Examlex
One consequence of the ongoing globalization of work and migration is that skilled Western workers must now compete against well-educated workers in such low-wage countries as India,where an experienced software programmer earns one-fifth the average salary of a comparable U.S.worker.
Economic Model
A simplified representation of economic processes, often using mathematical formulas or graphs, to analyze behavior and predict outcomes.
Inductive Reasoning
A method of reasoning in which a conclusion is reached based on the observation of specific instances or patterns.
Variable Theory
A conceptual framework that outlines how variables interact within a particular study or model.
Normative Economics
A branch of economics that expresses value judgments about economic fairness or what the outcome of the economy or goals of public policy ought to be.
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