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In an economic model, an exogenous variable is one whose measure is determined outside the model and is imposed on the model, and an exogenous change is a change in an exogenous variable. [ 1]: p. 8 [ 2]: p. 202 [ 3]: p. 8 In contrast, an endogenous variable is a variable whose measure is determined by the model.
Social exchange theory is a sociological and psychological theory that studies the social behavior in the interaction of two parties that implement a cost-benefit analysis to determine risks and benefits. The theory also involves economic relationships—the cost-benefit analysis occurs when each party has goods that the other parties value. [ 1]
Economic sociology is the study of the social cause and effect of various economic phenomena. The field can be broadly divided into a classical period and a contemporary one, known as "new economic sociology". The classical period was concerned particularly with modernity and its constituent aspects, including rationalisation, secularisation ...
Critical mass (sociodynamics) In social dynamics, critical mass is a sufficient number of adopters of a new idea, technology or innovation in a social system so that the rate of adoption becomes self-sustaining and creates further growth. The point at which critical mass is achieved is sometimes referred to as a threshold within the threshold ...
Social norm. Social norms are shared standards of acceptable behavior by groups. [ 1] Social norms can both be informal understandings that govern the behavior of members of a society, as well as be codified into rules and laws. [ 2] Social normative influences or social norms, are deemed to be powerful drivers of human behavioural changes and ...
A distinct supplemental usage describes social economics as "a discipline studying the reciprocal relationship between economic science on the one hand and social philosophy, ethics, and human dignity on the other" toward social reconstruction and improvement [4] or as also emphasizing multidisciplinary methods from such fields as sociology ...
Collective action theory. The collective action theory was first published by Mancur Olson in 1965. Olson argues that any group of individuals attempting to provide a public good has difficulty doing so efficiently. On the one hand individuals have incentives to "free-ride" on the efforts of others in certain groups and on the other hand the ...
e. In economics, a market is a composition of systems, institutions, procedures, social relations or infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services (including labour power) to buyers in exchange for money.