PerceptionPerception () is the organization, identification, and interpretation of sensory information in order to represent and understand the presented information or environment. All perception involves signals that go through the nervous system, which in turn result from physical or chemical stimulation of the sensory system. Vision involves light striking the retina of the eye; smell is mediated by odor molecules; and hearing involves pressure waves.
Visual perceptionVisual perception is the ability to interpret the surrounding environment through photopic vision (daytime vision), color vision, scotopic vision (night vision), and mesopic vision (twilight vision), using light in the visible spectrum reflected by objects in the environment. This is different from visual acuity, which refers to how clearly a person sees (for example "20/20 vision"). A person can have problems with visual perceptual processing even if they have 20/20 vision.
Time perceptionThe study of time perception or chronoception is a field within psychology, cognitive linguistics and neuroscience that refers to the subjective experience, or sense, of time, which is measured by someone's own perception of the duration of the indefinite and unfolding of events. The perceived time interval between two successive events is referred to as perceived duration. Though directly experiencing or understanding another person's perception of time is not possible, perception can be objectively studied and inferred through a number of scientific experiments.
Birth rateBirth rate, also known as natality, is the total number of live human births per 1,000 population for a given period divided by the length of the period in years. The number of live births is normally taken from a universal registration system for births; population counts from a census, and estimation through specialized demographic techniques. The birth rate (along with mortality and migration rates) is used to calculate population growth. The estimated average population may be taken as the mid-year population.
Action-specific perceptionAction-specific perception, or perception-action, is a psychological theory that people perceive their environment and events within it in terms of their ability to act. This theory hence suggests that a person's capability to carry out a particular task affects how they perceive the different aspects and methods involved in that task. For example, softball players who are hitting better see the ball as bigger. Tennis players see the ball as moving slower when they successfully return the ball.
Economic rentIn neoclassical economics, economic rent is any payment (in the context of a market transaction) to the owner of a factor of production in excess of the cost needed to bring that factor into production. In classical economics, economic rent is any payment made (including imputed value) or benefit received for non-produced inputs such as location (land) and for assets formed by creating official privilege over natural opportunities (e.g., patents).
Total fertility rateThe total fertility rate (TFR) of a population is the average number of children that would be born to a female over their lifetime if: they were to experience the exact current age-specific fertility rates (ASFRs) through their lifetime they were to live from birth until the end of their reproductive life. It is obtained by summing the single-year age-specific rates at a given time. , the total fertility rate varied widely across the world, from 0.78 in South Korea to 6.73 in Niger.
Interest rateAn interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, the compounding frequency, and the length of time over which it is lent, deposited, or borrowed. The annual interest rate is the rate over a period of one year. Other interest rates apply over different periods, such as a month or a day, but they are usually annualized.
Rent-seekingRent-seeking is the act of growing one's existing wealth by manipulating the social or political environment without creating new wealth. Rent-seeking activities have negative effects on the rest of society. They result in reduced economic efficiency through misallocation of resources, reduced wealth creation, lost government revenue, heightened income inequality, risk of growing political bribery, and potential national decline.
Exchange rateIn finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of the euro. The exchange rate is also regarded as the value of one country's currency in relation to another currency. For example, an interbank exchange rate of 131 Japanese yen to the United States dollar means that ¥131 will be exchanged for or that will be exchanged for ¥131.
Speech perceptionSpeech perception is the process by which the sounds of language are heard, interpreted, and understood. The study of speech perception is closely linked to the fields of phonology and phonetics in linguistics and cognitive psychology and perception in psychology. Research in speech perception seeks to understand how human listeners recognize speech sounds and use this information to understand spoken language.
Face perceptionFacial perception is an individual's understanding and interpretation of the face. Here, perception implies the presence of consciousness and hence excludes automated facial recognition systems. Although facial recognition is found in other species, this article focuses on facial perception in humans. The perception of facial features is an important part of social cognition. Information gathered from the face helps people understand each other's identity, what they are thinking and feeling, anticipate their actions, recognize their emotions, build connections, and communicate through body language.
Law of rentThe law of rent states that the rent of a land site is equal to the economic advantage obtained by using the site in its most productive use, relative to the advantage obtained by using marginal (i.e., the best rent-free) land for the same purpose, given the same inputs of labor and capital. The law of rent was formulated by David Ricardo around 1809, and presented in its most developed form in his magnum opus, On the Principles of Political Economy and Taxation. This is the origin of the term "Ricardian rent".
Mortality rateMortality rate, or death rate, is a measure of the number of deaths (in general, or due to a specific cause) in a particular population, scaled to the size of that population, per unit of time. Mortality rate is typically expressed in units of deaths per 1,000 individuals per year; thus, a mortality rate of 9.5 (out of 1,000) in a population of 1,000 would mean 9.5 deaths per year in that entire population, or 0.95% out of the total.
Market clearingIn economics, market clearing is the process by which, in an economic market, the supply of whatever is traded is equated to the demand so that there is no excess supply or demand, ensuring that there is neither a surplus nor a shortage. The new classical economics assumes that in any given market, assuming that all buyers and sellers have access to information and that there is no "friction" impeding price changes, prices constantly adjust up or down to ensure market clearing.
Affordable housingAffordable housing is housing which is deemed affordable to those with a household income at or below the median as rated by the national government or a local government by a recognized housing affordability index. Most of the literature on affordable housing refers to mortgages and a number of forms that exist along a continuum – from emergency homeless shelters, to transitional housing, to non-market rental (also known as social or subsidized housing), to formal and informal rental, indigenous housing, and ending with affordable home ownership.
Minimum wageA minimum wage is the lowest remuneration that employers can legally pay their employees—the price floor below which employees may not sell their labor. Most countries had introduced minimum wage legislation by the end of the 20th century. Because minimum wages increase the cost of labor, companies often try to avoid minimum wage laws by using gig workers, by moving labor to locations with lower or nonexistent minimum wages, or by automating job functions.
Fundamental analysisFundamental analysis, in accounting and finance, is the analysis of a business's financial statements (usually to analyze the business's assets, liabilities, and earnings); health; and competitors and markets. It also considers the overall state of the economy and factors including interest rates, production, earnings, employment, GDP, housing, manufacturing and management. There are two basic approaches that can be used: bottom up analysis and top down analysis.
Market economyA market economy is an economic system in which the decisions regarding investment, production and distribution to the consumers are guided by the price signals created by the forces of supply and demand. The major characteristic of a market economy is the existence of factor markets that play a dominant role in the allocation of capital and the factors of production.
Natural rate of unemploymentThe natural rate of unemployment is the name that was given to a key concept in the study of economic activity. Milton Friedman and Edmund Phelps, tackling this 'human' problem in the 1960s, both received the Nobel Memorial Prize in Economic Sciences for their work, and the development of the concept is cited as a main motivation behind the prize. A simplistic summary of the concept is: 'The natural rate of unemployment, when an economy is in a steady state of "full employment", is the proportion of the workforce who are unemployed'.
