Accountancy or accounting is the system of recording, verifying, and reporting of the value of assets, liabilities, income, and expenses in the books of account to which debit and credit entries are chronologically posted to record changes in value .... - Accounting reform
Accounting reform
Accounting reform is an expansion of accounting rules that goes beyond the realm of financial measures for both individual economic entities and national economies.... - Actuary
Actuary
An actuary is a business professional who deals with the financial impact of risk and uncertainty. Actuaries have a deep understanding of financial security systems, their reasons for being, their complexity, their mathematics, and the way they work .... - Adaptive expectations
Adaptive expectations
In economics, adaptive expectations means that people form their expectations about what will happen in the future based on what has happened in the past.... - Adverse selection
Adverse selection
Adverse selection, anti-selection, or negative selection is a term used in economics, insurance, statistics, and risk management. It refers to a market process in which "bad" results occur when buyers and sellers have information asymmetries : the "bad" products or customers are more likely to be selected.... - Agent (economics)
Agent (economics)
In economics, an agent is an actor or decision maker in a Mathematical model. Typically, the actor makes decisions by solving an Optimization problem.... - Agent-Based Computational Economics
Agent-Based Computational Economics
Agent-based Computational Economics is the computational study of economic processes modeled as dynamic systems of interacting agents.... - Aggregate demand
Aggregate demand
In economics, aggregate demand is the total demand for final goods and services in the economy at a given time and price level. It is the amount of goods and services in the economy that will be purchased at all possible price levels.... - Aggregate supply
Aggregate supply
In economics, aggregate supply is the total supply of goods and services produced by a national economy during a specific time period. It is the total amount of goods and services in the economy available at all possible price levels.... - Agricultural policy
Agricultural policy
Agricultural policy describes a set of laws relating to domestic agriculture and imports of foreign agricultural products. Governments usually implement agricultural policies with the goal of achieving a specific outcome in the domestic agricultural product markets.... - Appropriate technology
Appropriate technology
Appropriate technology is technology that is designed with special consideration to the environmental, ethical, cultural, social and economical aspects of the community it is intended for.... - Arbitrage
Arbitrage
In economics and finance, arbitrage is the practice of taking advantage of a price differential between two or more markets: striking a combination of matching deals that capitalize upon the imbalance, the profit being the difference between the market prices.... - Arrow's impossibility theorem
Arrow's impossibility theorem
In social choice theory, Arrow?s impossibility theorem, or Arrow?s paradox, demonstrates that no voting system can convert the ranked preferences of individuals into a community-wide ranking while also meeting a certain set of reasonable criteria with three or more discrete options to choose from.... - Auction
Auction
An auction is a process of trade goods or services by offering them up for bid, taking bids, and then selling the item to the winning bidder.... - Austrian School
Austrian School
The Austrian School is a Heterodox economics school of economics. It emphasizes the spontaneous organizing power of the price mechanism, holds that the complexity of subjective human choices makes mathematical modelling of the evolving market extremely difficult and therefore advocates a laissez faire approach to the economy.... - Autarky
Autarky
An autarky is an Economics that is Self-sufficiency and does not take part in international trade, or severely limits trade with the outside world....
Backward induction is the process of reasoning backwards in time, from the end of a problem or situation, to determine a sequence of optimal actions.... - Balance of payments
Balance of payments
In economics, the balance of payments, measures the payments that flow between any individual country and all other countries. It is used to summarize all international economics transactions for that country during a specific time period, usually a year.... - Balance of trade
Balance of trade
The balance of trade is the difference between the monetary value of exports and International trades in an economy over a certain period of time.... - Bank
Bank
A bank is a financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money. It is an institution for receiving, keeping, and lending money.... - Bankruptcy
Bankruptcy
Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay its creditors. Creditors may file a bankruptcy petition against a debtor in an effort to recoup a portion of what they are owed or initiate a restructuring.... - Barter
Barter
Barter is a type of trade in which product or Service are directly exchanged for other goods and/or services, without the use of Money. It can be bilateral or multilateral, and usually exists parallel to monetary systems in most developed countries, though to a very limited extent.... - Behavioral economics - Bellman equation
Bellman equation
A Bellman equation , named after its discoverer, Richard Bellman, is a necessary condition for optimality associated with the mathematical optimization method known as dynamic programming.... - Bequest motive
Bequest motive
A bequest motive seeks to provide an economic justification for the phenomenon of gratuitous, intergenerational transfers of Wealth . In other words, to explain why people leave money behind when they die.... - Big Mac Index
Big Mac index
The Big Mac Index is an informal way of measuring the purchasing power parity between two currency and provides a test of the extent to which market exchange rates result in goods costing the same in different countries.... - Big Push Model
Big Push Model
The Big Push Model is a concept in development economics or welfare economics that emphasizes the fact that a wiktionary:firm's decision whether to industrialize or not depends on the expectation of what other firms will do.... - Bioeconomics
Bioeconomics
Bioeconomics is the study of the dynamics of living resources using Economics models. It is an attempt apply the methods of environmental economics and ecological economics to empirical biology.... - Black–Scholes - Bullionism
Bullionism
Bullionism is an economic theory that defines wealth by the amount of precious metals owned. Bullionism is an early or primitive form of mercantilism.... - Business cycle
Business cycle
The term business cycle or economic cycle refers to economy-wide fluctuations in production or economic activity over several months or years, around a long-term growth trend....
The economies of Canada and the United States are extremely similar because they are both developed countries and are each other's largest trading partners.... - Capital (economics)
Capital (economics)
In economics, capital or capital goods or real capital refers to factors of production used to create goods or services that are not themselves significantly consumed in the production process.... - Capital asset
Capital asset
The term capital asset has three unrelated technical definitions, and is also used in a variety of non-technical ways.*In Financial economics, it refers to any Asset used to make money, as opposed to Asset used for personal enjoyment or consumption.... - Capital intensity
Capital intensity
Capital intensity is the term in economics for the amount of fixed or real Capital present in relation to other factors of production, especially labor.... - Capitalism
Capitalism
Capitalism is an economic system in which wealth, and the means of producing wealth, are private property and controlled rather than commonly, publicly, or state-owned and controlled.... - Cartel
Cartel
A cartel is a formal agreement among firms. It is a formal organization of producers that agree to coordinate prices and production. Cartels usually occur in an Oligopoly, where there is a small number of sellers and usually involve homogeneous products.... - Cash crop
Cash crop
In agriculture, a cash crop is a crop which is grown for money.The term is used to differentiate from Subsistence agriculture, which are those fed to the producer's own livestock or grown as food for the producer's family.... - Catch-up effect
Catch-up effect
The catch-up effect, also called the theory of convergence, states that poorer Economic system tend to grow at faster rates than richer economies.... - Celtic Tiger
Celtic Tiger
File:CelticTigerEconomist.PNGCeltic Tiger is a term used to describe the period of rapid economic growth in Republic of Ireland that began in the 1990s and slowed in 2001, only to pick up pace again in 2003 and then slowed down, once again by 2007 with further contraction in 2008.... - Central bank
Central bank
A central bank, reserve bank, or monetary authority is the entity responsible for the monetary policy of a country or of a group of member states.... - Ceteris paribus
Ceteris paribus
is a Latin phrase, literally translated as "with other things the same." It is commonly rendered in English as "all other things being equal." A prediction, or a statement about causal relation or logical connections between two states of affairs, is qualified by ceteris paribus in order to acknowledge, and to rule out, the possibil... - Charity shop
Charity shop
A charity shop, thrift shop, thrift store, hospice shop , resale shop , or op shop is a retail establishment operated by a charitable organization for the purpose of fundraising.... - Chicago school of economics - Classical economics
Classical economics
Classical economics is widely regarded as the first modern school of history of economic thought. It is the idea that free markets can regulate themselves.... - Classical general equilibrium model
Classical general equilibrium model
The classical general equilibrium model aims to describe the economy by aggregating the behavior of individuals and firms. Note that the classical general equilibrium model is unrelated to classical economics, and was instead developed within neoclassical economics beginning in the late 19th century.... - Coase conjecture
Coase Conjecture
The Coase conjecture, developed first by Ronald Coase, is an argument on monopoly. The conjecture sets up a situation where a monopolist sells a durable good to a market where resale is impossible and faces consumers which all have different valuations.... - Coase theorem
Coase theorem
In law and economics, the Coase theorem, attributed to Ronald Coase, describes the Efficiency of an economic allocation or outcome in the presence of externalities.... - Cobweb model
Cobweb model
The cobweb model or cobweb theory is an economic model that explains why prices might be subject to periodic fluctuations in certain types of markets.... - Collective action
Collective action
Collective action is the pursuit of a goal or set of goals by more than one person. It is a term which has formulations and theories in many areas of the social sciences.... - Collusion
Collusion
Collusion is an agreement, usually secretive, which occurs between two or more persons to deceive, mislead, or defraud others of their legal rights, or to obtain an objective forbidden by law typically involving fraud or gaining an unfair advantage.... - Commodity
Commodity
A commodity is anything for which there is demand, but which is supplied without qualitative product differentiation across a market. It is a product that is the same no matter who produces it, such as petroleum, notebook paper, or milk.... - Commodity market - Community-based economics
Community-based economics
Community-based economics or just community economics encourages local substitution and a rejection of outside energy subsidy and coercion.... - Comparative advantage
Comparative advantage
In economics, comparative advantage refers to the ability of a person or a country to produce a particular good at a lower opportunity cost than another person or country.... - Comparative statics
Comparative statics
In economics, comparative statics is the comparison of two different economic equilibrium states, before and after a change in some underlying exogenous parameter.... - Compensating differential
Compensating differential
Compensating differential is a term used in labor economics to analyze the relation between the wage rate and the unpleasantness, risk, or other undesirable attributes of a particular job.... - Competition
Competition
Competition is a rivalry between individuals, groups, nations, or animals, for territory, a niche, or allocation of resources. It arises whenever two or more parties strive for a goal which cannot be shared.... - Competition law
Competition law
Competition law, known in the United States as antitrust law, has three main elements:*prohibiting agreements or practices that restrict free trading and competition between business entities.... - Complementary good - Comprehensive Income Policy Agreement
Comprehensive Income Policy Agreement
The Comprehensive Income Policy Agreement is a tri-lateral treaty crafted by the Finland government together with employees' and employers' trade unions.... - Computational economics
Computational economics
Computational economics explores the intersection of economics and computation.Areas encompassed under computational economics include Agent-Based Computational Economics, computational econometrics and statistics, computational finance, computational modeling of Model , of transaction costs, computational tools for the design... - Concentration ratio
Concentration ratio
In economics, the concentration ratio of an industry is used as an indicator of the relative size of corporations in relation to the industry as a whole.... - Consumer
Consumer
Consumer is a broad label that refers to any individuals or household that use Good generated within the economic system. The concept of a consumer is used in different contexts, so that the usage and significance of the term may vary.... - Consumer price index
Consumer price index
A consumer price index is a measure of the average price of consumer goods and services purchased by households. It is a price index determined by measuring the price of a standard group of goods meant to represent the typical market basket of a typical urban consumer.... - Consumer sovereignty
Consumer sovereignty
Consumer sovereignty is a term which is used in economics to refer to the rule or sovereignty of purchasers in markets as to production of Good .... - Consumer theory
Consumer theory
Consumer theory is a theory of microeconomics that relates preferences to supply and demand. The link between personal preferences, consumption, and the demand curve is one of the most complex relations in economics.... - Consumerism
Consumerism
Consumerism is the equation of personal happiness with Consumption and the purchase of material possessions.The term is often associated with criticisms of consumption starting with Thorstein Veblen.... - Consumption (economics)
Consumption (economics)
Consumption is a common concept in economics, and gives rise to derived concepts such as consumer debt. Generally consumption is defined by opposition to Production theory basics.... - Contestable market
Contestable market
In economics, a contestable market is a market served by only one firm, but with mandated "competitive" pricing, so as to second the monopoly held by said firm on said market.... - Contract curve
Contract curve
Given some endowment in an Edgeworth box, the contract curve is the individually rational subset of the Pareto set. In other words, it is the set of Pareto efficient allocations in an economy.... - Contract theory
Contract theory
In economics, contract theory studies how economic actors can and do construct contractual arrangements, generally in the presence of asymmetric information.... - Cooperative
Cooperative
A cooperative is defined by the International Co-operative Alliance Statement on the Co-operative Identity as an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled business.... - Cost
Cost
In economics, business, retail, and accounting, a cost is the value of money that has been used up to produce something, and hence is not available for use anymore.... - Cost-benefit analysis
Cost-benefit analysis
Cost-benefit analysis is a term that refers both to:* a formal discipline used to help appraise, or assess, the case for a project or proposal, which itself is a process known as project appraisal; and... - Cost curve
Cost curve
In economics, a cost curve is a graph of the costs of production as a function of total quantity produced. In a free market economy, productive efficiency firms use these curves to find the optimal point of production, where they make the most profits.... - Cost-of-production theory of value
Cost-of-production theory of value
In economics, the cost-of-production theory of value is the theory that the price of an object or condition is determined by the sum of the cost of the resources that went into making it.... - Cost overrun
Cost overrun
Cost overrun is defined as excess of actual cost over budget. Cost overrun is also sometimes called "cost escalation," "cost increase," or "budget overrun." However, cost escalation and increases do not necessarily result in cost overruns if cost escalation is included in the budget.... - Cost push inflation
Cost push inflation
Cost-push inflation is a type of inflation caused by substantial increases in the cost of important goods or services where no suitable alternative is available.... - Cost underestimation
Cost underestimation
Cost underestimation is defined as the act of assessing the cost of a future venture lower than what actual cost turned out to be once the venture was implemented.... - Cournot competition
Cournot competition
Cournot competition is an economic model used to describe an industry structure in which companies compete on the amount of output they will produce, which they decide on independently of each other and at the same time.... - Cross elasticity of demand
Cross elasticity of demand
In economics, the cross elasticity of demand and cross price elasticity of demand measures the responsiveness of the quantity demanded of a good to a change in the price of another good.... - Cultural ecology
Cultural ecology
Cultural ecology studies the relationship between a given society and its natural environment, the life-forms and ecosystems that support its lifeways.... - Currency
Currency
A currency is a Medium of exchange, facilitating the trade of goods and/or Service s. It is coins and paper bills used as money. It is one form of money, where money is anything that serves as a medium of exchange, a store of value, and a standard of value....
In law, damages refer to the money paid or awarded to a claimant , pursuer or plaintiff following a successful claim in a lawsuit.... - Deadweight loss
Deadweight loss
In economics, a deadweight loss is a loss of economic efficiency that can occur when equilibrium for a good or service is not Pareto efficiency.... - Debt
Debt
Debt is that which is owed; usually referencing assets owed, but the term can cover other obligations. In the case of assets, debt is a means of using future purchasing power in the present before a summation has been earned.... - Decentralization
Decentralization
__FORCETOC__Decentralization or Decentralisation is the process of dispersing decision-making governance closer to the people or citizen.... - Deflation - Demand-pull inflation - Depression (economics)
Depression (economics)
In economics, a depression is a sustained, long downturn in one or more economies. It is more severe than a recession, which is seen as a normal downturn in the business cycle.... - Devaluation
Devaluation
Devaluation is a reduction in the value of a currency with respect to other monetary units. In common modern usage, it specifically implies an official lowering of the value of a country's currency within a fixed exchange rate system, by which the monetary authority formally sets a new fixed rate with respect to a foreign reference currency.... - Devalued Market Inventories (DMI)
Devalued Market Inventories (DMI)
Devalued Market Inventories . The concept of Devalued Market Inventories evolved from the analysis done by Enterprise Solved LLC in the United States in 2008 during the economic crisis caused in part by the increase of the supply of homes by home building industry and aggravated by the foreclosure crisis.... - Development economics
Development economics
Development economics is a branch of economics which deals with economic aspects of the development process in developing countries. Its focus is not only on methods of promoting economic growth and structural change but also on improving the potential for the mass of the population, for example, through health and education and workplace c... - Differentiated Bertrand competition
Differentiated Bertrand competition
As a solution to the Bertrand paradox in economics, it has been suggested that each firm produces a somewhat differentiated product, and consequently faces a demand curve that is downward-sloping for all levels of the firm's price.... - Dirty subsidy
Dirty subsidy
A dirty subsidy is a payment or incentive by a government to a private corporation that encourages waste of raw materials, natural resources, energy, or results in pollution or other human health hazards.... - Disinflation
Disinflation
Disinflation is a decrease in the rate of inflation. This phase of the business cycle, in which retailers can no longer pass on higher prices to their customers, often occurs during a recession.... - Dispersed knowledge
Dispersed knowledge
In economics, dispersed knowledge is information that is dispersed throughout the marketplace, and is not in the hands of any single agent. All agents in the market have imperfect knowledge; however, they all have a good indicator of everyone else's knowledge and intentions, and that is the price.... - Distribution (business)
Distribution (business)
Distribution is one of the four elements of marketing mix. An organization or set of organizations involved in the process of making a product or service available for use or consumption by a consumer or business user.... - Dividend imputation
Dividend imputation
Dividend imputation is a corporate tax system in which some or all of the tax paid by a company may be attributed to the shareholders by way of a tax credit to reduce the income tax payable on a distribution.... - Dynamic programming
Dynamic programming
In mathematics and computer science, dynamic programming is a method of solving problems that exhibit the properties of overlapping subproblems and optimal substructure .... - Dynamic stochastic general equilibrium
Dynamic stochastic general equilibrium
Dynamic stochastic general equilibrium modeling is a branch of applied general equilibrium theory that is increasingly influential in contemporary macroeconomics....
Ecological economics is a transdisciplinary field of academic research that aims to address the interdependence of human economies and natural ecosystems.... - Econometrics
Econometrics
Econometrics is concerned with the tasks of developing and applying quantitative or statistical methods to the study and elucidation of economic principles.... - Economic base analysis
Economic base analysis
Economic base analysis was developed by Robert Murray Haig in his work on the Regional Plan of New York in 1928. Briefly, activities in an area divide into two categories ? basic and non-basic.... - Economic calculation problem
Economic calculation problem
The economic calculation problem is a criticism of socialist economics, or more precisely economic planning. It was first proposed by Ludwig von Mises in 1920 and later expounded by Friedrich Hayek.... - Economic equilibrium
Economic equilibrium
In economics, economic equilibrium is simply a state of the world where economic forces are balanced and in the absence of external influences the values of economic variables will not change.... - Economic geography
Economic geography
Economic geography is the study of the location, distribution and spatial organization of economic activities across the Earth. The subject matter investigated is strongly influenced by the researcher's methodological approach.... - Economic growth
Economic growth
Economic growth is the increase in the amount of the goods and services produced by an economics over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP.... - Economic history
Economic history
Economic history is the study of how economy evolved in the past. Analysis in economic history is undertaken using a combination of historical methods, statistical methods and by applying economic theory to historical situations.... - Economic impact of immigration to Canada
Economic impact of immigration to Canada
The economic impact of immigration is an important topic in Canada. Throughout its history Canada has depended on a large stream of immigrants for its economic success.... - Economic indicator
Economic indicator
An economic indicator is a statistic about the Economics. Economic indicators allow analysis of economic performance and predictions of future performance.... - Economic model - Economic policy
Economic policy
Economic policy refers to the actions that governments take in the economics. It covers the systems for setting interest rates and government deficit as well as the labour market, nationalization, and many other areas of government.... - Economic problem
Economic problem
The economic problem, sometimes called the fundamental economic problem, is one of the fundamental economic theory in the operation of any economy.... - Economic rent
Economic rent
Economic rent is the difference between what a factor of production is paid and how much it would need to be paid to remain in its current use.... - Economic surplus
Economic surplus
The term surplus is used in economics for several related quantities. The consumer surplus is the amount that consumers benefit by being able to purchase a product for a price that is less than they would be willing to pay.... - Economic system
Economic system
An economic system or ?conomic system is a system that involves the Economic production, distribution and consumption of Good and Service between the entities in a particular society.... - Economics
Economics
File:Ballard Farmers' Market - vegetables.jpgEconomics is the Social sciences that studies the Production theory basics, Distribution , and Consumption of Good and Service .... - Economies of agglomeration
Economies of agglomeration
The term economies of agglomeration is used in urban economics to describe the benefits that firms obtain when locating near each other. It is related to the idea of economies of scale and network effects, in that the more related firms that are clustered together, the lower the cost of production and the greater the market that the firm ca... - Economies of scope
Economies of scope
Economies of scope are conceptually similar to economies of scale. Whereas economies of scale primarily refer to efficiencies associated with supply-side changes, such as increasing or decreasing the scale of production, of a single product type, economies of scope refer to efficiencies primarily associated with demand-side changes, such... - Economy of scale - Ecotax
Ecotax
Ecotax, short for Ecological taxation, can refer to:A policy that introduces taxes intended to promote Sustainability via economic incentives.... - Edgeworth box
Edgeworth box
In economics, an Edgeworth box, named after Francis Ysidro Edgeworth, is a way of representing various distributions of Resource . Edgeworth made his presentation in his famous book, Mathematical Psychics: An essay on the application of mathematics to the moral sciences, 1881.... - Edgeworth's limit theorem
Edgeworth's limit theorem
Edgeworth's limit theorem is an economics theorem created by Francis Ysidro Edgeworth that examines a range of possible outcomes which may result from free market exchange or barter between groups of people.... - Efficiency wages
Efficiency wages
In labor economics, the efficiency wage hypothesis argues that wages, at least in some markets, are determined by more than simply supply and demand.... - Efficient-market hypothesis - Elasticity (economics)
Elasticity (economics)
In economics, elasticity is the ratio of the percent change in one variable to the percent change in another variable. It is a tool for measuring the responsiveness of a function to changes in parameters in a relative way.... - Electricity market
Electricity market
In economic terms, electricity is a commodity capable of being bought and sold. An electricity market is a system for effecting the purchase and sale of electricity, using supply and demand to set the price.... - Employment
Employment
Employment is a contract between two party , one being the #Employer and the other being the #Employee. An employee may be defined as: "A person in the Service of another under any contract of hire, express or implied, oral contract or written, where the employer has the power or right to control and Management the employee i... - Endogeneity (economics)
Endogeneity (economics)
In an economics model , parameters or variables are said to be endogenous when they are predicted by other variables in the model.For example, in a simple supply and demand model, when predicting the quantity demanded in equilibrium, the price is endogenous because producers change their price in response to demand and consumers change the... - Endogenous growth theory
Endogenous growth theory
In economics, endogeny growth theory or new growth theory was developed in the 1980s as a response to criticism of the neo-classical growth model.... - Energy economics
Energy economics
Energy economics is a broad science subject area which includes topics related to energy supply and energy demand of energy in society. Due to diversity of issues and methods applied and shared with a number of academic disciplines, energy economics does not present itself as a self contained academic discipline, but it is an applied subdisci... - Entrepreneur
Entrepreneur
An entrepreneur is a person who has possession of an organization, or venture, and assumes significant accountability for the inherent risks and the outcome.... - Entrepreneurial economics
Entrepreneurial Economics
The accumulation of factors of production per se ? be they knowledge, physical or human capital ? cannot alone explain economic development. They are necessary inputs in production, but they are not in themselves sufficient for economic growth to occur.... - Entrepreneurship
Entrepreneurship
Entrepreneurship is the practice of starting new organizations or revitalizing mature organizations, particularly new businesses generally in response to identified opportunities.... - Environmental economics
Environmental economics
Environmental economics is a subfield of economics concerned with environmental issues. Quoting from the National Bureau of Economic Research Environmental Economics program:... - Environmental finance
Environmental finance
The field of environmental finance, part of both environmental economics and the conservation movement, exploits various financial instruments to protect biodiversity.... - Equilibrium selection
Equilibrium selection
Equilibrium selection is a concept from game theory which seeks to address reasons for players of a game to select a certain equilibrium over another.... - Ethical consumerism
Ethical consumerism
Ethical consumerism is buying products and services that are made ethics . This may mean with minimal harm to or exploitation of humans, animals and/or the natural environment.... - Euro
Euro
The euro is the official currency of 16 out of 27 European Union member state of the European Union . The states, known collectively as the Eurozone are: Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Republic of Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.... - Event study
Event study
An Event study is a :statistics method to assess the impact of an event on the value of a firm. For example, the announcement of a merger between two :firms can be analyzed to see whether investors believe the merger will create or destroy value.... - Evolutionary economics
Evolutionary economics
Evolutionary economics is a heterodox economics school of economics thought that is inspired by evolutionary biology. Much like mainstream economics, it stresses complex interdependencies, competition, growth, structural change, and resource constraints but differs in the approaches which are used to analyze these phenomena.... - Exceptionalism
Exceptionalism
Exceptionalism is the perception that a country, society, institution, movement, or time period is "wiktionary:exceptional" in some way and thus does not conform to normal rules, general principles or the like.... - Excess burden of taxation
Excess burden of taxation
In economics, the excess burden of taxation, also known as the distortionary cost or deadweight loss of taxation, is the economic loss that society suffers as the result of a tax, over and above the revenue it collects.... - Exogenous growth model
Exogenous growth model
The Exogenous growth model, also known as the Neo-classical growth model or Solow-Swan growth model is a term used to sum up the contributions of various authors to a economic model of long-run economic growth within the framework of neoclassical economics.... - Expected utility hypothesis
Expected utility hypothesis
In economics, game theory, and decision theory the expected utility theorem or expected utility hypothesis predicts that the "betting preferences" of people with regard to uncertain outcomes can be described by a mathematical relation which takes into account the size of a payout , the probability of occurrence, risk aversion, and the... - The Experience Economy
The Experience Economy
The term Experience Economy is first described in a book written in 1999 by B. Joseph Pine II and James H. Gilmore, titled "The Experience Economy".... - Experimental economics
Experimental economics
Experimental economics is the application of experimental methods to study economic questions. Experiments are used to test the validity of economic theories and test-bed new market mechanisms.... - Externality
Externality
In economics, an externality or spillover is a positive or negative impact on a party not directly involved in an economic transaction. In such a case, prices do not reflect the full costs or benefits in production or consumption of a product or service....
Factor price equalization is an economics theory, which states that the relative prices for two identical factors of production in the same market will eventually equal each other because of competition.... - Factors of production
Factors of production
In economics, factors of production are the resources employed to produce Good and services. Here the rate of output is modeled as a production function of the rate of use of each input employed.They are generally land, labor, and capital; the three groups of resources that are used to make all goods and services.... - Fair trade
Fair trade
Fair trade is an organized social movement and market-based approach to empowering developing country producers and promoting sustainability. The movement advocates the payment of a fair price as well as social and environmental standards in areas related to the production of a wide variety of goods.... - Feminist economics
Feminist economics
Feminist economics broadly refers to a developing branch of economics that applies feminist lenses to economics. Research under this heading is often interdisciplinary or heterodox.... - Finance
Finance
The field of finance refers to the concepts of time, money and risk and how they are interrelated. Banks are the main facilitators of funding through the provision of credit, although private equity, mutual funds, hedge funds, and other organizations have become important.... - Financial astrology
Financial astrology
Financial astrology is the practice of relating the movements of celestial bodies to events in financial markets. The use of astrology in financial markets is not consistent with standard economic or financial theory, but might be considered heterodox economics.... - Financial capital
Financial capital
Financial capital can refer to money used by entrepreneurs and businesses to buy what they need to make their products or provide their services or to that sector of the economy based on its operation, i.e.... - Financial economics
Financial economics
Financial economics is the branch of economics concerned with "the allocation and deployment of economic resources, both spatially and across time, in an uncertain environment" .... - Financial instrument - Fiscal policy
Fiscal policy
In economics, fiscal policy is the use of government spending and revenue collection to influence the economy.Fiscal policy can be contrasted with the other main type of economic policy, monetary policy, which attempts to stabilize the economy by controlling interest rates and the supply of money.... - Fisher equation
Fisher equation
The Fisher equation in financial mathematics and economics estimates the relationship between nominal and real interest rates under inflation.It is named after Irving Fisher who was famous for his works on the interest .... - Fisher separation theorem
Fisher separation theorem
In economics, the Fisher separation theorem asserts that the objective of a wiktionary:firm will be the maximization of its present value, regardless of the preferences of its owners.... - Forecasting
Forecasting
Forecasting is the process of estimation in unknown situations. Prediction is a similar, but more general term. Both can refer to estimation of time series, cross-sectional data or longitudinal study data.... - Fractional-reserve banking
Fractional-reserve banking
Fractional-reserve banking is the banking practice in which banks keep only a fraction of their deposits in bank reserves and lend out the remainder, while maintaining the simultaneous obligation to redeem all deposits immediately upon demand.... - Free good
Free good
The free good is a term used in economics to describe a Good that is not scarcity. A free good is available in as great a quantity as desired with zero opportunity cost to society.... - Free rider problem
Free rider problem
In economics, collective bargaining, psychology and political science, "free riders" are those who consume more than their fair share of a resource, or shoulder less than a fair share of the costs of its production.... - Free trade
Free trade
Free trade is a type of trade policy that allows traders to act and transact without coercive interference from government. Thus, the policy permits trading partners mutual gains from trade, with goods and services produced according to the law of comparative advantage.... - Friedman rule
Friedman rule
The Friedman rule is a monetary policy rule proposed by Milton Friedman. Essentially, Friedman advocated setting the nominal interest rate at zero.... - Full-reserve banking
Full-reserve banking
Full-reserve banking is the banking practice in which the full amount of each Deposit account funds are available in bank reserves when each depositor had the legal right to withdraw them....
Game theory is a branch of applied mathematics that is used in the social sciences , biology, engineering, political science, international relations, computer science , and philosophy.... - General equilibrium
General equilibrium
General equilibrium theory is a branch of theoretical economics. It seeks to explain the behavior of supply, demand and prices in a whole economy with several or many markets.... - Geographical pricing
Geographical pricing
Geographical pricing, in marketing, is the practice of modifying a basic list price based on the geographical location of the buyer. It is intended to reflect the costs of shipping to different locations.... - Gerschenkron effect
Gerschenkron effect
The Gerschenkron effect was developed by Alexander Gerschenkron, and claims that changing the base year for an index determines the growth rate of the index.... - Giffen good
Giffen good
In economics and consumer theory, a Giffen good is that which people consume more of as price rises, violating the law of demand. In normal situations, as the price of such a good rises, the Consumer theory#Substitution effect causes people to purchase less of it and more of substitute goods.... - Gini coefficient
Gini coefficient
The Gini coefficient is a Statistical_dispersion#Measures_of_statistical_dispersion most prominently used as a income inequality metrics or Wealth condensation.... - Global game
Global game
In economics and game theory, global games are games of incomplete information where players receive possibly-correlated signals of the underlying state of the world.... - Globalization
Globalization
Globalization in its literal sense is the process of transformation of local or regional phenomena into global ones. It can be described as a process by which the people of the world are unified into a single society and function together.... - Gold standard
Gold standard
The gold standard is a monetary system in which a region's common media of exchange are paper notes that are normally freely convertible into pre-set, fixed quantities of gold.... - Good (economics) - Goodhart's law
Goodhart's law
Although Goodhart's law has been expressed in a variety of formulations, the essence of the law is that once a social or economic indicator or other surrogate measure is made a target for the purpose of conducting social or economic policy, then it will lose the information content that would qualify it to play such a role.... - Government debt
Government debt
Government debt is money owed by any level of government; either central government, federal government, municipal government or local government.... - Government-granted monopoly
Government-granted monopoly
In economics, a government-granted monopoly is a form of coercive monopoly by which a government grants exclusive privilege to a private individual or firm to be the sole provider of a good or service; potential competitors are excluded from the market by law, regulation, or other mechanisms of government enforcement.... - Gresham's law
Gresham's Law
Gresham's law is commonly stated: "Bad money drives out good."Gresham's law applies specifically when there are two forms of commodity money in circulation which are forced, by the application of legal tender laws, to be respected as having face value in a fixed-ratio for marketplace transactions.... - Gross domestic product
Gross domestic product
File:GDP nominal per capita world map IMF 2008.pngThe gross domestic product or gross domestic income is one of the measures of national income and output for a given country's economy.... - Gross value added
Gross value added
Gross Value Added or GVA is a measure in economics of the value of Good and Service produced in an area or sector of an economy.... - Growth accounting
Growth accounting
Growth accounting is a procedure used in economics to measure the contribution of different factors to economic growth.The total national income in an economy may be modeled as being explained by various factors....
Happiness economics is the study of a country's quality of life by combining economists' and psychologists' techniques. It relies on more expansive notions of utility than does conventional economics.... - Harris-Todaro Model
Harris-Todaro Model
The Harris-Todaro Model is an economic model used in development economics and welfare economics to explain some of the issues concerning rural-urban Human migration.... - Hauser's Law
Hauser's Law
In economics, Hauser's Law is a theory that states that in the United States, federal tax revenues will always be equal to approximately 19.5% of GDP, regardless of what the top Tax rate#Marginal is.... - Hedonic regression
Hedonic regression
In economics, hedonic regression, also hedonic demand theory, is a method of estimating demand or value . It decomposes the item being researched into its constituent characteristics, and obtains estimates of the contributory value of each characteristic.... - Herfindahl index
Herfindahl index
The Herfindahl index, also known as Herfindahl-Hirschman Index or HHI, is a measure of the size of corporations in relation to the industry and an indicator of the amount of competition among them.... - Heterodox economics
Heterodox economics
Heterodox economics refers to the approaches, or Economic schools of thought, that are considered outside of mainstream economics, that is, Orthodoxy#Critical uses economics.... - Historical school of economics
Historical school of economics
The Historical school of economics was an approach to academic economics and to public administration that emerged in 19th century in Germany, and held sway there until well into the 20th century.... - History of economic thought
History of economic thought
The history of economic thought deals with different thinkers and theories in the field of political economy and economics from the ancient world to the present day.... - Home Economics
Home Economics
Home Economics is the profession and field of study that deals with the economics and management of the home and community. Home economics is a field of formal study including such topics as consumer education, institutional management, interior design, home furnishing, cleaning, handicrafts, sewing, clothing and textiles, cooking, nutrition,... - Homo economicus
Homo economicus
Homo economicus, or Economic human, is the concept in some economic theories of humans as Rationality and broadly self-interested actors who have the ability to make judgments towards their subjectively defined ends.... - Hotelling's law
Hotelling's law
Hotelling's law is an observation in economics that in many markets it is rational for producers to make their products as similar as possible. This is also referred to as the principle of minimum differentiation as well as Hotelling's "linear city model".... - Human capital
Human capital
Human capital refers to the stock of skills and knowledge embodied in the ability to perform Labour so as to produce economic value. It is the skills and knowledge gained by a worker through education and experience.Many early economic theories refer to it simply as labor, one of three factors of production, and consider it to be a fungible... - Human Development Index
Human Development Index
The Human Development Index is an index used to rank countries by level of "human development", which usually also implies to determine whether a country is a developed country, developing country.... - Human development theory
Human development theory
Human development theory is a theory that merges older ideas from ecological economics, sustainable development, welfare economics, and feminist economics.... - Human resources
Human resources
Human resources is a term with which organizations describe the combination of traditionally administrative personnel functions with performance, Employee Relations and Resource planning.... - Hyperinflation
Hyperinflation
File:Bundesarchiv Bild 102-00104, Inflation, Tapezieren mit Geldscheinen.jpgIn economics, hyperinflation is inflation that is very high or "out of control", a condition in which prices increase rapidly as a currency loses its value....
In economic theory, imperfect competition is the competitive situation in any market where the conditions necessary for perfect competition are not satisfied.... - Implied in fact contract
Implied in fact contract
In United States law, an 'implied-in-fact contract' is a contract agreed by non-verbal conduct, rather than by explicit words. The defined this in its decision Baltimore & Ohio R.... - Import
Import
In economics, an import is any good or service brought into one country from another country in a legitimate fashion, typically for use in trade.It is a good that is brought in from another country for sale.... - Import substitution industrialization - Imputation (economics)
Imputation (economics)
In economics, the theory of imputation, first expounded by Carl Menger, maintains that factor prices are determined by output prices.This is the opposite of the order maintained by classical economists such as Adam Smith and David Ricardo .... - Incentive
Incentive
In economics and sociology, an incentive is any factor that enables or motivates a particular course of action, or counts as a reason for preferring one choice to the alternatives.... - Income
Income
Income, refers to consumption opportunity gained by an entity within a specified time frame, which is generally expressed in monetary terms. However, for households and individuals, "income is the sum of all the wages, salaries, profits, interests payments, rents and other forms of earnings received...... - Income elasticity of demand (YED)
Income elasticity of demand (YED)
In economics, the income Elasticity of Supply and demand measures the responsiveness of the quantity demanded of a good to the change in the income of the people demanding the good.... - Income inequality metrics
Income inequality metrics
The concept of inequality is distinct from that of poverty and fairness. Income inequality metrics or income distribution metrics are used by social scientists to measure the distribution of income, and economic inequality among the participants in a particular economy, such as that of a specific country or of the world in general.... - Income tax
Income tax
An income tax is a tax levied on the financial income of people, corporations, or other legal entities. Various income tax systems exist, with varying degrees of tax incidence.... - Independent goods
Independent goods
Independent goods are those things that are neither used with, nor instead of, the item of interest. Their use is independent of the use of the good being considered.... - Indifference curve
Indifference curve
In microeconomic theory, an indifference curve is a graph of a function showing different bundles of good , each measured as to quantity, between which a consumer is indifferent. That is, at each point on the curve, the consumer has no preference for one bundle over another.... - Individual capital
Individual capital
Individual capital , also known as human capital, comprises inalienable or personal traits of persons, tied to their bodies and available only through their own free will, such as skill, creativity, Entrepreneur, courage, capacity for moral example, non-communicable wisdom, invention or empathy, non-transferable personal trust and lead... - Induced demand
Induced demand
Induced demand is the phenomenon that after supply increases, more of a good is consumed. This is entirely consistent with the economic theory of supply and demand; however, this idea has become important in the debate over the expansion of transportation systems, and is often used as an argument against widening roads, such as major commute... - Industrial organization
Industrial organization
Industrial organization is a field of economics that studies the strategic behavior of firms, the structure of markets and their interactions. The study of industrial organization adds to the perfectly competitive model real-world frictions such as limited information, transaction cost, cost of adjusting prices, government actions, and barrie... - Industrial policy
Industrial policy
An industrial policy is any government regulation or law that encourages the ongoing operation of, or investment in, a particular industry.An active intervention in industrial development is the policy of most if not all countries in the world.... - Industrial Revolution
Industrial Revolution
The Industrial Revolution was a period in the late 18th and early 19th centuries when major changes in agriculture, manufacturing, production, and transportation had a profound effect on the socioeconomics and cultural conditions in United Kingdom.... - Industrialisation
Industrialisation
Industrialization is the process of social and economic change whereby a human group is transformed from a pre-industrial society into an industry one.... - Inferior good
Inferior good
In consumer theory, an inferior good is a good that decreases in demand when consumer income rises, unlike normal goods, for which the opposite is observed.... - Inflation
Inflation
In economics, inflation is a rise in the general price level of goods and services in an economy over a period of time. The term "inflation" once referred to increases in the money supply ; however, economic debates about the relationship between money supply and price levels have led to its primary use today in describing price inflatio... - Informal sector - Information asymmetry
Information asymmetry
In economics and contract theory, information asymmetry deals with the study of decisions in transactions where one party has more or better information than the other.... - Information economics
Information economics
Information economics or the economics of informationis a branch of microeconomics that studies how information affects an economy and economic decisions.... - Infrastructural capital
Infrastructural capital
Infrastructural capital refers to any physical means of production or means of protection beyond that which can be gathered or found directly in nature, i.e.... - Input-output model
Input-output model
The Input-output model of economics uses a matrix representation of a nation's economy to predict the effect of changes in one industry on others and by consumers, government, and foreign suppliers on the economy.... - Instructional capital
Instructional capital
Instructional capital is a term used in educational administration after the 1960s, to reflect capital resulting from investment in producing learning materials.... - Interest
Interest
Interest is a fee paid on borrowed assets. It is the price paid for the use of borrowed money , or, money earned by deposited funds .Assets that are sometimes lent with interest include money, shares, consumer goods through hire purchase, major assets such as aircraft finance, and even entire factories in finance lease arrangements.... - Interest rate parity
Interest rate parity
Interest rate parity is an economic concept, expressed as a basic algebraic identity that relates interest rates and exchange rates. The identity is theoretical, and usually follows from assumptions imposed in economics models.... - International trade
International trade
International trade is exchange of Capital , goods, and services across international borders or territories. In most countries, it represents a significant share of gross domestic product .... - International Year of Microcredit
International Year of Microcredit
International Year of Microcredit is a special event of the United Nations which took place in the year 2005. The year was launched on November 18 2004.... - Intertemporal choice
Intertemporal choice
Intertemporal choice is the study of the relative value people assign to two or more payoffs at different points in time. This relationship is usually simplified to today and some future date.... - Intertemporal equilibrium
Intertemporal equilibrium
Intertemporal equilibrium is a notion of economic equilibrium conceived over many periods of time. The term has a different meaning in contemporary macroeconomics from its earlier meaning in Austrian economics.... - Investment
Investment
Investment or investing is a term with several closely-related meanings in business management, finance and economics, related to Saving or deferring Consumption .... - Investment policy
Investment policy
An investment policy is any government regulation or law that encourages or discourages foreign investment in the local economy, e.g. currency exchange limits.... - Investment specific technological progress
Investment specific technological progress
Investment-specific technological progress refers to progress that requires investment in new equipment and structures embodying the latest technology in order to realize its benefits.... - Invisible hand
Invisible hand
In economics, the invisible hand is the term economists use to describe the self-regulating nature of the marketplace. The invisible hand is a metaphor coined by the economist Adam Smith.... - Islamic economic jurisprudence - IS/LM model
IS/LM model
The IS/LM model is a macroeconomic tool that demonstrates the relationship between interest rates and real output in the goods and services market and the money market.... - Isoquant
Isoquant
In economics, an isoquant is a contour line drawn through the set of points at which the same quantity of output is produced while changing the quantities of two or more inputs.... - Ithaca Hours
Ithaca Hours
Ithaca Hours is a local currency in Ithaca, New York. It is credited as the first modern local currency and has inspired similar systems throughout the world....
Jane Jacobs, Order of Canada, Order of Ontario was an United States-born Canadian urbanist, writer and activist. She is best known for ?The Death and Life of Great American Cities? , a powerful critique of the urban renewal policies of the 1950s in the United States.... - JEL classification codes
JEL classification codes
Articles in :Category:Economics journals are usually classified according to the system used by the Journal of Economic Literature . The JEL is published quarterly by the American Economic Association and contains survey articles and information on recently published books and dissertations.... - Job hunting
Job hunting
Job hunting or job seeking is the act of looking for employment, due to unemployment or discontent with a current position. The immediate goal of job seeking is usually to obtain a job interview with an employer which may lead to getting Recruitment.... - Joint product pricing
Joint product pricing
Pricing for joint products is a little more complex than pricing for a single product. To begin with there are two demand curves. The characteristics of each demand curve could be different.... - Just price
Just price
The just price is a theory of ethics in economics that attempts to set standards of fairness in transactions. With intellectual roots in Ancient Greece philosophy, it was advanced by Thomas Aquinas based on an argument against usury, which in his time referred to the making of any rate of interest on loans....
Kaldor-Hicks efficiency is a measure of economic efficiency that captures some of the intuitive appeal of Pareto efficiency, but has less stringent criteria and is hence applicable to more circumstances.... - Keynesian economics
Keynesian economics
Keynesian economics The theories forming the basis of Keynesian economics were first presented in The General Theory of Employment, Interest and Money, published in 1936.... - Keynesian formula
Keynesian formula
The Keynesian formula was developed by the British economist John Maynard Keynes. Keynes was an influential economist who was greatly influenced by the events of the Great Depression in the 1930s.... - Knowledge economy
Knowledge economy
The knowledge economy is a term that refers either to an economy of knowledge focused on the production and management of knowledge in the frame of economy constraints, or to a knowledge-based economy....
The labor theories of value are theory of value according to which the Value of commodities are related to the Labour needed to produce them.... - Labour economics
Labour economics
Labour economics seeks to understand the functioning and dynamics of the market for labour . Labour markets function through the interaction of workers and employers.... - Laffer curve
Laffer curve
In economics, the Laffer curve is used to illustrate the idea that increases in the rate of taxation do not necessarily increase tax revenue. .... - Laissez-faire
Laissez-faire
Laissez-faire is a term used to describe a policy of allowing events to take their own course. The term is a French language phrase literally meaning "let do".... - Land (economics)
Land (economics)
In economics, land comprises all natural resource whose supply is inherently fixed such as any and all particular geographical locations, mineral deposits, and even geostationary orbit locations and portions of the electromagnetic spectrum.... - Land value tax
Land value tax
Land value taxation is an ad valorem tax where only the value of land itself is taxed. This ignores buildings, land improvement, and personal property.... - Law and economics
Law and economics
Law and Economics, or economic analysis of law, is an approach to legal theory that applies methods of economics to law. It includes the use of economic concepts to explain the effects of laws, to assess which legal rules are economic efficiency, and to predict which legal rules will be Promulgation.... - Legal origins theory
Legal origins theory
In economics, the legal origins theory states that many aspects of a country's economic state of development are the result of their legal system, most of all where a particular country received its law from.... - Limit price
Limit price
A limit price is the price set by a monopoly to discourage economic entry into a market, and is illegal in many countries. The limit price is the price that the entrant would face upon entering as long as the incumbent firm did not decrease output.... - Living wage
Living wage
Living wage is a term used to describe the minimum hourly wage necessary for a person to achieve some specific standard of living. In developed countries such as the United Kingdom or Switzerland, this standard generally means that a person working forty hours a week, with no additional income, should be able to afford a specified quality or... - Local currency
Local currency
In economics, a local currency, in its common usage, is a currency not backed by a national government , and intended to trade only in a small area.... - Local purchasing
Local purchasing
Local purchasing is a preference to buy locally produced goods and services over those produced more distantly. It is very often abbreviated as a positive goal 'buy local' to parallel the phrase think globally, act locally common in green politics.... - Lorenz curve
Lorenz curve
In economics, the Lorenz curve is a graphical representation of the cumulative distribution function of a probability distribution; it is a graph of a function showing the proportion of the distribution assumed by the bottom y% of the values.... - Low-carbon economy
Low-carbon economy
A Low-Carbon Economy or Low Fossil Fuel Economy is a concept that refers to an Economy which has a minimal output of Greenhouse Gas emissions into the biosphere, but specifically refers to the greenhouse gas Carbon Dioxide.... - Lucas critique
Lucas critique
The Lucas Critique, named for Robert Lucas Jr's work on macroeconomic policymaking, says that it is naive to try to predict the effects of a change in economic policy entirely on the basis of relationships observed in historical data, especially highly Aggregate data historical data....
Macroeconomics is a branch of economics that deals with the performance, structure, and behavior of a national or regional economy as a whole.... - Managerial economics
Managerial economics
Managerial economics , is a branch of economics that applies microeconomic analysis to decision methods of businesses or other management units.... - Marginal cost
Marginal cost
In economics and finance, marginal cost is the change in total cost that arises when the quantity produced changes by one unit. It is the cost of producing one more unit of a good.... - Marginal rate of substitution
Marginal rate of substitution
In economics, the marginal rate of substitution is the rate at which a consumer is ready to give up one good in exchange for another good while maintaining the same level of satisfaction.... - Marginal revenue
Marginal revenue
In microeconomics, Marginal Revenue is the extra revenue that an additional unit of product will bring. It is the additional income from selling one more unit of a good; sometimes equal to price.... - Marginal utility
Marginal utility
In economics, the marginal utility of a Good or of a Service is the utility of the specific use to which an agent would put a given increase in that good or service, or of the specific use that would be abandoned in response to a given decrease.... - Marginalism
Marginalism
Marginalism is the use of marginal concepts within economics. The central concept of marginalism proper is that of marginal utility, but marginalists following the lead of Alfred Marshall were further heavily dependent upon the concept of Marginal product in their explanation of cost; and the Neoclassical economics tradition that emerged fro... - Market
Market
A market is any one of a variety of different systems, institutions, procedures, social relations and infrastructures whereby persons trade, and goods and services are exchanged, forming part of the economy.... - Market anomaly
Market anomaly
A market anomaly is a price and/or return distortion on a financial market.It is usually related to:* either structural factors * or behavioral biases by economic agents ... - Market concentration
Market concentration
In economics, market concentration is a function of the number of :wikt:firms and their respective Market share of the total Production, costs, and pricing in a market.... - Market economy
Market economy
A market economy is a social system based on the division of labor in which the prices of goods and services are determined in a free price system set by supply and demand.... - Market failure
Market failure
In economics, a market failure is a situation wherein the allocation of production or use of goods and services by the free market is not Efficiency .... - Market power
Market power
In economics, market power is the ability of a firm to alter the market price of a good or service. A firm with market power can raise prices without losing all customers to competitors.... - Market share
Market share
Market share, in strategic management and marketing, is the percentage or proportion of the total available market or market segment that is being serviced by a company.... - Market structure
Market structure
In economics, market structure describes the state of a market with respect to competition.* Perfect competition, in which the market consists of a very large number of firms producing a homogeneous product.... - Market system
Market system
A market system is any systematic process enabling many market players to bid and ask: helping bidders and sellers interact and make deals. It is not just the price mechanism but the entire system of regulation, qualification, credentials, reputations and clearing that surrounds that mechanism and makes it operate in a social context.... - Marxian economics
Marxian economics
Marxian economics are Economics theories based on the works of Karl Marx. Adherents of Marxian economics, particularly in academia, distinguish it from Marxism as a political ideology, arguing that Marx's approach to understanding the economy is intellectually independent of his advocacy of revolutionary socialism or his belief in the inevita... - Mathematical economics
Mathematical economics
Mathematical economics refers to the application of mathematical methods to represent economic theories and analyze problems posed in economics.... - Means of production
Means of production
Means of production , include machines, tools, plant and equipment, infrastructure, and so on: "all those things with the aid of which man acts upon the subject of labor, and transforms it." .... - Measures of national income and output
Measures of national income and output
A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including Gross Domestic Product , Gross National Product , and Net National Income .... - Mechanism (sociology)
Mechanism (sociology)
In sociology a mechanism is a set of wiktionary:rules designed to bring about a certain outcome through the interaction of a number of wiktionary:agent each of whom maximizes their own utility.... - Medium of exchange
Medium of exchange
A medium of exchange is an intermediary used in trade to avoid the inconveniences of a pure barter system.By contrast, as William Stanley Jevons argued, in a barter system there must be a coincidence of wants before two people can trade ? one must want exactly what the other has to offer, when and where it is offered, so that the exchange... - Mental accounting
Mental accounting
A concept first named by Richard Thaler , mental accounting attempts to describe the process whereby people code, categorize and evaluate economic outcomes.... - Menu cost - Mercantilism
Mercantilism
Mercantilism is an economic theory that holds that the prosperity of a nation is dependent upon its supply of Capital , and that the world economy of international trade is "unchangeable".... - Merger simulation
Merger simulation
Merger simulation is a commonly used technique when analyzing potential welfare costs and benefits of mergers between firms. Merger simulation models typically assume Differentiated Bertrand competition within a market.... - Methodenstreit
Methodenstreit
Methodenstreit is a German term referring to an intellectual controversy or debate over epistemology, research methodology, or the way in which academic inquiry is framed or pursued.... - Methodological individualism
Methodological individualism
Methodological individualism is a widely-used term in the social sciences. Its advocates see it as a philosophical method aimed at explaining and understanding broad society-wide developments as the aggregation of decisions by individuals.... - Microcredit
Microcredit
Microcredit is the extension of very small loans to the unemployed, to poor entrepreneurs and to others living in poverty. These individuals lack collateral , steady employment and a verifiable credit history and therefore cannot meet even the most minimal qualifications to gain access to traditional credit .... - Microeconomics
Microeconomics
Microeconomics is a branch of economics that studies how individuals, households and firms and some states make decisions to allocate limited resources, typically in markets where goods or services are being bought and sold.... - Minimum wage
Minimum wage
A minimum wage is the lowest hourly, daily, or monthly wage that employers may legally pay to employees or workers. Equivalently, it is the lowest wage at which workers may sell their labor.... - Missing market
Missing market
A missing market is a situation in microeconomics where a competitive market allowing the trade of a commodity would be Pareto-efficient, but no such market exists.... - Model (macroeconomics)
Model (macroeconomics)
A model in macroeconomics is a logical, mathematical, and/or computational framework designed to describe the operation of a national or regional economy, and especially the dynamics of aggregate quantities such as the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the le... - Modern portfolio theory
Modern portfolio theory
Modern portfolio theory proposes how Homo economicuss will use Diversification to optimize their portfolio s, and how a risky asset should be priced.... - Modigliani-Miller theorem
Modigliani-Miller theorem
The Modigliani-Miller theorem forms the basis for modern thinking on capital structure. The basic theorem states that, in the absence of taxes, bankruptcy costs, and asymmetric information, and in an efficient market, the value of a firm is unaffected by how that firm is financed.... - Monetarism
Monetarism
Monetarism is a school of economic thought concerning the determination of measures of national income and output and monetary economics. It focuses on the supply of money in an economy as the primary means by which the rate of inflation is determined.... - Monetary policy
Monetary policy
Monetary policy is the process by which the government, central bank, or monetary authority of a country controls the supply of money, availability of money, and cost of money or rate of interest, in order to attain a set of objectives oriented towards the growth and stability of the economy.... - Monetary reform
Monetary reform
Monetary reform describes any movement or theory that proposes a different system of supplying money and financing the economy than the current system.... - Money
Money
Money is anything that is generally accepted as payment for goods and services and repayment of debts. The main uses of money are as a medium of exchange, a unit of account, and a store of value.... - Money supply
Money supply
In economics, money supply, or money stock, is the total amount of money available in an economy at a particular point in time. There are several ways to define "money", but standard measures usually include currency in circulation and demand deposits.... - Monopoly
Monopoly
In economics, a monopoly exists when a specific individual or enterprise has sufficient control over a particular product or service to determine significantly the terms on which other individuals shall have access to it.... - Monopoly profit
Monopoly profit
In economics, a firm is said to reap monopoly profits when a lack of viable market competition allows it to set its prices above the Economic equilibrium price for a good or service without losing profits to competitors.... - Monopsony
Monopsony
In economics, a monopsony is a market form in which only one buyer faces many sellers. It is an example of imperfect competition, similar to a monopoly, in which only one seller faces many buyers.... - Moral hazard
Moral hazard
Moral hazard is the prospect that a party insulated from risk may behave differently from the way it would behave if it were fully exposed to the risk....
The term NAIRU is an acronym for Non-Accelerating inflation Rate of unemployment. It is a concept in economics theory significant in the interplay of macroeconomics and microeconomics.... - Nanoeconomics
Nanoeconomics
Nanoeconomics is the economic theory of single transactions. The term was proposed by Kenneth J.Arrow in 1987.... - Nash equilibrium
Nash equilibrium
In game theory, Nash equilibrium is a solution concept of a game involving two or more players, in which each player is assumed to know the equilibrium strategies of the other players, and no player has anything to gain by changing only his or her own strategy unilaterally.... - National Income and Product Accounts
National Income and Product Accounts
National Income and Product Accounts use double-entry accounting to report the monetary value and sources of output produced in a country and the distribution of incomes that production generates.... - Natural capital
Natural capital
Natural capital is the extension of the economic notion of capital to environmental goods and services. Natural capital is thus the stock of natural ecosystems that yields a flow of valuable ecosystem goods or services into the future.... - Natural Capitalism
Natural capitalism
Natural Capitalism: Creating the Next Industrial Revolution is a 1999 book co-authored by Paul Hawken, Amory Lovins and Hunter Lovins. It has been translated into a dozen languages and was the subject of a Harvard Business Review summary.... - Natural monopoly
Natural monopoly
Natural monopoly is a term used in economics to refer to two different things:* An industry is said to be a natural monopoly if one firm can produce a desired output at a lower social cost than two or more firms— that is, there are economies of scale in social costs.... - Natural resource economics
Natural resource economics
Natural resource economics deals with the supply, demand, and Resource allocation of the Earth natural resources. This subfield of economics is therefore interested in the primary sector of the economy which engages in resource extraction .... - Nature's services
Nature's services
Nature's services is an umbrella term for the ways in which nature benefits humans, particularly those benefits that can be measured in economic terms.... - Neoclassical economics
Neoclassical economics
Neoclassical economics is a term variously used for approaches to economics focusing on the determination of prices, outputs, and income distribution s in markets through supply and demand, often as mediated through a hypothesized maximization of income-constrained utility by individuals and of cost-constrained profits of firms employing avai... - Neo-Keynesian economics
Neo-Keynesian Economics
John Maynard Keynes provided the framework for synthesizing a host of economic ideas present between 1900 and 1940, and that synthesis bears his name.... - Neoliberalism
Neoliberalism
Neoliberalism is a political philosophy, actually a continuance and redefinition of classical liberalism, influenced by the neoclassical economics.... - Network effect
Network effect
In economics and business, a network effect is the effect that one user of a good or Service has on the value of that product to other people.... - Neuroeconomics
Neuroeconomics
Neuroeconomics combines neuroscience, economics, and psychology to study how people make decisions. It looks at the role of the brain when we evaluate decisions, categorize risks and rewards, and interact with each other.... - New classical macroeconomics
New classical macroeconomics
New classical macroeconomics emerged as a school in macroeconomics during the 1970s. As opposed to Keynesian economics macroeconomics, it builds its analysis on an entirely neoclassical economics framework.... - New Keynesian economics
New Keynesian economics
New Keynesian economics is a school of contemporary macroeconomics that strives to provide microfoundations for Keynesian economics. It developed partly as a response to criticisms of Keynesian macroeconomics by adherents of New classical macroeconomics.... - New totalitarianism
New totalitarianism
New totalitarianism is a term coined by ethicist John McMurtry to describe the political economy implied by so-called market theology; in other words, the ethics resolved wholly by the global markets with existing state power balances.... - Nobel Memorial Prize in Economic Sciences - Normal good
Normal good
In economics, normal goods are any Good s for which demand increases when income increases and falls when income decreases but price remains constant, i.e....
In economics the term Okun's law may refer to several empirical relationships between unemployment and GDP growth. The name refers economist Arthur Okun who proposed the relationship in 1962 .... - Oligopoly
Oligopoly
An oligopoly is a market form in which a market or industry is dominated by a small number of sellers . The word is derived from the Greek language for few sell.... - Oligopsony
Oligopsony
An oligopsony is a market form in which the number of buyers is small while the number of sellers in theory could be large. This typically happens in market for inputs where a small number of firms are competing to obtain factors of production.... - Operations research
Operations research
Operations Research in the USA, South Africa and Australia, and Operational Research in Europe and Canada, is an interdisciplinary branch of applied mathematics and formal science that uses methods such as mathematical modeling, statistics, and algorithms to arrive at optimal or near optimal solutions to complex problems.... - Opportunity cost
Opportunity cost
Opportunity cost or economic opportunity loss is the value of the next best alternative foregone as the result of making a decision. Opportunity cost analysis is an important part of a company's decision-making processes but is not treated as an actual cost in any financial statement.... - Output (economics)
Output (economics)
Output in economics is the total Value of all of the good and Service production in an entity's economy. It is a concept used in macroeconomics, or the study of the economic transactions of broad groups such as countries.... - Overhead (business)
Overhead (business)
In business, overhead, overhead cost or overhead expense refers to an ongoing expense of operating a business. The term overhead is usually used to group expenses that are necessary to the continued functioning of the business, but do not directly generate profits....
The parable of the broken window was created by Fr?d?ric Bastiat in his 1850 essay to illuminate the notion of hidden costs.Bastiat uses this story to introduce a concept he calls the broken window fallacy, which is related to the Unintended consequences, in that both involve an incomplete accounting for the consequences of an a... - Pareto efficiency
Pareto efficiency
Pareto efficiency, or Pareto optimality, is an important concept in economics with broad applications in game theory, engineering and the social sciences.... - Participatory economics
Participatory economics
Participatory economics, often abbreviated parecon, is a proposed economic system that uses participation as an economics to guide the production, consumption and allocation of factors of production in a given society.... - Peltzman Effect
Peltzman Effect
The Peltzman Effect is the hypothesized tendency of people to react to a safety regulation by increasing other risky behavior, offsetting some or all of the benefit of the regulation.... - Perfect competition
Perfect competition
In neoclassical economics and microeconomics, perfect competition describes a market in which there are many small firms, all producing homogeneous goods.... - Petrocurrency
Petrocurrency
Petrocurrency is a portmanteau neologismused with three distinct meanings, though often confused:#Trading surpluses of oil producing nations, originally called petrodollars... - Phillips curve
Phillips curve
The Phillips curve is a historical inverse relation between the rate of unemployment and the rate of inflation in an economy. Stated simply, the lower the unemployment in an economy, the higher the rate of increase in nominal wages in the economy.... - Pigovian tax
Pigovian tax
A Pigovian tax is a tax levied on a market activity to correct the market outcome, if there are Externality associated with the market activity.... - Policy Ineffectiveness Proposition
Policy Ineffectiveness Proposition
The Policy Ineffectiveness Proposition is a new classical theory proposed in 1976 by Thomas J. Sargent and Neil Wallace based upon the theory of rational expectations.... - Political economy
Political economy
Political economy originally was the term for studying production, buying and selling, and their relations with law, custom, and government. Political economy originated in moral philosophy.... - Potential output
Potential output
In economics, potential output refers to the highest level of real vs. nominal in economics Gross Domestic Product output that can be sustained over the long term.... - Poverty
Poverty
Poverty is the shortage of common things such as food, clothing, shelter and safe drinking water, all of which determine our quality of life. It may also include the lack of access to opportunities such as education and employment which aid the escape from poverty and/or allow one to enjoy the respect of fellow citizens.... - Poverty threshold
Poverty threshold
The poverty threshold, or poverty line, is the minimum level of income deemed necessary to achieve an adequate standard of living in a given country.... - Preference
Preference
Preference is a concept, used in the social sciences, particularly economics. It assumes a real or imagined "choice" between alternatives and the possibility of rank ordering of these alternatives, based on happiness, satisfaction, gratification, enjoyment, utility they provide.... - Price discrimination
Price discrimination
Price discrimination exists when sales of identical good or Service are transacted at different prices from the same provider. In a theoretical market with perfect information, no transaction costs or prohibition on secondary exchange to prevent arbitrage, price discrimination can only be a feature of monopoly and oligopoly markets, where... - Price elasticity of demand
Price elasticity of demand
For the opposite, see Price elasticity of supply.Price elasticity of demand is defined as the measure of responsiveness in the quantity demanded for a commodity as a result of change in price of the same commodity.... - Price point
Price point
Price points are prices at which demand is relatively high. In introductory microeconomics, a demand curve is downward sloping to the right and either linear or gently convex to the origin.... - Price specie flow mechanism
Price specie flow mechanism
The price-specie-flow mechanism is a logical argument by David Hume against the Mercantilist idea that a nation should strive for a positive balance of trade, or net exports.... - Principal-agent problem
Principal-agent problem
In political science and economics, the principal-agent problem or agency dilemma treats the difficulties that arise under conditions of incomplete and information asymmetry when a principal hires an Agent .... - Principles of Economics
Principles of Economics
Principles of Economics is a book by economist Carl Menger which is credited with the founding of the Austrian School of economics. It was one of the first modern treatises to advance the theory of marginal utility.... - Prisoner's dilemma
Prisoner's dilemma
The Prisoner's Dilemma constitutes a problem in game theory. It was originally framed by Merrill Flood and Melvin Dresher working at RAND in 1950.... - Product bundling
Product bundling
Product bundling is a marketing strategy that involves offering several Product for sale as one combined product. This strategy is very common in the software business , in the cable television industry , and in the fast food industry in which multiple items are combined into a Value meal.... - Production function
Production function
In economics, a production function is a Function that specifies the output of a firm, an industry, or an entire economy for all combinations of inputs.... - Production-possibility frontier - Production theory basics
Production theory basics
In microeconomics, production is quite simply the conversion of inputs into outputs. It is an economic process that uses resources to create a good or service that is suitable for trade.... - Productivism
Productivism
Productivism is the belief that measurable Productivity and economic growth is the purpose of human organization , and that "more production is necessarily good".... - Productivity
Productivity
Productivity in economics refers to metrics and measures of output from production processes, per unit of input. Labor productivity, for example, is typically measured as a ratio of output per labor-hour, an input.... - Profit (economics)
Profit (economics)
Pure economic profit is the increase in wealth that an investor has from making an investment, taking into consideration all costs associated with that investment including the opportunity cost of Capital .... - Profit maximization
Profit maximization
In economics, profit maximization is the process by which a firm determines the price and output level that returns the greatest profit. There are several approaches to this problem.... - Property rights (economics)
Property rights (economics)
A property right is the exclusive authority to determine how a resource is used, whether that resource is owned by government or by individuals.... - Prospect theory
Prospect theory
Prospect theory is a theory that describes decisions between alternatives that involve risk, i.e. alternatives with uncertain outcomes, where the probabilities are known.... - Public choice theory
Public choice theory
Public choice in economic theory is the use of modern economic tools to study problems that are traditionally in the province of political science.... - Public bad
Public bad
A public bad, in green economics, is a Good that produces socially undesirable results.Examples:* Pollution is the most obvious example. There are less obvious examples.... - Public good
Public good
In economics, a public good is a Good that is rivalry ed and excludability. This means, respectively, that consumption of the good by one individual does not reduce availability of the good for consumption by others; and that no one can be effectively excluded from using the good.... - Purchasing power parity
Purchasing power parity
The purchasing power parity theory uses the long-term equilibrium exchange rate of two currencies to equalize their purchasing power. Developed by Gustav Cassel in 1920, it is based on the law of one price: the theory states that, in ideally efficient markets, identical goods should have only one price....
Quality of life is the degree of well-being felt by an individual or group of people.Quality of life cannot be measured directly, however the perception of QOL is made up of of two components: the physical and the psychological.... - Quasi-market
Quasi-market
A quasi-market is a public sector institutional structure that is designed to reap the supposed efficiency gains of free markets without losing the equity benefits of traditional systems of public administration and financing....
Target rate of return pricing is a pricing method used almost exclusively by market leaders or monopoly. You start with a rate of return objective, like 5% of invested capital, or 10% of sales revenue.... - Rational choice theory
Rational choice theory
Rational choice theory, also known as rational action theory, is a framework for understanding and often Model social and economic behavior.... - Rational expectations
Rational expectations
Rational expectations is an assumption used in many contemporary Model , and also in other areas of contemporary economics and game theory and in other applications of rational choice theory.... - Rational pricing
Rational pricing
Rational pricing is the assumption in financial economics that asset prices will reflect the arbitrage-free price of the asset as any deviation from this price will be "arbitraged away".... - Reaganomics
Reaganomics
Reaganomics refers to the Economics policies promoted by United States President Ronald Reagan during the 1980s. The four pillars of Reagan's economic policy were to:... - Real Business Cycle Theory
Real Business Cycle Theory
Real Business Cycle Theory is a class of macroeconomic models in which business cycle fluctuations to a large extent can be accounted for by real shocks.... - Real estate economics
Real estate economics
Real estate economics is the application of economic techniques to real estate markets. It tries to describe, explain, and predict patterns of prices, supply, and demand.... - Real estate investor
Real estate investor
A real estate investor is someone who actively or passively investment in real estate. An active investor may buy a real property, make repairs and/or improvements to the property, and sell it later for a profit.... - Real versus nominal value (economics) - Recession
Recession
In economics, the term recession describes the reduction of a country's gross domestic product for at least two Calendar_year#Quarters. The usual dictionary definition is "a period of reduced economic activity", a business cycle contraction.... - Regression analysis
Regression analysis
In statistics, regression analysis is a collective name for techniques for the modeling and analysis of numerical data consisting of values of a dependent variable and of one or more independent variables .... - Remanufacturing
Remanufacturing
Remanufacturing is the process of disassembly and recovery at the module level and, eventually, at the component level. It requires the repair or replacement of worn out or Obsolescence components and modules.... - Representative agent
Representative agent
Economists use the term representative agent to refer to the typical decision-maker of a certain type .More technically, an Model is said to have a representative agent if all Agent of the same type are identical.... - Repugnancy costs
Repugnancy costs
Repugnancy cost are costs borne by an individual or entity as a result of a stimulus that goes against that individual or entity's cultural mores.... - Reserve currency
Reserve currency
A reserve currency is a currency which is held in significant quantities by many governments and institutions as part of their foreign exchange reserves.... - Ricardian equivalence
Ricardian equivalence
Ricardian equivalence, is an economic theory that suggests consumers internalise the government's budget constraint and thus the timing of any tax change does not affect their change in spending.... - Risk premium
Risk premium
A risk premium is the minimum difference a person requires to be willing to take an uncertain bet, between the expected value of the bet and the certain value that he is indifferent to.... - Risk-free bond
Risk-free bond
A risk-free bond is a theoretical Bond that repays interest and :wikt:principal with absolute certainty. In practice, government bonds are treated as risk-free bonds, as governments can raise taxes or indeed print money to repay their domestic currency debt.... - Risk-free interest rate
Risk-free interest rate
The risk-free interest rate is the interest rate that it is assumed can be obtained by investment in financial instruments with no default risk.... - Road pricing
Road pricing
Road pricing is an economic concept regarding the various direct charges applied for the use of roads. The road charges includes fuel taxes, vehicle licence, parking taxes, Toll road, and congestion pricing, including those which may vary by time of day, by the specific road, or by the specific vehicle, being used.... - Robin Hood effect
Robin Hood effect
A Robin Hood effect is an economic occurrence where income is income redistribution so that economic inequality is reduced. The effect is named after Robin Hood, who is said to have stolen from the rich to give to the poor....
Safe trade is a slogan advocated by Greenpeace in its desire to "Green movement" the World Trade Organisation and the Doha Development Round.... - Sales tax
Sales tax
A sales tax is a consumption tax charged at the point of purchase for certain goods and services. The tax is usually set as a percentage by the government charging the tax.... - Saving - Scarcity
Scarcity
Scarcity is the problem of infinite Fundamental human needs and wants, in a world of finite resources. In other words, society does not have sufficient productive resources to fulfill those wants and needs.... - Search theory
Search theory
In economics, search theory is the study of an individual's optimal Strategy when choosing from a series of potential opportunities of stochastic quality, given that delaying choice is costly.... - Self-revelation
Self-revelation
In economics, self-revelation is a Property of a Mechanism where each Agent maximizes his or her utility by revealing his or her true type.... - Seven generation sustainability
Seven generation sustainability
Seven generation sustainability is an ecological concept that urges the current generation of humans to live sustainability and work for the benefit of the seventh generation into the future.... - Shock therapy (economics)
Shock therapy (economics)
In economics, shock therapy refers to the sudden release of price and currency controls, withdrawal of state subsidies, and immediate trade liberalization within a country, usually also including large scale privatization of previously public owned assets.... - Signalling (economics)
Signalling (economics)
In economics, more precisely in contract theory, signalling is the idea that one party conveys some meaningful information about itself to another party .... - Singer-Prebisch thesis
Singer-Prebisch thesis
The Singer-Prebisch thesis is the observation that the terms of trade between primary sector of industry and manufactured goods tend to deteriorate over time.... - Slavery
Slavery
Slavery is a form of forced labor where a person is compelled to Labor for another . Slaves are held against their will from the time of their capture, purchase, or birth, and are deprived of the right to leave, to refuse to work, or to receive Remuneration in return for their labor.... - Social capital
Social capital
Social capital is a concept developed in sociology and also used in business, capital , organizational behaviour, political science, public health and natural resources management that refers to connections within and between social networks as well as connections among individuals.... - Social cost
Social cost
In economics social cost is defined as the sum of private cost and externality costs. Economic theorists ascribe individual decision-making to a calculation costs and benefits.... - Social Credit
Social Credit
Social Credit is a Socioeconomics philosophy, interdisciplinary in nature, encompassing the fields of philosophy, economics, political science, history, accounting, and physics.... - Social finance
Social finance
Social finance is an approach to managing money that delivers a social dividend and an economic return.Social finance includes community investing, microlending, and sustainable business and social enterprise lending.... - Social welfare function
Social welfare function
In economics a social welfare function can be defined as a Function of a real variable that ranks conceivable social states from lowest on up as to welfare of the society.... - Social welfare provision
Social welfare provision
A social welfare provision refers to any program which seeks to provide a minimum level of income, service or other support for many marginalized groups such as the poor, elderly, and disabled people.... - Socialism
Socialism
Socialism refers to a broad set of economic theories of social organization advocating public or state ownership and administration of the means of production and distribution of goods, and a society characterized by equality for all individuals, with a fair or Egalitarianism method of compensation.... - Socialist economics
Socialist economics
Socialist economics is a broad, and sometimes controversial, term. A normative definition held by many socialists states that all socialist economic theories and arrangements are united by the desire to produce for use rather than profit, achieve greater egalitarianism and give the workers greater control of the means of production .... - Socioeconomics
Socioeconomics
Socioeconomics or socio-economics is the study of the relationship between economics and social life. The field is often considered multidisciplinary, using theories and Scientific method from sociology, economics, history, psychology, and many others.... - Specialization (functional)
Specialization (functional)
Specialization is the separation of tasks within a system. In a multicellular creature, cells are specialized for functions such as bone construction or oxygen transport.... - Spending multiplier - Stagflation
Stagflation
Stagflation is an economic situation in which inflation and economic stagnation occur simultaneously and remain unchecked for a period of time. The Portmanteau word "stagflation" is generally attributed to British politician Iain Macleod, who coined the term in a speech to Parliament of the United Kingdom in 1965.... - Standard of deferred payment
Standard of deferred payment
A standard of deferred payment is the accepted way, in a given market, to settle a debt. For example, while the gold standard reigned, gold or any currency convertible to gold at a fixed rate constituted such a standard.... - Standard of living
Standard of living
The standard of living refers to the quality and quantity of goods and services available to people, and the way these goods and services are distributed within a population.... - Stock exchange
Stock exchange
A stock exchange, securities exchange or bourse is a corporation or mutual organization which provides "trading" facilities for stock brokers and trader s, to trade stocks and other security .... - Store of value
Store of value
To act as a store of value, a commodity, a form of money, or financial capital must be able to be reliably saved, stored, and retrieved - and be predictably useful when it is so retrieved.... - Strategic complements
Strategic complements
In economics and game theory, the decisions of two or more players are called strategic complements if they mutually reinforce one another, and they are called strategic substitutes if they mutually offset one another.... - Subgame perfect equilibrium
Subgame perfect equilibrium
In game theory, a subgame perfect equilibrium is a solution concept of a Nash equilibrium used in dynamic games. A strategy is a subgame perfect equilibrium if it represents a Nash equilibrium of every subgame of the original game.... - Subjective theory of value
Subjective theory of value
The subjective theory of value is an economic theory of value that holds that "to possess value an object must be both useful and scarce, with the extent of that value dependent upon the ability of an object to satisfy the wants of any given individual.... - Subsidy
Subsidy
In economics, a subsidy is a form of financial assistance paid to a business or economic sector. A subsidy can be used to support businesses that might otherwise fail, or to encourage activities that would otherwise not take place.... - Subsistence agriculture
Subsistence agriculture
Subsistence agriculture is self-sufficiency farming in which farmers grow only enough food to feed their family and pay taxes. The typical subsistence farm has a range of crops and animals needed by the family to eat during the year.... - Substitute good
Substitute good
In economics, one kind of Good is said to be a substitute good for another kind in so far as the two kinds of goods can be consumed or used in place of one another in at least some of their possible uses.... - Sunk costs - Sunspot equilibrium - Sunspots (economics)
Sunspots (economics)
In economics, the term sunspots usually refers to an 'extrinsic' random variable, that is, a random variable that does not directly affect economic fundamentals .... - Supermodular function - Supply and demand
Supply-side economics is a school of macroeconomic thought that argues that economic growth can be most effectively created using incentives for people to produce goods and services, such as adjusting income tax and capital gains tax rates, and by allowing greater flexibility by reducing regulation.... - Surplus value
Surplus value
File:Surplus-value.jpgSurplus value is a concept created by Karl Marx in his critique of political economy, where its ultimate source is unpaid surplus labor performed by the worker for the capitalism, serving as a basis for capital accumulation#Marxian concept of capital accumulation.... - Sustainable development
Sustainable development
Sustainable development is a pattern of resource use that aims to meet human needs while preserving the environment so that these needs can be met not only in the present, but in the indefinite future.... - Sweatshop
Sweatshop
A sweatshop is a working environment with very difficult or dangerous conditions, usually where the workers have few rights or ways to address their situation....
A tariff is a tax imposed on goods when they are moved across a political boundary. They are usually associated with protectionism, the economic policy of restraining trade between nations.... - Tax
Tax
To tax is to impose a financial charge or other levy upon an individual or Legal person by a state or the functional equivalent of a state.Taxes are also imposed by many subnational entity.... - Tax, tariff and trade
Tax, tariff and trade
The tax, tariff and trade laws of a political region, state or trade bloc determine which forms of Consumption and Economic production tend to be encouraged or discouraged.... - Taylor rule
Taylor rule
A Taylor rule is a monetary policy rule that stipulates how much the central bank should change the nominal interest rate in response to divergences of actual Gross domestic product from potential output GDP and of actual inflation rates from a target inflation rates.... - Technostructure
Technostructure
Technostructure is a term coined by the economist John Kenneth Galbraith in "The New Industrial State" to describe the group of technicians within an enterprise with considerable influence and control on its economy.... - Terms of trade
Terms of trade
In international economics and international trade, terms of trade or TOT is the relative prices of a country's export to import. "Terms of trade" are sometimes used as a proxy for the relative social welfare of a country, but this heuristic is technically questionable and should be used with extreme caution.... - Theory of the firm
Theory of the firm
The theory of the firm consists of a number of economic theory which describe the nature of the firm, company , or corporation, including its existence, its behaviour, and its relationship with the market.... - Time-based currency
Time-based currency
In economics, a time-based currency is an alternative currency where the unit of exchange is the person-hour.Time-based currencies value everyone?s contributions equally.... - Time preference
Time preference
In economics, time preference pertains to how large a premium a consumer will place on enjoyment nearer in time over more remote enjoyment.There is no absolute distinction that separates "high" and "low" time preference, only comparisons with others either individually or in aggregate.... - Total cost of ownership
Total cost of ownership
Total cost of ownership is a financial estimate designed to help consumers and enterprise managers assess direct and indirect costs. It is used in many industries and this article... - Trade
Trade
Tradeis the willing exchange of goods, Service , or both. Trade is also called commerce. A mechanism that allows trade is called a market. The original form of trade was barter , the direct exchange of goods and services.... - Trade bloc
Trade bloc
A trade bloc is a type of intergovernmental agreement, often part of a regional intergovernmental organization, where regional barriers to trade are reduced or eliminated among the participating states.... - Trade facilitation
Trade facilitation
See also Trade Facilitation and Development.Trade facilitation looks at how procedures and controls governing the movement of goods across national borders can be improved to reduce associated cost burdens and maximise efficiency while safeguarding legitimate regulatory objectives.... - Trade pact
Trade pact
A trade pact is a wide ranging tax, tariff and trade pact that often includes investment guarantees. Trade pacts are frequently politically contentious since they may change economic customs and deepen interdependence with trade partners.... - Tragedy of the anticommons
Tragedy of the anticommons
The tragedy of the anticommons is a neologism coined by Michael Heller to describe a coordination breakdown where the existence of numerous rights holders frustrates achieving a socially desirable outcome.... - Tragedy of the commons
Tragedy of the commons
"The Tragedy of the Commons" is an influential article written by Garrett Hardin and first published in the journal Science in 1968.... - Transaction cost
Transaction cost
In economics and related disciplines, a transaction cost is a cost incurred in making an economic exchange. For example, most people, when buying or selling a stock, must pay a commission to their stock broker; that commission is a transaction cost of doing the stock deal.... - Transfer payment
Transfer payment
In economics, a transfer payment is a Income redistribution in the market system. These payments are considered to be nonexhaustive because they do not directly absorb Factors of production or create Output .... - Transfer pricing
Transfer pricing
Transfer pricing refers to the pricing of contributions transferred within an organization. For example, goods from the production division may be sold to the marketing division, or goods from a parent company may be sold to a foreign subsidiary.... - Transformation problem
Transformation problem
In 20th century discussions of Karl Marx's economics the transformation problem is the problem of finding a general rule to transform the "values" of commodities into the "competitive prices" of the marketplace.... - Transparency (market)
Transparency (market)
In economics, a market is transparent if much is known by many about:* What products, services or capital assets are supply.* What price.... - Transport economics
Transport economics
Transport economics is a branch of economics that deals with the allocation of resources within the transport sector and has strong linkages with civil engineering.... - Triple bottom line
Triple bottom line
The triple bottom line captures an expanded spectrum of values and criteria for measuring organizational success: economic, ecological and social.... - Trust (social sciences) - Two-part tariff
Two-part tariff
A two-part tariff is a price discrimination technique in which the price of a product or Service is composed of two parts - a lump-sum fee as well as a per-unit charge.... - Tying (commerce)
The underground economy or black market is a market where all commerce is conducted without regard to taxation, law or regulations of trade.... - Uneconomic growth
Uneconomic growth
Uneconomic growth, in human development theory, welfare economics , and some forms of ecological economics, is economic growth that reflects or creates a decline in the quality of life.... - Unemployment
Unemployment
File:World map of countries by rate of unemployment.pngUnemployment occurs when a person is available to work and currently seeking work, but the person is without Wage labour.... - Unit of account
Unit of account
A unit of account is a standard monetary unit of measurement of the market value/cost of goods, services, or assets. It is one of three well-known functions of money.... - United States public debt
United States public debt
The United States total public debt, commonly called the national debt, or U.S. government debt, is the amount of money owed by the Federal government of the United States of the United States to holders of Treasury security.... - Utilitarianism
Utilitarianism
Utilitarianism is the idea that the morality of an action is determined solely by its contribution to overall utility: that is, its contribution to happiness or pleasure as summed among all persons.... - Utility
Utility
In economics, utility is a measure of the relative satisfaction from, or desirability of, consumption of various goods and services. Given this measure, one may speak meaningfully of increasing or decreasing utility, and thereby explain economic behavior in terms of attempts to increase one's utility.... - Utility maximization problem
Utility maximization problem
In microeconomics, the utility maximization problem is the problem consumers face: "how should I spend my money in order to maximize my utility?"...
The economic value of a good or service has puzzled economists since the beginning of the discipline. First, economists tried to estimate the value of a good to an individual alone, and extend that definition to goods which can be exchanged.... - Value added
Value added
Value added refers to the additional value of a commodity over the cost of commodities used to produce it from the previous stage of production.... - Value added tax
Value added tax
Value added tax , or goods and services tax , is a consumption tax levied on value added. In contrast to sales tax, VAT is neutral with respect to the number of passages that there are between the producer and the final consumer; where sales tax is levied on total value at each stage, the result is a cascade .... - Value of Earth
Value of Earth
In green economics, value of Earth is the ultimate in ecosystem valuation, and important to value of life calculations. It begins with the simple problem that if the Earth ceases to support life, and human life does not continue elsewhere, all economic activity will also cease.... - Value of life
Value of life
The value of life is an economic Value theory assigned to life in general, or to specific living organisms. In social science and political sciences, it is the marginal cost of death prevention in a certain class of circumstances.... - Veblen good - Velocity of money
Velocity of money
The velocity of money is the average frequency with which a unit of money is spent in a specific period of time. Velocity associates the amount of economic activity associated with a given money supply.... - Virtuous circle and vicious circle
Virtuous circle and vicious circle
A virtuous circle or a vicious circle is a complex of events that reinforces itself through a feedback loop toward greater instability. A virtuous circle has favorable results, and a vicious circle has deleterious results....
A wage is a compensation, usually financial, received by a worker Coincidence of wants for their Labor .Compensation in terms of wages is given to worker and compensation in terms of salary is given to employees.... - Wealth
Wealth
Wealth is an abundance of valuable material possessions or resources. The word is derived from the old English wela, which is from an Indo-European word stem.... - Wealth effect
Wealth effect
The wealth effect is an economic term, referring to an increase in spending that accompanies an increase or perceived increase in wealth.... - Welfare economics
Welfare economics
Welfare economics is a branch of economics that uses microeconomics techniques to simultaneously determine allocative efficiency within an economy and the income Distribution associated with it.... - Workers' self-management
Workers' self-management
Worker self-management is a form of workplace decision-making in which the workers themselves agree on choices instead of an owner or traditional supervisor telling workers what to do, how to do it and where to do it....
In economics, x-efficiency is the effectiveness with which a given set of inputs are used to produce outputs. If a firm is producing the maximum output it can, given the resources it employs, such as men and machinery, and the best technology available, it is said to be x-efficient....
In finance, yield is a percentage that measures the cash returns to the owners of a security. Normally it does not include the price variations, at the difference of the total Return ....
In game theory and economic theory, zero-sum describes a situation in which a participant's gain or loss is exactly balanced by the losses or gains of the other participant....
Production function can also be deemed as the dynamics of national output/national income. This list is to collect production functions & the dynamics of national output/income that has been used in literature & textbooks....
This is an annotated list of important business theorists. It is in alphabetical order based on last name. To facilitate reading, only names are hyperlinked....
This List of community topics is intended to be a comprehensive listing of topics, categories and other resources related to community in the broadest sense possible....
List of Economic Reports by U.S. Government Agencies
This is a list of international trade topics.* Absolute advantage* Agreement on Trade-Related Aspects of Intellectual Property Rights * Asia-Pacific Economic Cooperation ...
This is a list of articles on general management and strategic management topics. For articles on specific areas of management, such as marketing management, production management, human resource management, information technology management, and international trade, see the list of related topics at the bottom of this page....
* Manufacturing and manufacturing systems** Manufacturing** Factory** Craft production** English system of manufacturing** American system of manufacturing...
The following is a list of scholarly journals in economics, and contains most of the prominent journals in the field, including those ranked highest in impact-adjusted citations....
