The transformation of a noncommodity into a commodity; to assign a monetary value to something that traditionally would not be considered in monetary terms; the commercialization. – The application of economic considerations to cultural and social areas, such as education, the arts, nursing, or pastoral care. However, because in these areas it is also necessary to allocate scarce resources to the best host (the most efficient allocation of scarce resources), all processes and procedures there must (also) be subjected to the economic principle. In this way, it is at least possible to determine what it costs to provide a certain service, without this necessarily already implying a decision in favor of the most economical way. – Sometimes also said of the conversion of cash into assets. – See opportunity cost, pastoral theology.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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