color of law definition: nThe conduct of a police officer, judge, or another person clothed with governmental authority that, although it superficially appears to be within the individualâs lawful power, is actually in contravention of the law. For exampl...
What is 'Neoclassical Economics'. Neoclassical economics is an approach to economics that relates supply and demand to an individual's rationality and his ability to maximize utility or profit. Neoclassical economics also uses mathematical equations to study of various aspects of the economy.
adj. 1. (Economics) of or relating to an economy, economics, or finance: economic development; economic theories. 2. (Commerce) Brit capable of being produced, operated, etc, for profit; profitable: the firm is barely economic. 3. (Economics) concerning or affecting material resources or welfare: economic pests.