and cultural history.

An economist is a professional and practitioner in the social science discipline of economics.

The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophical theories to the focused study of minutiae within specific markets, macroeconomic analysis, microeconomic analysis or financial statement analysis, involving analytical methods and tools such as econometrics, statistics, economics computational models, financial economics, regulatory impact analysis and mathematical economics.

In economics, resource allocation is the assignment of available resources to various uses. In the context of an entire economy, resources can be allocated by various means, such as markets, or planning.

In project management, resource allocation or resource management is the scheduling of activities and the resources required by those activities while taking into consideration both the resource availability and the project time.