Communication

517 relations: Absence rate, Accounting, Accounting reform, Actuary, Adaptive expectations, Adverse selection, Agent (economics), Agent-based computational economics, Aggregate demand, Aggregate supply, Agricultural policy, All Together Now (book), Appropriate technology, Arbitrage, Arrow's impossibility theorem, Auction, Austrian School, Autarky, Backward induction, Balance of payments, Balance of trade, Bank, Bankruptcy, Barter, Behavioral economics, Bellman equation, Bequest motive, Bertrand–Edgeworth model, Big Mac Index, Big push model, Black market, Black–Scholes model, Bretton Woods system, Bullionism, Business cycle, Capital (economics), Capital asset, Capital intensity, Capitalism, Cartel, Cash crop, Celtic Tiger, Central bank, Ceteris paribus, Charity shop, Chicago school of economics, Classical economics, Classical general equilibrium model, Coase conjecture, Coase theorem, ..., Cobweb model, Collective action, Collusion, Commodity, Commodity market, Community-based economics, Comparative advantage, Comparative statics, Compensating differential, Competition, Competition law, Complementary good, Computational economics, Concentration ratio, Consumer, Consumer choice, Consumer price index, Consumer sovereignty, Consumerism, Consumption (economics), Contestable market, Contract curve, Contract theory, Convergence (economics), Cooperative, Cost, Cost curve, Cost overrun, Cost-of-production theory of value, Cost-push inflation, Cost–benefit analysis, Cournot competition, Cross elasticity of demand, Cultural ecology, Currency, Damages, Dead cat bounce, Deadweight loss, Debt, Decentralization, Deflation, Demand-pull inflation, Depression (economics), Devaluation, Development economics, Differentiated Bertrand competition, Disinflation, Dispersed knowledge, Distribution (marketing), Dividend imputation, Dual-sector model, Dynamic programming, Dynamic stochastic general equilibrium, Ecological economics, Econometrics, Economic base analysis, Economic calculation problem, Economic equilibrium, Economic geography, Economic graph, Economic growth, Economic history, Economic impact of immigration to Canada, Economic indicator, Economic model, Economic policy, Economic problem, Economic rent, Economic surplus, Economic system, Economic union, Economics, Economics terminology that differs from common usage, Economies of agglomeration, Economies of scale, Economies of scope, Economy of Canada, Ecotax, Edgeworth box, Edgeworth's limit theorem, Efficiency dividend, Efficiency wage, Efficient-market hypothesis, Elasticity (economics), Electricity market, Employment, Endogeneity (econometrics), Endogenous growth theory, Energy economics, Entrepreneurial economics, Entrepreneurship, Environmental economics, Environmental finance, Equilibrium selection, Ethical consumerism, Euro, Event study, Evolutionary economics, Exceptionalism, Excess burden of taxation, Expected utility hypothesis, Experimental economics, Externality, Factor price equalization, Factors of production, Fair trade, Feminist economics, Finance, Financial astrology, Financial capital, Financial econometrics, Financial economics, Financial instrument, Fiscal multiplier, Fiscal policy, Fisher equation, Fisher separation theorem, Forecasting, Fractional-reserve banking, Free good, Free trade, Free-rider problem, Friedman rule, Full-reserve banking, Game theory, Gandhian economics, General equilibrium theory, Geographical pricing, Georgism, Gerschenkron effect, Giffen good, Gini coefficient, Global game, Globalization, Glossary of economics, Gold standard, Goodhart's law, Goods, Government debt, Government-granted monopoly, Gresham's law, Gross domestic product, Gross value added, Growth accounting, Happiness economics, Harris–Todaro model, Hauser's law, Hedonic regression, Herfindahl index, Heterodox economics, Historical school of economics, History of economic thought, Home economics, Homo economicus, Hotelling's law, Human capital, Human development (humanity), Human Development Index, Human resources, Hyperinflation, Imperfect competition, Implied-in-fact contract, Import, Import substitution industrialization, Incentive, Income, Income elasticity of demand, Income inequality metrics, Income tax, Independent goods, Index of accounting articles, Index of international trade topics, Indifference curve, Indigo Era (economics), Individual capital, Induced demand, Industrial organization, Industrial policy, Industrial Revolution, Industrialisation, Inferior good, Inflation, Informal sector, Information asymmetry, Information economics, Input–output model, Instructional capital, Interest, Interest rate parity, International trade, International Year of Microcredit, Intertemporal choice, Intertemporal equilibrium, Investment, Investment policy, Investment-specific technological progress, Invisible hand, IS–LM model, Islamic economics, Isoquant, Ithaca Hours, Jane Jacobs, JEL classification codes, Job hunting, Joint product pricing, Just price, Kaldor–Hicks efficiency, Keynesian economics, Knowledge economy, Labor theory of value, Labour economics, Laffer curve, Laissez-faire, Land (economics), Land value tax, Law and economics, Legal origins theory, Lerman ratio, Limit price, List of business theorists, List of economic reports by U.S. government agencies, List of economics journals, List of free-trade agreements, List of multilateral free-trade agreements, List of production functions, List of recessions in the United States, Living wage, Local currency, Local purchasing, Lorenz curve, Low-carbon economy, Lucas critique, Macroeconomic model, Macroeconomics, Managerial economics, Marginal cost, Marginal rate of substitution, Marginal revenue, Marginal utility, Marginalism, Market (economics), Market anomaly, Market concentration, Market economy, Market failure, Market power, Market share, Market structure, Market system, Marxian economics, Mathematical economics, Means of production, Measures of national income and output, Mechanism (sociology), Medium of exchange, Mental accounting, Menu cost, Mercantilism, Merger simulation, Methodenstreit, Methodological individualism, Microcredit, Microeconomics, Minimum wage, Missing market, Modern portfolio theory, Modigliani–Miller theorem, Monetarism, Monetary policy, Monetary reform, Money, Money creation, Money multiplier, Money supply, Monopoly, Monopoly profit, Monopsony, Moral hazard, NAIRU, Nakamura number, Nanoeconomics, Nash equilibrium, National debt of the United States, National Income and Product Accounts, National income policy agreement, Natural capital, Natural Capitalism, Natural monopoly, Natural resource economics, Neo-Keynesian economics, Neoclassical economics, Neoliberalism, Network effect, Neuroeconomics, New classical macroeconomics, New Keynesian economics, Nobel Memorial Prize in Economic Sciences, Normal good, Okun's law, Oligopoly, Oligopsony, Operations research, Opportunity cost, Ordinary least squares, Outline of business management, Outline of commercial law, Outline of community, Outline of industrial organization, Outline of marketing, Outline of production, Output (economics), Overhead (business), Pacman conjecture, Parable of the broken window, Pareto efficiency, Participatory economics, Perfect competition, Perspectives on capitalism by school of thought, Petrocurrency, Phillips curve, Pigovian tax, Policy-ineffectiveness proposition, Political economy, Potential output, Poverty, Poverty threshold, Prebisch–Singer hypothesis, Preference, Price discrimination, Price elasticity of demand, Price point, Price–specie flow mechanism, Principal–agent problem, Principles of Economics, Prisoner's dilemma, Product bundling, Production (economics), Production function, Production–possibility frontier, Productivism, Productivity, Profit (economics), Profit maximization, Property rights (economics), Prospect theory, Public bad, Public capital, Public choice, Public good, Purchasing power parity, Quality of life, Quantitative easing, Quantity theory of money, Quasi-market, Rate of return pricing, Rational choice theory, Rational expectations, Rational pricing, Reaganomics, Real business-cycle theory, Real estate economics, Real estate entrepreneur, Real versus nominal value (economics), Recession, Regenerative economic theory, Regression analysis, Remanufacturing, Representative agent, Repugnancy costs, Reserve currency, Ricardian equivalence, Risk compensation, Risk premium, Risk-free bond, Risk-free interest rate, Road pricing, Robin Hood effect, Safe trade, Sales tax, Saving, Scarcity, Search theory, Self-revelation, Seven generation sustainability, Shock therapy (economics), Signalling (economics), Slavery, Social capital, Social cost, Social credit, Social finance, Social mobility, Social welfare function, Socialism, Socialist economics, Socioeconomics, Solow–Swan model, Specialization (functional), Stagflation, Standard of deferred payment, Standard of living, Stock exchange, Store of value, Strategic complements, Subgame perfect equilibrium, Subjective theory of value, Subsidy, Subsistence agriculture, Substitute good, Sunk cost, Sunspots (economics), Supermodular function, Supply and demand, Supply-side economics, Surplus value, Sustainable development, Sweatshop, Tariff, Tax, Taylor rule, Technostructure, Terms of trade, The Experience Economy, Theory of imputation, Theory of the firm, Thermoeconomics, Time preference, Time-based currency, Total cost of ownership, Trade, Trade agreement, Trade bloc, Trade facilitation, Tragedy of the anticommons, Tragedy of the commons, Transaction cost, Transfer payment, Transfer pricing, Transformation problem, Transparency (market), Transport economics, Triple bottom line, Trust (emotion), Two-part tariff, Tying (commerce), Uneconomic growth, Unemployment, Unit of account, Utilitarianism, Utility, Utility maximization problem, Value (economics), Value added, Value of life, Value-added tax, Veblen good, Velocity of money, Virtuous circle and vicious circle, Wage, Wealth, Wealth effect, Welfare, Welfare economics, Workers' self-management, X-inefficiency, Yield (finance), Zero-sum game. Expand index (467 more) » « Shrink index

Absence rate

In economics, the absence rate is the ratio of workers with absences to total full-time wage and salary employment.

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Accounting

Accounting or accountancy is the measurement, processing, and communication of financial information about economic entities such as businesses and corporations.

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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.

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Actuary

An actuary is a business professional who deals with the measurement and management of risk and uncertainty.

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Adaptive expectations

In economics, adaptive expectations is a hypothesized process by which people form their expectations about what will happen in the future based on what has happened in the past.

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Adverse selection

Adverse selection is a term commonly used in economics, insurance, and risk management that describes a situation where market participation is affected by asymmetric information.

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Agent (economics)

In economics, an agent is an actor and more specifically a decision maker in a model of some aspect of the economy.

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Agent-based computational economics

Agent-based computational economics (ACE) is the area of computational economics that studies economic processes, including whole economies, as dynamic systems of interacting agents.

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Aggregate demand

In macroeconomics, aggregate demand (AD) or domestic final demand (DFD) is the total demand for final goods and services in an economy at a given time.

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Aggregate supply

In economics, aggregate supply (AS) or domestic final supply (DFS) is the total supply of goods and services that firms in a national economy plan on selling during a specific time period.

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Agricultural policy

Agricultural policy describes a set of laws relating to domestic agriculture and imports of foreign agricultural products.

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All Together Now (book)

All Together Now: Common Sense for a Fair Economy is a book written by Jared Bernstein, Chief Economist and Economic Policy Advisor to Vice President Joe Biden, and published in 2006.

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Appropriate technology

Appropriate technology is a movement (and its manifestations) encompassing technological choice and application that is small-scale, decentralized, labor-intensive, energy-efficient, environmentally sound, and locally autonomous.

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Arbitrage

In economics and finance, arbitrage is the practice of taking advantage of a price difference 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.

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Arrow's impossibility theorem

In social choice theory, Arrow's impossibility theorem, the general possibility theorem or Arrow's paradox is an impossibility theorem stating that when voters have three or more distinct alternatives (options), no ranked voting electoral system can convert the ranked preferences of individuals into a community-wide (complete and transitive) ranking while also meeting a specified set of criteria: unrestricted domain, non-dictatorship, Pareto efficiency and independence of irrelevant alternatives.

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Auction

An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder.

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Austrian School

The Austrian School is a school of economic thought that is based on methodological individualism—the concept that social phenomena result from the motivations and actions of individuals.

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Autarky

Autarky is the quality of being self-sufficient.

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Backward induction

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.

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Balance of payments

The balance of payments, also known as balance of international payments and abbreviated B.O.P. or BoP, of a country is the record of all economic transactions between the residents of the country and of the world in a particular period (over a quarter of a year or more commonly over a year).

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Balance of trade

The balance of trade, commercial balance, or net exports (sometimes symbolized as NX), is the difference between the monetary value of a nation's exports and imports over a certain period.

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Bank

A bank is a financial institution that accepts deposits from the public and creates credit.

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Bankruptcy

Bankruptcy is a legal status of a person or other entity that cannot repay debts to creditors.

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Barter

In trade, barter is a system of exchange where participants in a transaction directly exchange goods or services for other goods or services without using a medium of exchange, such as money.

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Behavioral economics

Behavioral economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the economic decisions of individuals and institutions and how those decisions vary from those implied by classical theory.

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Bellman equation

A Bellman equation, named after Richard E. Bellman, is a necessary condition for optimality associated with the mathematical optimization method known as dynamic programming.

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Bequest motive

A bequest motive seeks to provide an economic justification for the phenomenon of intergenerational transfers of wealth.

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Bertrand–Edgeworth model

In microeconomics, the Bertrand–Edgeworth model of price-setting oligopoly looks at what happens when there is a homogeneous product (i.e. consumers want to buy from the cheapest seller) where there is a limit to the output of firms which they are willing and able to sell at a particular price.

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Big Mac Index

The Big Mac Index is published by The Economist as an informal way of measuring the purchasing power parity (PPP) between two currencies and provides a test of the extent to which market exchange rates result in goods costing the same in different countries.

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Big push model

The big push model is a concept in development economics or welfare economics that emphasizes that a firm's decision whether to industrialize or not depends on its expectation of what other firms will do.

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Black market

A black market, underground economy, or shadow economy is a clandestine market or transaction that has some aspect of illegality or is characterized by some form of noncompliant behavior with an institutional set of rules.

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Black–Scholes model

The Black–Scholes or Black–Scholes–Merton model is a mathematical model for the dynamics of a financial market containing derivative investment instruments.

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Bretton Woods system

The Bretton Woods system of monetary management established the rules for commercial and financial relations among the United States, Canada, Western Europe, Australia, and Japan after the 1944 Bretton-Woods Agreement.

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Bullionism

Bullionism is an economic theory that defines wealth by the amount of precious metals owned.

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Business cycle

The business cycle, also known as the economic cycle or trade cycle, is the downward and upward movement of gross domestic product (GDP) around its long-term growth trend.

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Capital (economics)

In economics, capital consists of an asset that can enhance one's power to perform economically useful work.

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Capital asset

A capital asset is defined to include property of any kind held by an assessee, whether connected with their business or profession or not connected with their business or profession.

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Capital intensity

Capital intensity is the amount of fixed or real capital present in relation to other factors of production, especially labor.

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Capitalism

Capitalism is an economic system based upon private ownership of the means of production and their operation for profit.

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Cartel

A cartel is a group of apparently independent producers whose goal is to increase their collective profits by means of price fixing, limiting supply, or other restrictive practices.

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Cash crop

A cash crop or profit crop is an agricultural crop which is grown for sale to return a profit.

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Celtic Tiger

"Celtic Tiger" (An Tíogar Ceilteach) is a term referring to the economy of the Republic of Ireland from the mid-1990s to the late-2000s, a period of rapid real economic growth fuelled by foreign direct investment.

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Central bank

A central bank, reserve bank, or monetary authority is an institution that manages a state's currency, money supply, and interest rates.

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Ceteris paribus

Ceteris paribus or caeteris paribus is a Latin phrase meaning "other things equal".

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Charity shop

A charity shop or thrift shop is a retail establishment run by a charitable organization to raise money.

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Chicago school of economics

The Chicago school of economics is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and popularized its principles.

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Classical economics

Classical economics or classical political economy (also known as liberal economics) is a school of thought in economics that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century.

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Classical general equilibrium model

The classical general equilibrium model aims to describe the economy by aggregating the behavior of individuals and firms.

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Coase conjecture

The Coase conjecture, developed first by Ronald Coase, is an argument in monopoly theory.

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Coase theorem

In law and economics, the Coase theorem describes the economic efficiency of an economic allocation or outcome in the presence of externalities.

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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.

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Collective action

Collective action refers to action taken together by a group of people whose goal is to enhance their status and achieve a common objective.

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Collusion

Collusion is an agreement between two or more parties, sometimes illegal–but always secretive–to limit open competition by deceiving, misleading, or defrauding others of their legal rights, or to obtain an objective forbidden by law typically by defrauding or gaining an unfair market advantage.

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Commodity

In economics, a commodity is an economic good or service that has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them.

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Commodity market

A commodity market is a market that trades in primary economic sector rather than manufactured products.

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Community-based economics

Community-based economics or community economics is an economic system that encourages local substitution.

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Comparative advantage

The law or principle of comparative advantage holds that under free trade, an agent will produce more of and consume less of a good for which they have a comparative advantage.

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Comparative statics

In economics, comparative statics is the comparison of two different economic outcomes, before and after a change in some underlying exogenous parameter.

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Compensating differential

Wage differential is a term used in labour economics to analyze the relation between the wage rate and the unpleasantness, risk, or other undesirable attributes of a particular job.

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Competition

Competition is, in general, a contest or rivalry between two or more entities, organisms, animals, individuals, economic groups or social groups, etc., for territory, a niche, for scarce resources, goods, for mates, for prestige, recognition, for awards, for group or social status, or for leadership and profit.

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Competition law

Competition law is a law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies.

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Complementary good

In economics, a complementary good or complement is a good with a negative cross elasticity of demand, in contrast to a substitute good.

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Computational economics

Computational economics is a research discipline at the interface of computer science, economics, and management science.

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Concentration ratio

The most common concentration ratios are the CR4 and the CR8, which means the market share of the four and the eight largest firms.

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Consumer

A consumer is a person or organization that use economic services or commodities.

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Consumer choice

The theory of consumer and choice is the branch of microeconomics that relates preferences to consumption expenditures and to consumer demand curves.

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Consumer price index

A consumer price index (CPI) measures changes in the price level of of and purchased by households.

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Consumer sovereignty

Consumer sovereignty is an economic concept described by William Harold Hutt in his book Economists and the Public:A Study of Competition and Opinion (1936).

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Consumerism

Consumerism is a social and economic order and ideology that encourages the acquisition of goods and services in ever-increasing amounts.

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Consumption (economics)

Consumption is the process in which consumers (customers or buyers) purchase items on the market.

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Contestable market

In economics, the theory of contestable markets, associated primarily with its 1982 proponent William J. Baumol, holds that there are markets served by a small number of firms that are nevertheless characterized by competitive equilibria (and therefore desirable welfare outcomes) because of the existence of potential short-term entrants.

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Contract curve

In microeconomics, the contract curve is the set of points representing final allocations of two goods between two people that could occur as a result of mutually beneficial trading between those people given their initial allocations of the goods.

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Contract theory

In economics, contract theory studies how economic actors can and do construct contractual arrangements, generally in the presence of asymmetric information.

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Convergence (economics)

The idea of convergence in economics (also sometimes known as the catch-up effect) is the hypothesis that poorer economies' per capita incomes will tend to grow at faster rates than richer economies.

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Cooperative

A cooperative (also known as co-operative, co-op, or coop) is "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 enterprise".

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Cost

In production, research, retail, and accounting, a cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore.

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Cost curve

In economics, a cost curve is a graph of the costs of production as a function of total quantity produced.

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Cost overrun

A cost overrun, also known as a cost increase, underrated or budget overrun, involves unexpected costs incurred in excess of budgeted amounts due to an underestimation of the actual cost during budgeting.

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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.

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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.

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Cost–benefit analysis

Cost–benefit analysis (CBA), sometimes called benefit costs analysis (BCA), is a systematic approach to estimate the strengths and weaknesses of alternatives (for example in transactions, activities, functional business requirements or projects investments); it is used to determine options that provide the best approach to achieve benefits while preserving savings.

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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.

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Cross elasticity of demand

In economics, the cross elasticity of demand or cross-price elasticity of demand measures the responsiveness of the quantity demanded for a good to a change in the price of another good, ceteris paribus.

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Cultural ecology

Cultural ecology is the study of human adaptations to social and physical environments.

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Currency

A currency (from curraunt, "in circulation", from currens, -entis), in the most specific use of the word, refers to money in any form when in actual use or circulation as a medium of exchange, especially circulating banknotes and coins.

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Damages

In law, damages are an award, typically of money, to be paid to a person as compensation for loss or injury.

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Dead cat bounce

In finance, a dead cat bounce is a small, brief recovery in the price of a declining stock.

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Deadweight loss

A deadweight loss, also known as excess burden or allocative inefficiency, is a loss of economic efficiency that can occur when equilibrium for a good or a service is not achieved.

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Debt

Debt is when something, usually money, is owed by one party, the borrower or debtor, to a second party, the lender or creditor.

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Decentralization

Decentralization is the process by which the activities of an organization, particularly those regarding planning and decision-making, are distributed or delegated away from a central, authoritative location or group.

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Deflation

In economics, deflation is a decrease in the general price level of goods and services.

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Demand-pull inflation

Demand-pull inflation is asserted to arise when aggregate demand in an economy outpaces aggregate supply.

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Depression (economics)

In economics, a depression is a sustained, long-term downturn in economic activity in one or more economies.

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Devaluation

In modern monetary policy, a devaluation is 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 or currency basket.

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Development economics

Development economics is a branch of economics which deals with economic aspects of the development process in low income countries.

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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.

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Disinflation

Disinflation is a decrease in the rate of inflation – a slowdown in the rate of increase of the general price level of goods and services in a nation's gross domestic product over time.

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Dispersed knowledge

Dispersed knowledge in economics is the notion that no single agent has information as to all of the factors which influence prices and production throughout the system.

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Distribution (marketing)

Distribution (or place) is one of the four elements of the marketing mix.

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Dividend imputation

Dividend imputation is a corporate tax system in which some or all of the tax paid by a company may be attributed, or imputed, to the shareholders by way of a tax credit to reduce the income tax payable on a distribution.

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Dual-sector model

The dual-sector model is a model in developmental economics.

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Dynamic programming

Dynamic programming is both a mathematical optimization method and a computer programming method.

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Dynamic stochastic general equilibrium

Dynamic stochastic general equilibrium modeling (abbreviated as DSGE, or DGE, or sometimes SDGE) is a method in macroeconomics that attempts to explain economic phenomena, such as economic growth and business cycles, and the effects of economic policy, through econometric models based on applied general equilibrium theory and microeconomic principles.

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Ecological economics

Ecological economics (also called eco-economics, ecolonomy or bioeconomics of Georgescu-Roegen) is both a transdisciplinary and an interdisciplinary field of academic research addressing the interdependence and coevolution of human economies and natural ecosystems, both intertemporally and spatially.

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Econometrics

Econometrics is the application of statistical methods to economic data and is described as the branch of economics that aims to give empirical content to economic relations.

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Economic base analysis

Economic base analysis was developed by Robert Murray Haig in his work on the Regional Plan of New York in 1928.

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Economic calculation problem

The economic calculation problem is a criticism of using economic planning as a substitute for market-based allocation of the factors of production.

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Economic equilibrium

In economics, economic equilibrium is a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change.

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Economic geography

Economic geography is the study of the location, distribution and spatial organization of economic activities across the world.

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Economic graph

The social science of economics makes extensive use of graphs to better illustrate the economic principles and trends it is attempting to explain.

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Economic growth

Economic growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time.

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Economic history

Economic history is the study of economies or economic phenomena of the past.

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Economic impact of immigration to Canada

The economic impact of immigration is an important topic in Canada.

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Economic indicator

An economic indicator is a statistic about an economic activity.

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Economic model

In economics, a model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them.

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Economic policy

The economic policy of governments covers the systems for setting levels of taxation, government budgets, the money supply and interest rates as well as the labour market, national ownership, and many other areas of government interventions into the economy.

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Economic problem

The economic problem – sometimes called the basic or central economic problem – asserts that an economy's finite resources are insufficient to satisfy all human wants and needs.

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Economic rent

In economics, economic rent is any payment to an owner or factor of production in excess of the costs needed to bring that factor into production.

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Economic surplus

In mainstream economics, economic surplus, also known as total welfare or Marshallian surplus (after Alfred Marshall), refers to two related quantities.

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Economic system

An economic system is a system of production, resource allocation and distribution of goods and services within a society or a given geographic area.

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Economic union

An economic union is a type of trade bloc which is composed of a common market with a customs union.

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Economics

Economics is the social science that studies the production, distribution, and consumption of goods and services.

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Economics terminology that differs from common usage

In any technical subject, words commonly used in everyday life acquire very specific technical meanings, and confusion can arise when someone is uncertain of the intended meaning of a word.

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Economies of agglomeration

Economies of agglomeration considers the effects of urban agglomeration, it is a topic of urban economics.

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Economies of scale

In microeconomics, economies of scale are the cost advantages that enterprises obtain due to their scale of operation (typically measured by amount of output produced), with cost per unit of output decreasing with increasing scale.

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Economies of scope

Economies of scope are "efficiencies formed by variety, not volume" (the latter concept is "economies of scale").

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Economy of Canada

The economy of Canada is a highly developed mixed economy with 10th largest GDP by nominal and 17th largest GDP by PPP in the world.

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Ecotax

An Ecotax (short for ecological taxation) is a tax levied on activities which are considered to be harmful to the environment and is intended to promote environmentally friendly activities via economic incentives.

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Edgeworth box

In economics, an Edgeworth box, named after Francis Ysidro Edgeworth, is a way of representing various distributions of resources.

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Edgeworth's limit theorem

Edgeworth's limit theorem is an economic 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.

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Efficiency dividend

An efficiency dividend is an annual reduction in resources available to an organization.

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Efficiency wage

In labor economics, the efficiency wage hypothesis argues that wages, at least in some markets, form in a way that is not market-clearing.

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Efficient-market hypothesis

The efficient-market hypothesis (EMH) is a theory in financial economics that states that asset prices fully reflect all available information.

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Elasticity (economics)

In economics, elasticity is the measurement of how an economic variable responds to a change in another.

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Electricity market

In economic terms, electricity (both power and energy) is a commodity capable of being bought, sold, and traded.

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Employment

Employment is a relationship between two parties, usually based on a contract where work is paid for, where one party, which may be a corporation, for profit, not-for-profit organization, co-operative or other entity is the employer and the other is the employee.

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Endogeneity (econometrics)

In econometrics, endogeneity broadly refers to situations in which an explanatory variable is correlated with the error term.

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Endogenous growth theory

Endogenous growth theory holds that economic growth is primarily the result of endogenous and not external forces.

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Energy economics

Energy economics is a broad scientific subject area which includes topics related to supply and use of energy in societies.

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Entrepreneurial economics

Entrepreneurial economics is the study of the entrepreneur and entrepreneurship within the economy.

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Entrepreneurship

Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business.

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Environmental economics

Environmental economics is a sub-field of economics that is concerned with environmental issues.

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Environmental finance

Environmental finance is the use of various financial instruments (usually land trusts and emissions trading) to protect the environment.

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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.

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Ethical consumerism

Ethical consumerism (alternatively called ethical consumption, ethical purchasing, moral purchasing, ethical sourcing, ethical shopping or green consumerism) is a type of consumer activism that is based on the concept of dollar voting.

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Euro

The euro (sign: €; code: EUR) is the official currency of the European Union.

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Event study

An event study is a statistical method to assess the impact of an event on the value of a firm.

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Evolutionary economics

Evolutionary economics is part of mainstream economics as well as a heterodox school of economic thought that is inspired by evolutionary biology.

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Exceptionalism

Exceptionalism is the perception that a species, country, society, institution, movement, individual, or time period is "exceptional" (i.e., unusual or extraordinary) in some way.

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Excess burden of taxation

In economics, the excess burden of taxation, also known as the deadweight cost or deadweight loss of taxation, is one of the economic losses that society suffers as the result of taxes or subsidies.

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Expected utility hypothesis

In economics, game theory, and decision theory the expected utility hypothesis, concerning people's preferences with regard to choices that have uncertain outcomes (gambles), states that if specific axioms are satisfied, the subjective value associated with an individual's gamble is the statistical expectation of that individual's valuations of the outcomes of that gamble.

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Experimental economics

Experimental economics is the application of experimental methods to study economic questions.

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Externality

In economics, an externality is the cost or benefit that affects a party who did not choose to incur that cost or benefit.

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Factor price equalization

Factor price equalization is an economic theory, by Paul A. Samuelson (1948), which states that the prices of identical factors of production, such as the wage rate, or the rent of capital, will be equalized across countries as a result of international trade in commodities.

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Factors of production

In economics, factors of production, resources, or inputs are which is used in the production process to produce output—that is, finished goods and services.

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Fair trade

Fair trade is a social movement whose stated goal is to help producers in developing countries achieve better trading conditions.

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Feminist economics

Feminist economics is the critical study of economics including its methodology, epistemology, history and empirical research, attempting to overcome alleged androcentric (male and patriarchal) biases.

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Finance

Finance is a field that is concerned with the allocation (investment) of assets and liabilities (known as elements of the balance statement) over space and time, often under conditions of risk or uncertainty.

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Financial astrology

Financial astrology (also known as business astrology, economic astrology, and/or astro-economics) is the practice of relating the movements of celestial bodies to events in financial markets.

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Financial capital

Financial capital is any economic resource measured in terms of money used by entrepreneurs and businesses to buy what they need to make their products or to provide their services to the sector of the economy upon which their operation is based, i.e. retail, corporate, investment banking, etc.

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Financial econometrics

Financial econometrics is the application of statistical methods to financial market data.

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Financial economics

Financial economics is the branch of economics characterized by a "concentration on monetary activities", in which "money of one type or another is likely to appear on both sides of a trade".

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Financial instrument

Financial instruments are monetary contracts between parties.

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Fiscal multiplier

In economics, the fiscal multiplier (not to be confused with monetary multiplier) is the ratio of a change in national income to the change in government spending that causes it.

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Fiscal policy

In economics and political science, fiscal policy is the use of government revenue collection (mainly taxes) and expenditure (spending) to influence the economy.

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Fisher equation

The Fisher equation in financial mathematics and economics estimates the relationship between nominal and real interest rates under inflation.

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Fisher separation theorem

In economics, the Fisher separation theorem asserts that the primary objective of a corporation will be the maximization of its present value, regardless of the preferences of its shareholders.

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Forecasting

Forecasting is the process of making predictions of the future based on past and present data and most commonly by analysis of trends.

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Fractional-reserve banking

Fractional-reserve banking is the practice whereby a bank accepts deposits, makes loans or investments, but is required to hold reserves equal to only a fraction of its deposit liabilities.

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Free good

A free good is a good that is not scarce, and therefore is available without limit.

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Free trade

Free trade is a free market policy followed by some international markets in which countries' governments do not restrict imports from, or exports to, other countries.

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Free-rider problem

In economics, the free-rider problem occurs when those who benefit from resources, public goods, or services do not pay for them, which results in an underprovision of those goods or services.

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Friedman rule

The Friedman rule is a monetary policy rule proposed by Milton Friedman.

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Full-reserve banking

Full-reserve banking (also known as 100% reserve banking) is a proposed alternative to fractional-reserve banking in which banks would be required to keep the full amount of each depositor's funds in cash, ready for immediate withdrawal on demand.

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Game theory

Game theory is "the study of mathematical models of conflict and cooperation between intelligent rational decision-makers".

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Gandhian economics

Gandhian economics is a school of economic thought based on the spiritual and socio-economic principles expounded by Indian leader Mahatma Gandhi.

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General equilibrium theory

In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium.

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Geographical pricing

Geographical pricing, in marketing, is the practice of modifying a basic list price based on the geographical location of the buyer.

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Georgism

Georgism, also called geoism and single tax (archaic), is an economic philosophy holding that, while people should own the value they produce themselves, economic value derived from land (including natural resources and natural opportunities) should belong equally to all members of society.

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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.

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Giffen good

In economics and consumer theory, a Giffen good is a product that people consume more of as the price rises and vice versa—violating the basic law of demand in microeconomics.

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Gini coefficient

In economics, the Gini coefficient (sometimes expressed as a Gini ratio or a normalized Gini index) is a measure of statistical dispersion intended to represent the income or wealth distribution of a nation's residents, and is the most commonly used measurement of inequality.

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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.

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Globalization

Globalization or globalisation is the process of interaction and integration between people, companies, and governments worldwide.

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Glossary of economics

Most of the terms listed in Wikipedia glossaries are already defined and explained within Wikipedia itself.

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Gold standard

A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold.

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Goodhart's law

Goodhart's law is an adage named after economist Charles Goodhart, which has been phrased by Marilyn Strathern as: "When a measure becomes a target, it ceases to be a good measure." One way in which this can occur is individuals trying to anticipate the effect of a policy and then taking actions which alter its outcome.

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Goods

In economics, goods are materials that satisfy human wants and provide utility, for example, to a consumer making a purchase of a satisfying product.

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Government debt

Government debt (also known as public interest, public debt, national debt and sovereign debt) is the debt owed by a government.

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Government-granted monopoly

In economics, a government-granted monopoly (also called a "de jure 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.

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Gresham's law

In economics, Gresham's law is a monetary principle stating that "bad money drives out good".

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Gross domestic product

Gross domestic product (GDP) is a monetary measure of the market value of all final goods and services produced in a period (quarterly or yearly) of time.

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Gross value added

In economics, gross value added (GVA) is the measure of the value of goods and services produced in an area, industry or sector of an economy.

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Growth accounting

Growth accounting is a procedure used in economics to measure the contribution of different factors to economic growth and to indirectly compute the rate of technological progress, measured as a residual, in an economy.

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Happiness economics

The economics of happiness or happiness economics is the quantitative and theoretical study of happiness, positive and negative affect, well-being, quality of life, life satisfaction and related concepts, typically combining economics with other fields such as psychology, health and sociology.

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Harris–Todaro model

The Harris–Todaro model, named after John R. Harris and Michael Todaro, is an economic model developed in 1970 and used in development economics and welfare economics to explain some of the issues concerning rural-urban migration.

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Hauser's law

Hauser's law is the proposition that, in the United States, federal tax revenues since World War II have always been approximately equal to 19.5% of GDP, regardless of wide fluctuations in the marginal tax rate.

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Hedonic regression

In economics, hedonic regression or hedonic demand theory is a revealed preference method of estimating demand or value.

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Herfindahl index

The Herfindahl index (also known as Herfindahl–Hirschman Index, HHI, or sometimes HHI-score) is a measure of the size of firms in relation to the industry and an indicator of the amount of competition among them.

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Heterodox economics

Heterodoxy is a term that may be used in contrast with orthodoxy in schools of economic thought or methodologies, that may be beyond neoclassical economics.

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Historical school of economics

The historical school of economics was an approach to academic economics and to public administration that emerged in the 19th century in Germany, and held sway there until well into the 20th century.

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History of economic thought

The history of economic thought deals with different thinkers and theories in the subject that became political economy and economics, from the ancient world to the present day in the 21st Century.

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Home economics

Home economics, domestic science or home science is a field of study that deals with home and economics.

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Homo economicus

The term homo economicus, or economic man, is a caricature of economic theory framed as a "mythical species" or word play on homo sapiens, and used in pedagogy.

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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.

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Human capital

Human capital is a term popularized by Gary Becker, an economist and Nobel Laureate from the University of Chicago, and Jacob Mincer.

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Human development (humanity)

Human development is the science that seeks to understand how and why the people of all ages and circumstances change or remain the same over time.

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Human Development Index

The Human Development Index (HDI) is a composite statistic (composite index) of life expectancy, education, and per capita income indicators, which are used to rank countries into four tiers of human development.

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Human resources

Human resources are the people who make up the workforce of an organization, business sector, or economy.

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Hyperinflation

In economics, hyperinflation is very high and typically accelerating inflation.

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Imperfect competition

In economic theory, imperfect competition is a type of market structure showing some but not all features of competitive markets.

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Implied-in-fact contract

An implied-in-fact contract is a form of an implied contract formed by non-verbal conduct, rather than by explicit words.

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Import

An import is a good brought into a jurisdiction, especially across a national border, from an external source.

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Import substitution industrialization

Import substitution industrialization (ISI) is a trade and economic policy which advocates replacing foreign imports with domestic production.

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Incentive

An incentive is something that motivates an individual to perform an action.

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Income

Income is the consumption and savings opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms.

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Income elasticity of demand

In economics, income elasticity of demand measures the responsiveness of the quantity demanded for a good or service to a change in the income of the people demanding the good.

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Income inequality metrics

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.

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Income tax

An income tax is a tax imposed on individuals or entities (taxpayers) that varies with respective income or profits (taxable income).

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Independent goods

Independent goods are goods that have a zero cross elasticity of demand.

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Index of accounting articles

This page is an index of accounting topics.

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Index of international trade topics

This is a list of international trade topics.

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Indifference curve

In economics, an indifference curve connects points on a graph representing different quantities of two goods, points between which a consumer is indifferent.

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Indigo Era (economics)

The Indigo Era, or "Indigo economies", is a concept first publicized in early 2016 by international businessman Mikhail Fridman, the co-founder of LetterOne, an international investment business.

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Individual capital

Individual capital, the economic view of talent, comprises inalienable or personal traits of persons, tied to their bodies and available only through their own free will, such as skill, creativity, enterprise, courage, capacity for moral example, non-communicable wisdom, invention or empathy, non-transferable personal trust and leadership.

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Induced demand

Induced demand, or latent demand, is the phenomenon that after supply increases, more of a good is consumed.

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Industrial organization

In economics, industrial organization or industrial economy is a field that builds on the theory of the firm by examining the structure of (and, therefore, the boundaries between) firms and markets.

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Industrial policy

The industrial policy of a country, sometimes denoted IP, is its official strategic effort to encourage the development and growth of part or all of the manufacturing sector as well as other sectors of the economy.

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Industrial Revolution

The Industrial Revolution was the transition to new manufacturing processes in the period from about 1760 to sometime between 1820 and 1840.

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Industrialisation

Industrialisation or industrialization is the period of social and economic change that transforms a human group from an agrarian society into an industrial society, involving the extensive re-organisation of an economy for the purpose of manufacturing.

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Inferior good

In economics, an inferior good is a good whose demand decreases when consumer income rises (or demand rises when consumer income decreases), unlike normal goods, for which the opposite is observed.

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Inflation

In economics, inflation is a sustained increase in price level of goods and services in an economy over a period of time.

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Informal sector

The informal sector, informal economy, or grey economy is the part of an economy that is neither taxed nor monitored by any form of government.

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Information asymmetry

In contract theory and economics, information asymmetry deals with the study of decisions in transactions where one party has more or better information than the other.

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Information economics

Information economics or the economics of information is a branch of microeconomic theory that studies how information and information systems affect an economy and economic decisions.

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Input–output model

In economics, an input–output model is a quantitative economic technique that represents the interdependencies between different branches of a national economy or different regional economies.

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Instructional capital

Instructional capital is a term used in educational administration after the 1960s, to reflect capital resulting from investment in producing learning materials.

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Interest

Interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (i.e., the amount borrowed), at a particular rate.

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Interest rate parity

Interest rate parity is a no-arbitrage condition representing an equilibrium state under which investors will be indifferent to interest rates available on bank deposits in two countries.

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International trade

International trade is the exchange of capital, goods, and services across international borders or territories.

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International Year of Microcredit

International Year of Microcredit is a special event of the United Nations which took place in the year 2005.

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Intertemporal choice

Intertemporal choice is the process by which people make decisions about what and how much to do at various points in time, when choices at one time influence the possibilities available at other points in time.

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Intertemporal equilibrium

Intertemporal equilibrium is a notion of economic equilibrium conceived over many periods of time.

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Investment

In general, to invest is to allocate money (or sometimes another resource, such as time) in the expectation of some benefit in the future – for example, investment in durable goods, in real estate by the service industry, in factories for manufacturing, in product development, and in research and development.

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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.

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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.

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Invisible hand

The invisible hand is a term used by Adam Smith to describe the unintended social benefits of an individual's self-interested actions.

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IS–LM model

The IS–LM model, or Hicks–Hansen model, is a macroeconomic tool that shows the relationship between interest rates (ordinate) and assets market (also known as real output in goods and services market plus money market, as abscissa).

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Islamic economics

Islamic economics (الاقتصاد الإسلامي) is a term used to refer to Islamic commercial jurisprudence (فقه المعاملات, fiqh al-mu'āmalāt).

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Isoquant

An isoquant (derived from quantity and the Greek word iso, meaning equal) 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. While an indifference curve mapping helps to solve the utility-maximizing problem of consumers, the isoquant mapping deals with the cost-minimization problem of producers. Isoquants are typically drawn along with isocost curves in capital-labor graphs, showing the technological tradeoff between capital and labor in the production function, and the decreasing marginal returns of both inputs. Adding one input while holding the other constant eventually leads to decreasing marginal output, and this is reflected in the shape of the isoquant. A family of isoquants can be represented by an isoquant map, a graph combining a number of isoquants, each representing a different quantity of output. Isoquants are also called equal product curves. An isoquant shows that extent to which the firm in question has the ability to substitute between the two different inputs at will in order to produce the same level of output. An isoquant map can also indicate decreasing or increasing returns to scale based on increasing or decreasing distances between the isoquant pairs of fixed output increment, as output increases. If the distance between those isoquants increases as output increases, the firm's production function is exhibiting decreasing returns to scale; doubling both inputs will result in placement on an isoquant with less than double the output of the previous isoquant. Conversely, if the distance is decreasing as output increases, the firm is experiencing increasing returns to scale; doubling both inputs results in placement on an isoquant with more than twice the output of the original isoquant. As with indifference curves, two isoquants can never cross. Also, every possible combination of inputs is on an isoquant. Finally, any combination of inputs above or to the right of an isoquant results in more output than any point on the isoquant. Although the marginal product of an input decreases as you increase the quantity of the input while holding all other inputs constant, the marginal product is never negative in the empirically observed range since a rational firm would never increase an input to decrease output. An isoquants shows all those combinations of factors which produce same level of output. An isoquants is also known as equal product curve or iso-product curve.

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Ithaca Hours

The Ithaca HOUR is a local currency used in Ithaca, New York and is the oldest and largest local currency system in the United States that is still operating.

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Jane Jacobs

Jane Jacobs (née Butzner; May 4, 1916 – April 25, 2006) was an American-Canadian journalist, author, and activist who influenced urban studies, sociology, and economics.

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JEL classification codes

Articles in economics journals are usually classified according to the JEL classification codes, a system originated by the Journal of Economic Literature.

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Job hunting

Job hunting, job seeking, or job searching is the act of looking for employment, due to unemployment, underemployment, discontent with a current position, or a desire for a better position.

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Joint product pricing

In microeconomics, joint product pricing is the firm's problem of choosing prices for joint products, which are two or more products produced from the same process or operation, each considered to be of value.

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Just price

The just price is a theory of ethics in economics that attempts to set standards of fairness in transactions.

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Kaldor–Hicks efficiency

A Kaldor–Hicks improvement, named for Nicholas Kaldor and John Hicks, is an economic re-allocation of resources among people that captures some of the intuitive appeal of a Pareto improvement, but has less stringent criteria and is hence applicable to more circumstances.

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Keynesian economics

Keynesian economics (sometimes called Keynesianism) are the various macroeconomic theories about how in the short run – and especially during recessions – economic output is strongly influenced by aggregate demand (total demand in the economy).

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Knowledge economy

The knowledge economy is the use of knowledge (savoir, savoir-faire, savoir-être) to generate tangible and intangible values.

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Labor theory of value

The labor theory of value (LTV) is a theory of value that argues that the economic value of a good or service is determined by the total amount of "socially necessary labor" required to produce it, rather than by the use or pleasure its owner gets from it (demand) and its scarcity value (supply).

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Labour economics

Labour economics seeks to understand the functioning and dynamics of the markets for wage labour.

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Laffer curve

In economics, the Laffer curve illustrates a theoretical relationship between rates of taxation and the resulting levels of government revenue.

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Laissez-faire

Laissez-faire (from) is an economic system in which transactions between private parties are free from government intervention such as regulation, privileges, tariffs and subsidies.

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Land (economics)

In economics, land comprises all naturally occurring resources as well as geographic land.

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Land value tax

A land/location value tax (LVT), also called a site valuation tax, split rate tax, or site-value rating, is an ad valorem levy on the unimproved value of land.

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Law and economics

Law and economics or economic analysis of law is the application of economic theory (specifically microeconomic theory) to the analysis of law that began mostly with scholars from the Chicago school of economics.

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Legal origins theory

The legal origins theory claims that the two main legal traditions or origins, civil law and common law, crucially shape lawmaking and dispute adjudication and have not been reformed after the initial exogenous transplantation by Europeans.

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Lerman ratio

The Lerman ratio, named after economist Robert I. Lerman, suggest that a government benefit to the underemployed, such as welfare, will presumably reduce their overall hours of work.

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Limit price

A limit price (or limit pricing) is a price, or pricing strategy, where products are sold by a supplier at a price low enough to make it unprofitable for other players to enter the market.

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List of business theorists

This is an annotated list of important business writers.

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List of economic reports by U.S. government agencies

The following reports on economic indicators are reported by United States government agencies.

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List of economics journals

The following is a list of scholarly journals in economics containing most of the prominent academic journals in economics.

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List of free-trade agreements

The List of free-trade agreements has been split into.

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List of multilateral free-trade agreements

This is a list of multilateral free-trade agreements, between several countries all treated equally.

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List of production functions

This is a list of production functions that have been used in the economics literature.

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List of recessions in the United States

There have been as many as 47 recessions in the United States dating back to the Articles of Confederation, and although economists and historians dispute certain 19th-century recessions, the consensus view among economists and historians is that "The cyclical volatility of GNP and unemployment was greater before the Great Depression than it has been since the end of World War II." Cycles in the country's agricultural production, industrial production, consumption, business investment, and the health of the banking industry contribute to these declines.

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Living wage

A living wage is the minimum income necessary for a worker to meet their basic needs.

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Local currency

In economics, a local currency is a currency that can be spent in a particular geographical locality at participating organisations.

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Local purchasing

Local purchasing is a preference to buy locally produced goods and services over those produced farther away.

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Lorenz curve

In economics, the Lorenz curve is a graphical representation of the distribution of income or of wealth.

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Low-carbon economy

A low-carbon economy (LCE), low-fossil-fuel economy (LFFE), or decarbonised economy is an economy based on low carbon power sources that therefore has a minimal output of greenhouse gas (GHG) emissions into the biosphere, but specifically refers to the greenhouse gas carbon dioxide.

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Lucas critique

The Lucas critique, named for Robert Lucas's work on macroeconomic policymaking, argues 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 aggregated historical data.

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Macroeconomic model

A macroeconomic model is an analytical tool designed to describe the operation of the economy of a country or a region.

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Macroeconomics

Macroeconomics (from the Greek prefix makro- meaning "large" and economics) is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole.

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Managerial economics

Managerial economics deals with the application of the economic concepts,theories,tools and methodologies to solve practical problems in a business.it helps the manager in decision making and acts as a link between practice and theory".

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Marginal cost

In economics, marginal cost is the change in the opportunity cost that arises when the quantity produced is incremented by one unit, that is, it is the cost of producing one more unit of a good.

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Marginal rate of substitution

In economics, the marginal rate of substitution (MRS) is the rate at which a consumer can give up some amount of one good in exchange for another good while maintaining the same level of utility.

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Marginal revenue

In microeconomics, marginal revenue (R') is the additional revenue that will be generated by increasing product sales by one unit.

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Marginal utility

In economics, utility is the satisfaction or benefit derived by consuming a product; thus the marginal utility of a good or service is the change in the utility from an increase in the consumption of that good or service.

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Marginalism

Marginalism is a theory of economics that attempts to explain the discrepancy in the value of goods and services by reference to their secondary, or marginal, utility.

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Market (economics)

A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange.

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Market anomaly

A market anomaly (or market inefficiency) in a financial market is a price and/or rate of return distortion that seems to contradict the efficient-market hypothesis.

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Market concentration

In economics, market concentration is a function of the number of firms and their respective shares of the total production (alternatively, total capacity or total reserves) in a market.

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Market economy

A market economy is an economic system in which the decisions regarding investment, production, and distribution are guided by the price signals created by the forces of supply and demand.

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Market failure

In economics, market failure is a situation in which the allocation of goods and services by a free market is not efficient, often leading to a net social welfare loss.

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Market power

In economics and particularly in industrial organization, market power is the ability of a firm to profitably raise the market price of a good or service over marginal cost.

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Market share

Market share is the percentage of a market (defined in terms of either units or revenue) accounted for by a specific entity.

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Market structure

Market structure has historically emerged in two separate types of discussions in economics, that of Adam Smith on the one hand, and that of Karl Marx on the other hand.

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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.

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Marxian economics

Marxian economics, or the Marxian school of economics, refers to a school of economic thought tracing its foundations to the critique of classical political economy first expounded upon by Karl Marx and Friedrich Engels.

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Mathematical economics

Mathematical economics is the application of mathematical methods to represent theories and analyze problems in economics.

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Means of production

In economics and sociology, the means of production (also called capital goods) are physical non-human and non-financial inputs used in the production of economic value.

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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 (GDP), gross national product (GNP), net national income (NNI), and adjusted national income also called as NNI at factor cost (NNI* adjusted for natural resource depletion).

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Mechanism (sociology)

The term social mechanisms and mechanism-based explanations of social phenomenon originate from the philosophy of science.

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Medium of exchange

A medium of exchange is a tradeable entity used to avoid the inconveniences of a pure barter system.

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Mental accounting

A concept first named by Richard Thaler, mental accounting (or psychological accounting) attempts to describe the process whereby people code, categorize and evaluate economic outcomes.

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Menu cost

In economics, a menu cost is the cost to a firm resulting from changing its prices.

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Mercantilism

Mercantilism is a national economic policy designed to maximize the trade of a nation and, historically, to maximize the accumulation of gold and silver (as well as crops).

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Merger simulation

Merger simulation is a commonly used technique when analyzing potential welfare costs and benefits of mergers between firms.

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Methodenstreit

Methodenstreit (German for "method dispute"), in intellectual history beyond German-language discourse, was an economics controversy commenced in the 1880s and persisting for more than a decade, between that field's Austrian School and the (German) Historical School.

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Methodological individualism

Methodological individualism is the requirement that causal accounts of social phenomena explain how they result from the motivations and actions of individual agents, at least in principle.

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Microcredit

Microcredit is the extension of very small loans (microloans) to impoverished borrowers who typically lack collateral, steady employment, or a verifiable credit history.

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Microeconomics

Microeconomics (from Greek prefix mikro- meaning "small") is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.

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Minimum wage

A minimum wage is the lowest remuneration that employers can legally pay their workers.

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Missing market

A missing market is a situation in microeconomics where a competitive market allowing the exchange of a commodity would be Pareto-efficient, but no such market exists.

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Modern portfolio theory

Modern portfolio theory (MPT), or mean-variance analysis, is a mathematical framework for assembling a portfolio of assets such that the expected return is maximized for a given level of risk.

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Modigliani–Miller theorem

The Modigliani–Miller theorem (of Franco Modigliani, Merton Miller) is an influential element of economic theory; it forms the basis for modern thinking on capital structure.

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Monetarism

Monetarism is a school of thought in monetary economics that emphasizes the role of governments in controlling the amount of money in circulation.

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Monetary policy

Monetary policy is the process by which the monetary authority of a country, typically the central bank or currency board, controls either the cost of very short-term borrowing or the monetary base, often targeting an inflation rate or interest rate to ensure price stability and general trust in the currency.

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Monetary reform

Monetary reform is any movement or theory that proposes a system of supplying money and financing the economy that is different from the current system.

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Money

Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context.

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Money creation

Money creation is the process by which the money supply of a country, or of an economic or monetary region,Such as the Eurozone or ECCAS is increased.

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Money multiplier

In monetary economics, a money multiplier is one of various closely related ratios of commercial bank money to central bank money under a fractional-reserve banking system.

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Money supply

In economics, the money supply (or money stock) is the total value of monetary assets available in an economy at a specific time.

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Monopoly

A monopoly (from Greek μόνος mónos and πωλεῖν pōleîn) exists when a specific person or enterprise is the only supplier of a particular commodity.

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Monopoly profit

In economics a monopoly is a firm that lacks any viable competition, and is the sole producer of the industry's product.

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Monopsony

In economics, a monopsony (from Ancient Greek μόνος (mónos) "single" + ὀψωνία (opsōnía) "purchase") is a market structure in which only one buyer interacts with many would-be sellers of a particular product.

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Moral hazard

In economics, moral hazard occurs when someone increases their exposure to risk when insured.

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NAIRU

NAIRU is an acronym for non-accelerating inflation rate of unemployment, and refers to a level of unemployment below which inflation rises.

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Nakamura number

In cooperative game theory and social choice theory, the Nakamura number measures the degree of rationality of preference aggregation rules (collective decision rules), such as voting rules.

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Nanoeconomics

Nanoeconomics is defined as the economic theory of single transactions.

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Nash equilibrium

In game theory, the Nash equilibrium, named after American mathematician John Forbes Nash Jr., is a solution concept of a non-cooperative 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 their own strategy.

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National debt of the United States

The national debt of the United States is the public debt carried by the federal government of the United States, which is measured as the face value of the currently outstanding Treasury securities that have been issued by the Treasury and other federal government agencies.

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National Income and Product Accounts

The national income and product accounts (NIPA) are part of the national accounts of the United States.

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National income policy agreement

Finnish national income policy agreements or comprehensive income policy agreements (often called tupo) are tripartite agreements between Finnish trade unions, employers' organizations, and the Finnish government.

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Natural capital

Natural capital is the world's stock of natural resources, which includes geology, soils, air, water and all living organisms.

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Natural Capitalism

Natural Capitalism: Creating the Next Industrial Revolution is a 1999 book co-authored by Paul Hawken, Amory Lovins and Hunter Lovins.

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Natural monopoly

A natural monopoly is a monopoly in an industry in which high infrastructural costs and other barriers to entry relative to the size of the market give the largest supplier in an industry, often the first supplier in a market, an overwhelming advantage over potential competitors.

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Natural resource economics

Natural resource economics deals with the supply, demand, and allocation of the Earth's natural resources.

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Neo-Keynesian economics

Neo-Keynesian economics is a school of macroeconomic thought that was developed in the post-war period from the writings of John Maynard Keynes.

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Neoclassical economics

Neoclassical economics is an approach to economics focusing on the determination of goods, outputs, and income distributions in markets through supply and demand.

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Neoliberalism

Neoliberalism or neo-liberalism refers primarily to the 20th-century resurgence of 19th-century ideas associated with laissez-faire economic liberalism.

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Network effect

A network effect (also called network externality or demand-side economies of scale) is the positive effect described in economics and business that an additional user of a good or service has on the value of that product to others.

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Neuroeconomics

Neuroeconomics and Economic Psychology is an interdisciplinary field that seeks to explain human decision making, the ability to process multiple alternatives and to follow a course of action.

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New classical macroeconomics

New classical macroeconomics, sometimes simply called new classical economics, is a school of thought in macroeconomics that builds its analysis entirely on a neoclassical framework.

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New Keynesian economics

New Keynesian economics is a school of contemporary macroeconomics that strives to provide microeconomic foundations for Keynesian economics.

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Nobel Memorial Prize in Economic Sciences

The Nobel Memorial Prize in Economic Sciences (officially Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne, or the Swedish National Bank's Prize in Economic Sciences in Memory of Alfred Nobel), commonly referred to as the Nobel Prize in Economics, is an award for outstanding contributions to the field of economics, and generally regarded as the most prestigious award for that field.

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Normal good

In economics, a normal good is any good for which demand increases when income increases, i.e. with a positive income elasticity of demand.

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Okun's law

In economics, Okun's law (named after Arthur Melvin Okun, who proposed the relationship in 1962) is an empirically observed relationship between unemployment and losses in a country's production.

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Oligopoly

An oligopoly (from Ancient Greek ὀλίγος (olígos) "few" + πωλεῖν (polein) "to sell") is a market form wherein a market or industry is dominated by a small number of large sellers (oligopolists).

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Oligopsony

An oligopsony (from Ancient Greek ὀλίγοι (oligoi) "few" + ὀψωνία (opsōnia) "purchase") is a market form in which the number of buyers is small while the number of sellers in theory could be large.

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Operations research

Operations research, or operational research in British usage, is a discipline that deals with the application of advanced analytical methods to help make better decisions.

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Opportunity cost

In microeconomic theory, the opportunity cost, also known as alternative cost, is the value (not a benefit) of the choice in terms of the best alternative while making a decision.

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Ordinary least squares

In statistics, ordinary least squares (OLS) or linear least squares is a method for estimating the unknown parameters in a linear regression model.

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Outline of business management

The following outline is provided as an overview of and topical guide to management: Business management – management of a business.

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Outline of commercial law

The following outline is provided as an overview of and topical guide to commercial law: Commercial law – body of law that governs business and commercial transactions.

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Outline of community

The following outline is provided as an overview of topics relating to community.

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Outline of industrial organization

The following outline is provided as an overview of and topical guide to industrial organization: Industrial organization – describes the behavior of firms in the marketplace with regard to production, pricing, employment and other decisions.

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Outline of marketing

The following outline is provided as an overview of and topical guide to marketing: Marketing – social and managerial processes by which products, services, and value are exchanged in order to fulfill individuals' or groups' needs and wants.

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Outline of production

The following outline is provided as an overview of and topical guide to production: Production – act of creating 'use' value or 'utility' that can satisfy a want or need.

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Output (economics)

Output in economics is the "quantity of goods or services produced in a given time period, by a firm, industry, or country", whether consumed or used for further production.

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Overhead (business)

In business, overhead or overhead expense refers to an ongoing expense of operating a business.

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Pacman conjecture

The Pacman Conjecture holds that durable-goods monopolists have complete market power and so can exercise perfect price discrimination, thus extracting the total surplus.

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Parable of the broken window

The parable of the broken window was introduced by French economist Frédéric Bastiat in his 1850 essay Ce qu'on voit et ce qu'on ne voit pas (That Which We See and That Which We Do Not See) to illustrate why destruction, and the money spent to recover from destruction, is not actually a net benefit to society.

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Pareto efficiency

Pareto efficiency or Pareto optimality is a state of allocation of resources from which it is impossible to reallocate so as to make any one individual or preference criterion better off without making at least one individual or preference criterion worse off.

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Participatory economics

Participatory economics, often abbreviated parecon, is an economic system based on participatory decision making as the primary economic mechanism for allocation in society.

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Perfect competition

In economics, specifically general equilibrium theory, a perfect market is defined by several idealizing conditions, collectively called perfect competition.

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Perspectives on capitalism by school of thought

Throughout modern history, a variety of perspectives on capitalism have evolved based on different schools of thought.

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Petrocurrency

Petrocurrency, is a neologism used with three distinct meanings, often confused.

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Phillips curve

The Phillips curve is a single-equation empirical model, named after William Phillips, describing a historical inverse relationship between rates of unemployment and corresponding rates of rises in wages that result within an economy.

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Pigovian tax

A Pigovian tax (also spelled Pigouvian tax) is a tax on any market activity that generates negative externalities (costs not included in the market price).

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Policy-ineffectiveness proposition

The policy-ineffectiveness proposition (PIP) is a new classical theory proposed in 1975 by Thomas J. Sargent and Neil Wallace based upon the theory of rational expectations, which posits that monetary policy cannot systematically manage the levels of output and employment in the economy.

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Political economy

Political economy is the study of production and trade and their relations with law, custom and government; and with the distribution of national income and wealth.

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Potential output

In economics, potential output (also referred to as "natural gross domestic product") refers to the highest level of real gross domestic product (potential output) that can be sustained over the long term.

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Poverty

Poverty is the scarcity or the lack of a certain (variant) amount of material possessions or money.

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Poverty threshold

The poverty threshold, poverty limit or poverty line is the minimum level of income deemed adequate in a particular country.

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Prebisch–Singer hypothesis

In economics, the Prebisch–Singer hypothesis (also called the Prebisch–Singer thesis) argues that the price of primary commodities declines relative to the price of manufactured goods over the long term, which causes the terms of trade of primary-product-based economies to deteriorate.

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Preference

A preference is a technical term in psychology, economics and philosophy usually used in relation to choosing between alternatives; someone has a preference for A over B if they would choose A rather than B.

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Price discrimination

Price discrimination is a microeconomic pricing strategy where identical or largely similar goods or services are transacted at different prices by the same provider in different markets.

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Price elasticity of demand

Price elasticity of demand (PED or Ed) is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price when nothing but the price changes.

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Price point

Price points are prices at which demand for a given product is supposed to stay relatively high.

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Price–specie flow mechanism

The price–specie flow mechanism is a model developed by Scottish economist David Hume (1711–1776) to illustrate how trade imbalances can be self-correct and adjust under the gold standard.

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Principal–agent problem

The principal–agent problem, in political science and economics, (also known as agency dilemma or the agency problem) occurs when one person or entity (the "agent") is able to make decisions and/or take actions on behalf of, or that impact, another person or entity: the "principal".

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Principles of Economics

Principles of Economics may refer to a number of texts by different academic economists.

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Prisoner's dilemma

The prisoner's dilemma is a standard example of a game analyzed in game theory that shows why two completely rational individuals might not cooperate, even if it appears that it is in their best interests to do so.

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Product bundling

In marketing, product bundling is offering several products or services for sale as one combined product or service package.

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Production (economics)

Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (the output).

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Production function

In economics, a production function relates quantities of physical output of a production process to quantities of physical inputs or production function refers as the expression of the technological relation between physical inputs and outputs of the goods.

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Production–possibility frontier

A production–possibility frontier (PPF) or production possibility curve (PPC) is the possible tradeoff of producing combinations of goods with constant technology and resources per unit time.

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Productivism

Productivism or growthism is the belief that measurable economic productivity and growth are the purpose of human organization (e.g., work), and that "more production is necessarily good".

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Productivity

Productivity describes various measures of the efficiency of production.

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Profit (economics)

In economics, profit in the accounting sense of the excess of revenue over cost is the sum of two components: normal profit and economic profit.

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Profit maximization

In economics, profit maximization is the short run or long run process by which a firm may determine the price, input, and output levels that lead to the greatest profit.

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Property rights (economics)

Property rights are theoretical socially-enforced constructs in economics for determining how a resource or economic good is used and owned.

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Prospect theory

Prospect theory is a behavioral economic theory that describes the way people choose between probabilistic alternatives that involve risk, where the probabilities of outcomes are known (.

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Public bad

A public bad, in economics, is the symmetry of a public good.

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Public capital

Public capital is the aggregate body of government-owned assets that are used as a means for productivity.

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Public choice

Public choice or public choice theory is "the use of economic tools to deal with traditional problems of political science".

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Public good

In economics, a public good is a good that is both non-excludable and non-rivalrous in that individuals cannot be effectively excluded from use and where use by one individual does not reduce availability to others.

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Purchasing power parity

Purchasing power parity (PPP) is a neoclassical economic theory that states that the exchange rate between two countries is equal to the ratio of the currencies' respective purchasing power.

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Quality of life

Quality of life (QOL) is the general well-being of individuals and societies, outlining negative and positive features of life.

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Quantitative easing

Quantitative easing (QE), also known as large-scale asset purchases, is an expansionary monetary policy whereby a central bank buys predetermined amounts of government bonds or other financial assets in order to stimulate the economy and increase liquidity.

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Quantity theory of money

In monetary economics, the quantity theory of money (QTM) states that the general price level of goods and services is directly proportional to the amount of money in circulation, or money supply.

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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.

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Rate of return pricing

Target rate of return pricing is a pricing method used almost exclusively by market leaders or monopolists.

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Rational choice theory

Rational choice theory, also known as choice theory or rational action theory, is a framework for understanding and often formally modeling social and economic behavior.

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Rational expectations

In economics, "rational expectations" are model-consistent expectations, in that agents inside the model are assumed to "know the model" and on average take the model's predictions as valid.

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Rational pricing

Rational pricing is the assumption in financial economics that asset prices (and hence asset pricing models) will reflect the arbitrage-free price of the asset as any deviation from this price will be "arbitraged away".

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Reaganomics

Reaganomics (a portmanteau of Reagan and economics attributed to Paul Harvey) refers to the economic policies promoted by U.S. President Ronald Reagan during the 1980s.

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Real business-cycle theory

Real business-cycle theory (RBC theory) is a class of new classical macroeconomics models in which business-cycle fluctuations to a large extent can be accounted for by real (in contrast to nominal) shocks.

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Real estate economics

Real estate economics is the application of economic techniques to real estate markets.

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Real estate entrepreneur

A real estate entrepreneur or a real estate investor to a lesser extent is someone who actively or passively invests in real estate.

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Real versus nominal value (economics)

In economics, a real value of a good or other entity has been adjusted for inflation, enabling comparison of quantities as if prices had not changed.

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Recession

In economics, a recession is a business cycle contraction which results in a general slowdown in economic activity.

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Regenerative economic theory

Regenerative economics is an economic system that works to regenerate capital assets.

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Regression analysis

In statistical modeling, regression analysis is a set of statistical processes for estimating the relationships among variables.

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Remanufacturing

Remanufacturing is "the rebuilding of a product to specifications of the original manufactured product using a combination of reused, repaired and new parts".

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Representative agent

Economists use the term representative agent to refer to the typical decision-maker of a certain type (for example, the typical consumer, or the typical firm).

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Repugnancy costs

Repugnancy costs are costs borne by an individual or entity as a result of a stimulus that goes against that individual or entity's cultural mores.

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Reserve currency

A reserve currency (or anchor currency) is a currency that is held in significant quantities by governments and institutions as part of their foreign exchange reserves.

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Ricardian equivalence

The Ricardian equivalence proposition (also known as the Ricardo–de Viti–Barro equivalence theorem) is an economic hypothesis holding that consumers are forward looking and so internalize the government's budget constraint when making their consumption decisions.

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Risk compensation

Risk compensation is a theory which suggests that people typically adjust their behavior in response to the perceived level of risk, becoming more careful where they sense greater risk and less careful if they feel more protected.

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Risk premium

For an individual, a risk premium is the minimum amount of money by which the expected return on a risky asset must exceed the known return on a risk-free asset in order to induce an individual to hold the risky asset rather than the risk-free asset.

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Risk-free bond

A risk-free bond is a theoretical bond that repays interest and principal with absolute certainty.

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Risk-free interest rate

The risk-free interest rate is the rate of return of a hypothetical investment with no risk of financial loss, over a given period of time.

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Road pricing

Road pricing (also road user charges) are direct charges levied for the use of roads, including road tolls, distance or time based fees, congestion charges and charges designed to discourage use of certain classes of vehicle, fuel sources or more polluting vehicles.

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Robin Hood effect

The Robin Hood effect is an economic occurrence where income is redistributed so that economic inequality is reduced.

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Safe trade

Safe trade is a slogan advocated by Greenpeace in its desire to "green" the World Trade Organisation and the Doha Development Round.

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Sales tax

A sales tax is a tax paid to a governing body for the sales of certain goods and services.

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Saving

Saving is income not spent, or deferred consumption.

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Scarcity

Scarcity refers to the limited availability of a commodity, which may be in demand in the market.

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Search theory

In microeconomics, search theory studies buyers or sellers who cannot instantly find a trading partner, and must therefore search for a partner prior to transacting.

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Self-revelation

In economics, self-revelation is a property of a mechanism where each agent maximizes his or her utility (or expected utility) by revealing his or her true type.

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Seven generation sustainability

Seven generation stewardship is a concept that urges the current generation of humans to live and work for the benefit of the seventh generation into the future.

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Shock therapy (economics)

Shock therapy is a term used by some non-economists to refer to the sudden release of price and currency controls (economic liberalization), withdrawal of state subsidies, and immediate trade liberalization within a country, usually also including large-scale privatization of previously public-owned assets.

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Signalling (economics)

In contract theory, signalling (or signaling; see spelling differences) is the idea that one party (termed the agent) credibly conveys some information about itself to another party (the principal).

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Slavery

Slavery is any system in which principles of property law are applied to people, allowing individuals to own, buy and sell other individuals, as a de jure form of property.

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Social capital

Social capital is a form of economic and cultural capital in which social networks are central; transactions are marked by reciprocity, trust, and cooperation; and market agents produce goods and services not mainly for themselves, but for a common good.

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Social cost

Social cost in economics is the sum of the private costs resulting from a transaction and the costs imposed on the consumers as a consequence of being exposed to the md's transaction for which they are not compensated or charged.

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Social credit

Social credit is an interdisciplinary distributive philosophy developed by C. H. Douglas (1879–1952), a British engineer who published a book by that name in 1924.

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Social finance

Social finance is an approach to managing money which delivers a social dividend and an economic return.

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Social mobility

Social mobility is the movement of individuals, families, households, or other categories of people within or between social strata in a society.

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Social welfare function

In welfare economics, a social welfare function is a function that ranks social states (alternative complete descriptions of the society) as less desirable, more desirable, or indifferent for every possible pair of social states.

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Socialism

Socialism is a range of economic and social systems characterised by social ownership and democratic control of the means of production as well as the political theories and movements associated with them.

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Socialist economics

Socialist economics refers to the economic theories, practices, and norms of hypothetical and existing socialist economic systems.

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Socioeconomics

Socioeconomics (also known as social economics) is the social science that studies how economic activity affects and is shaped by social processes.

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Solow–Swan model

The Solow–Swan model is an economic model of long-run economic growth set within the framework of neoclassical economics.

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Specialization (functional)

Specialization (or specialisation) is the separation of tasks within a system.

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Stagflation

In economics, stagflation, a portmanteau of stagnation and inflation, is a situation in which the inflation rate is high, the economic growth rate slows, and unemployment remains steadily high.

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Standard of deferred payment

A standard of deferred payment is the accepted way, in a given market, to settle a debt – a deferred payment is not as widely used as other terms for functions of money, namely medium of exchange, store of value, and unit of account, though it is distinguished in some works.

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Standard of living

Standard of living refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class in a certain geographic area, usually a country.

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Stock exchange

A stock exchange, securities exchange or bourse, is a facility where stock brokers and traders can buy and sell securities, such as shares of stock and bonds and other financial instruments.

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Store of value

A store of value is the function of an asset that can be saved, retrieved and exchanged at a later time, and be predictably useful when retrieved.

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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.

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Subgame perfect equilibrium

In game theory, a subgame perfect equilibrium (or subgame perfect Nash equilibrium) is a refinement of a Nash equilibrium used in dynamic games.

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Subjective theory of value

The subjective theory of value is a theory of value which advances the idea that the value of a good is not determined by any inherent property of the good, nor by the amount of labor necessary to produce the good, but instead value is determined by the importance an acting individual places on a good for the achievement of his desired ends.

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Subsidy

A subsidy is a form of financial aid or support extended to an economic sector (or institution, business, or individual) generally with the aim of promoting economic and social policy.

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Subsistence agriculture

Subsistence agriculture is a self-sufficiency farming system in which the farmers focus on growing enough food to feed themselves and their entire families.

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Substitute good

A substitute good is one good that can be used instead of another.

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Sunk cost

In economics and business decision-making, a sunk cost is a cost that has already been incurred and cannot be recovered (also known as retrospective cost).

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Sunspots (economics)

In economics, the term sunspots (or sometimes "a sunspot") usually refers to an extrinsic random variable, that is, a random variable that does not affect economic fundamentals (such as endowments, preferences, or technology).

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Supermodular function

In mathematics, a function is supermodular if f(x \uparrow y) + f(x \downarrow y) \geq f(x) + f(y) for all x, y \isin \mathbb^, where x \uparrow y denotes the componentwise maximum and x \downarrow y the componentwise minimum of x and y. If −f is supermodular then f is called submodular, and if the inequality is changed to an equality the function is modular.

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Supply and demand

In microeconomics, supply and demand is an economic model of price determination in a market.

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Supply-side economics

Supply-side economics is a macroeconomic theory arguing that economic growth can be most effectively created by lowering taxes and decreasing regulation.

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Surplus value

Surplus value is a central concept in Karl Marx's critique of political economy.

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Sustainable development

Sustainable development is the organizing principle for meeting human development goals while at the same time sustaining the ability of natural systems to provide the natural resources and ecosystem services upon which the economy and society depend.

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Sweatshop

Sweatshop (or sweat factory) is a pejorative term for a workplace that has very poor, socially unacceptable working conditions.

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Tariff

A tariff is a tax on imports or exports between sovereign states.

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Tax

A tax (from the Latin taxo) is a mandatory financial charge or some other type of levy imposed upon a taxpayer (an individual or other legal entity) by a governmental organization in order to fund various public expenditures.

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Taylor rule

In economics, a Taylor rule is a reduced form approximation of the responsiveness of the nominal interest rate, as set by the central bank, to changes in inflation, output, or other economic conditions.

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Technostructure

Technostructure is the group of technicians, analytics within an organisation (enterprise, administrative body) with considerable influence and control on its economy.

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Terms of trade

The terms of trade (TOT) is the relative price of imports in terms of exports and is defined as the ratio of export prices to import prices.

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The Experience Economy

The term "Experience Economy" was first used in a 1998 article by B. Joseph Pine II and James H. Gilmore describing the experience economy as the next economy following the agrarian economy, the industrial economy, and the most recent service economy.

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Theory of imputation

The theory of imputation is based on the so-called theory of factors of production proposed by the French economist Jean-Baptiste Say and elaborated by the American economist John Bates Clark in his work The Distribution of Wealth (1899; Russian translation, 1934).

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Theory of the firm

The theory of the firm consists of a number of economic theories that explain and predict the nature of the firm, company, or corporation, including its existence, behaviour, structure, and relationship to the market.

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Thermoeconomics

Thermoeconomics, also referred to as biophysical economics, is a school of heterodox economics that applies the laws of statistical mechanics to economic theory.

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Time preference

In economics, time preference (or time discounting, delay discounting, temporal discounting) is the current relative valuation placed on receiving a good at an earlier date compared with receiving it at a later date.

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Time-based currency

In economics, a time-based currency is an alternative currency or exchange system where the unit of account/value is the person-hour or some other time unit.

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Total cost of ownership

Total cost of ownership (TCO) is a financial estimate intended to help buyers and owners determine the direct and indirect costs of a product or system.

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Trade

Trade involves the transfer of goods or services from one person or entity to another, often in exchange for money.

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Trade agreement

A trade agreement (also known as trade pact) is a wide ranging taxes, tariff and trade treaty that often includes investment guarantees.

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Trade bloc

A trade block is a type of intergovernmental agreement, often part of a regional intergovernmental organization, where barriers to trade (tariffs and others) are reduced or eliminated among the participating states.

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Trade facilitation

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.

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Tragedy of the anticommons

The tragedy of the anticommons is a type of coordination breakdown, in which a single resource has numerous rightsholders who prevent others from using it, frustrating what would be a socially desirable outcome.

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Tragedy of the commons

The tragedy of the commons is a term used in social science to describe a situation in a shared-resource system where individual users acting independently according to their own self-interest behave contrary to the common good of all users by depleting or spoiling that resource through their collective action.

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Transaction cost

In economics and related disciplines, a transaction cost is a cost in making any economic trade when participating in a market.

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Transfer payment

In economics, a transfer payment (or government transfer or simply transfer) is a redistribution of income and wealth (payment) made without goods or services being received in return.

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Transfer pricing

In taxation and accounting, transfer pricing refers to the rules and methods for pricing transactions within and between enterprises under common ownership or control.

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Transformation problem

In 20th-century discussions of Karl Marx's economics, the transformation problem is the problem of finding a general rule by which to transform the "values" of commodities (based on their socially necessary labour content, according to his labour theory of value) into the "competitive prices" of the marketplace.

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Transparency (market)

In economics, a market is transparent if much is known by many about: What products and services or capital assets are available, market depth (quantity available), what price, and where.

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Transport economics

Transport economics is a branch of economics founded in 1959 by American economist John R. Meyer that deals with the allocation of resources within the transport sector.

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Triple bottom line

Triple bottom line (or otherwise noted as TBL or 3BL) is an accounting framework with three parts: social, environmental (or ecological) and financial.

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Trust (emotion)

In a social context, trust has several connotations.

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Two-part tariff

A two-part tariff (TPT) is a pricing 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.

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Tying (commerce)

Tying (informally, product tying) is the practice of selling one product or service as a mandatory addition to the purchase of a different product or service.

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Uneconomic growth

Uneconomic growth, in human development theory, welfare economics (the economics of social welfare), and some forms of ecological economics, is economic growth that reflects or creates a decline in the quality of life.

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Unemployment

Unemployment is the situation of actively looking for employment but not being currently employed.

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Unit of account

A unit of account in economics is a nominal monetary unit of measure or currency used to represent the real value (or cost) of any economic item; i.e. goods, services, assets, liabilities, income, expenses.

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Utilitarianism

Utilitarianism is an ethical theory that states that the best action is the one that maximizes utility.

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Utility

Within economics the concept of utility is used to model worth or value, but its usage has evolved significantly over time.

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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?" It is a type of optimal decision problem.

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Value (economics)

Economic value is a measure of the benefit provided by a good or service to an economic agent.

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Value added

In business, the difference between the sale price and the production cost of a product is the unit profit.

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Value of life

The value of life is an economic value used to quantify the benefit of avoiding a fatality.

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Value-added tax

A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally, based on the increase in value of a product or service at each stage of production or distribution.

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Veblen good

Veblen goods are types of luxury goods for which the quantity demanded increases as the price increases, an apparent contradiction of the law of demand.

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Velocity of money

Similar chart showing the velocity of a broader measure of money that covers M2 plus large institutional deposits, M3. The US no longer publishes official M3 measures, so the chart only runs through 2005. The term "velocity of money" (also "The velocity of circulation of money") refers to how fast money passes from one holder to the next.

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Virtuous circle and vicious circle

The terms virtuous circle and vicious circle (also referred to as virtuous cycle and vicious cycle) refer to complex chains of events that reinforce themselves through a feedback loop.

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Wage

A wage is monetary compensation (or remuneration, personnel expenses, labor) paid by an employer to an employee in exchange for work done.

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Wealth

Wealth is the abundance of valuable resources or valuable material possessions.

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Wealth effect

The wealth effect is the change in spending that accompanies a change in perceived wealth.

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Welfare

Welfare is a government support for the citizens and residents of society.

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Welfare economics

Welfare economics is a branch of economics that uses microeconomic techniques to evaluate well-being (welfare) at the aggregate (economy-wide) level.

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Workers' self-management

Self-management or workers' self-management (also referred to as labor management, autogestión, workers' control, industrial democracy, democratic management and producer cooperatives) is a form of organizational management based on self-directed work processes on the part of an organization's workforce.

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X-inefficiency

X-inefficiency is the difference between efficient behavior of businesses assumed or implied by economic theory and their observed behavior in practice caused by a lack of competitive pressure.

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Yield (finance)

In finance, the yield on a security is the amount of cash (in percentage terms) that returns to the owners of the security, in the form of interest or dividends received from it.

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Zero-sum game

In game theory and economic theory, a zero-sum game is a mathematical representation of a situation in which each participant's gain or loss of utility is exactly balanced by the losses or gains of the utility of the other participants.

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Economics articles (master list), List of economics articles.

References

[1] https://en.wikipedia.org/wiki/Index_of_economics_articles

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