Glossary of economics

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This glossary of economics is a list of definitions of terms and concepts used in economics, its sub-disciplines, and related fields.

0–9[edit]

401a Retirement Plan
401k Retirement Plan
A type of retirement plan which is sponsored by an employer and in which the employer may match a portion of the employee's contributions. The contributions are tax-deferred until retirement withdraws occur.
403b Retirement Plan
457 Retirement Plan

A[edit]

absolute advantage

Also called resource cost advantage.

The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources.
abandonment of the gold standard
The decision by a government to abandon a monetary system in which the standard economic unit of account is based on a fixed quantity of gold.
adaptive expectations
A hypothetical process by which people form expectations about what will happen in the future based on what has happened in the past.
aggregate demand (AD)

Also called domestic final demand (DFD) or effective demand.

The total demand for final goods and services in an economy at a given time.[1] It specifies the amounts of goods and services that will be purchased at all possible price levels.[2] Aggregate demand can also be interpreted as the demand for the gross domestic product of a country. It is often called effective demand, though this term also has a distinct meaning.
aggregate supply
aggregation problem
The difficult problem of finding a valid way to treat an empirical or theoretical aggregate as if it reacted like a less-aggregated measure, say, about behavior of an individual agent as described in general microeconomic theory.[3]
agent
An actor or, more specifically, a decision maker in a model of some aspect of the economy.
agricultural economics
An applied field of economics concerned with the application of economic theory in optimizing the production and distribution of food.
allocative efficiency
A state of the economy in which production represents consumer preferences; in particular, every good or service is produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing. In the single-price model, at the point of allocative efficiency, price is equal to marginal cost.[4][5]
antitrust law

Also called a competition law or anti-monopoly law.

Any law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies.[6][7] Competition law is implemented through public and private enforcement.[8] It is also known as "antitrust law" in the United States for historical reasons and as "anti-monopoly law" in China[6] and Russia.
applied economics
The application of economic theory and econometrics in specific settings. As one of the two sets of fields of economics (the other being the core),[9] it is typically characterized by the application of the core, i.e. economic theory and econometrics, to address practical issues in a range of fields.
appropriate technology
A movement (and its manifestations) encompassing technological choice and application that is small-scale, decentralized, labor-intensive, energy-efficient, environmentally sound, and locally autonomous.[10]
arbitrage
The practice of taking advantage of a price difference between two or more markets by striking a combination of matching deals that capitalize upon the imbalance, with the profit being the difference between the market prices.
Arrow's impossibility theorem
Austrian School
A heterodox[11][12][13] school of economic thought that is based on methodological individualism—the concept that social phenomena result from the motivations and actions of individuals.[14][15][16]
autarky
The quality of being self-sufficient; the term is usually applied to political states or their economic systems. Autarky exists whenever an entity can survive or continue its activities without external assistance or international trade. If a self-sufficient economy also deliberately refuses all trade with the outside world, then it is called a closed economy.[17]
automatic stabilizer
A feature of the structure of modern government budgets, particularly income taxes and welfare spending, that acts to dampen fluctuations in real GDP.[18]
autonomous consumption

Also called exogenous consumption.

The consumption expenditure that occurs when income levels are zero. Such consumption is considered autonomous of income only when expenditure on these consumables does not vary with changes in income; generally, it may be required to fund necessities and debt obligations. If income levels are actually zero, this consumption counts as dissaving, because it is financed by borrowing or using up savings.
average cost

Also called unit cost.

A quantity equal to the total cost divided by the number of goods produced (the output quantity, Q). It is also equal to the sum of variable costs (total variable costs divided by Q) plus average fixed costs (total fixed costs divided by Q).
average fixed cost
The fixed costs (FC) of production divided by the quantity (Q) of output produced. Fixed costs are those costs that must be incurred in fixed quantity regardless of the level of output produced.
average variable cost
A firm's variable costs (labour, electricity, etc.) divided by the quantity of output produced. Variable costs are those costs which vary with the output.
average tax rate
The ratio of the total amount of taxes paid to the total tax base (taxable income or spending), expressed as a percentage.[19]

B[edit]

backward induction
The process of reasoning backwards in time, from the end of a problem or situation, to determine a sequence of optimal actions. It proceeds by first considering the last time a decision might be made and choosing what to do in any situation at that time. Using this information, one can then determine what to do at the second-to-last time of decision. This process continues backwards until one has determined the best action for every possible situation (i.e. for every possible information set) at every point in time.
balance of payments

Also called balance of international payments and abbreviated B.O.P. or BoP.

A record or summary of all economic transactions between the residents of a country and the rest of the world in a particular period of time (e.g. over a quarter of a year or, more commonly, over a year). These transactions are made by individuals, firms and government bodies. Thus the balance of payments includes all external visible and non-visible transactions of a country.
balance of trade

Also called commercial balance or net exports (NX).

The difference between the monetary value of a nation's exports and imports over a certain period.[20] Sometimes a distinction is made between a balance of trade for goods versus one for services. "Balance of trade" can be a misleading term because trade measures a flow of exports and imports over a given period of time, rather than a balance of exports and imports at a given point in time. Also, balance of trade does not necessarily imply that exports and imports are "in balance" with each other or anything else.
balanced budget
A budget, particularly that of a government, in which revenues are equal to expenditures. Thus, neither a budget deficit nor a budget surplus exists (the accounts "balance"). The term may also refer more generally to a budget that has no budget deficit but could possibly have a budget surplus.[21] A cyclically balanced budget is a budget that is not necessarily balanced year-to-year, but is balanced over the economic cycle, running a surplus in boom years and running a deficit in lean years, with these offsetting over time.
bank
A financial institution that accepts deposits from the public and creates credit.[22] Lending activities can be performed either directly or indirectly through capital markets. Due to their importance in the financial stability of a country, banks are highly regulated in most countries. Most nations have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, known as the Basel Accords.
bankruptcy
The inability to pay debt due to loss of income, increased spending, or an unforeseen financial crisis.
barriers to entry
In theories of competition in economics, a cost that must be incurred by a new entrant into a market that incumbents do not have or have not had to incur.[23][24] Because barriers to entry protect incumbent firms and restrict competition in a market, they can contribute to distortionary prices and are therefore most important when discussing antitrust policy. Barriers to entry often cause or aid the existence of monopolies or give companies market power.
barter
In trade, a system of exchange in which participants in a transaction directly exchange goods or services for other goods or services without using a medium of exchange, such as money.[25] Economists distinguish barter from gift economies in many ways; barter, for example, features immediate reciprocal exchange that is not delayed in time. Barter usually takes place on a bilateral basis, but may be multilateral (i.e. mediated through a trade exchange). In most developed countries, barter usually only exists parallel to monetary systems to a very limited extent. Market actors use barter as a replacement for money as the method of exchange in times of monetary crisis, such as when currency becomes unstable (e.g. by hyperinflation or a deflationary spiral) or simply unavailable for conducting commerce.
behavioral economics
The branch of economics that 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.[26]
Bellman equation
bequest motive
Seeks to provide an economic justification for the phenomenon of intergenerational transfers of wealth; in other words, to explain why people leave money behind when they die.
Bertrand–Edgeworth model
A microeconomic model of price-setting oligopoly which studies 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. This differs from the Bertrand competition model where it is assumed that firms are willing and able to meet all demand. The limit to output can be considered a physical capacity constraint which is the same at all prices (as in Edgeworth’s work) or to vary with price under other assumptions.
Black–Scholes model

Also called the Black–Scholes–Merton model.

A mathematical model for the dynamics of a financial market containing derivative investment instruments. From the partial differential equation in the model, known as the Black–Scholes equation, one can deduce the Black–Scholes formula, which gives a theoretical estimate of the price of European-style options and shows that the option has a unique price regardless of the risk of the security and its expected return (instead replacing the security's expected return with the risk-neutral rate). The formula led to a boom in options trading and provided mathematical legitimacy to the activities of the Chicago Board Options Exchange and other options markets around the world.[27] It is widely used, although often with adjustments and corrections, by options market participants.[28]:751
board of governors
The main governing body that directs the operations of the United States Federal Reserve System. Its seven members supervise the 12 Federal Reserve Districts.
bond
In finance, an instrument of indebtedness of the bond issuer to the holders. The most common types of bonds include municipal bonds and corporate bonds. The bond is a debt security, under which the issuer owes the holders a debt and (depending on the terms of the bond) is obliged to pay them interest (the coupon) or to repay the principal at a later date, termed the maturity date.[29] Interest is usually payable at fixed intervals (semiannual, annual, or sometimes monthly). Very often the bond is negotiable, that is, the ownership of the instrument can be transferred in the secondary market. This means that once the transfer agents at the bank medallion stamp the bond, it is highly liquid on the secondary market.[30]
borrower
See debtor.
break-even

Also called the break-even point (BEP).

The point at which total cost and total revenue are equal, i.e. "even". There is no net loss or gain, and one has "broken even", though opportunity costs have been paid and capital has received the risk-adjusted, expected return. In short, all costs that must be paid are paid, and there is neither profit nor loss.[31][32]
Bretton Woods system
A monetary system which established the rules for commercial and financial relations among the United States, Canada, Western Europe, Australia, and Japan after the 1944 Bretton Woods Agreement. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent states. The chief features of the Bretton Woods system were an obligation for each country to adopt a monetary policy that maintained its external exchange rates within 1 percent by tying its currency to gold and the ability of the IMF to bridge temporary imbalances of payments. Also, there was a need to address the lack of cooperation among other countries and to prevent competitive devaluation of the currencies.
budget deficit
Deficit spending is the amount by which spending exceeds revenue over a particular period of time, also called simply deficit, or budget deficit; the opposite of budget surplus. The term may be applied to the budget of a government, private company, or individual.
budget set

Also called an opportunity set.

All possible consumption bundles that someone can afford given the prices of goods and the person's income level. The budget set is bounded above by the budget line. Graphically speaking, all the consumption bundles that lie inside and on the budget constraint form the budget set. By most definitions, budget sets must be compact and convex.
budget surplus
big push model
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. It assumes economies of scale and oligopolistic market structure and explains when industrialization would happen.
business cycle

Also called the economic cycle or trade cycle.

The downward and upward movement of gross domestic product (GDP) around its long-term growth trend.[33] The length of a business cycle is the period of time containing a single boom and contraction in sequence. These fluctuations typically involve shifts over time between periods of relatively rapid economic growth (expansions or booms) and periods of relative stagnation or decline (contractions or recessions).
business economics
A branch of applied economics which uses economic theory and quantitative methods to analyze business enterprises and the factors contributing to the diversity of organizational structures and the relationships of firms with labour, capital and product markets.[34]
business sector

Also called the corporate sector or sometimes simply business.

The part of the economy made up by companies.[35] It is generally considered a subset of the domestic economy,[36] excluding the economic activities of general government, of private households, and of non-profit organizations serving individuals.[37]

C[edit]

capacity utilization
The extent to which an enterprise or a nation uses its installed productive capacity. It is the relationship between output that is produced with the installed equipment and the potential output which could be produced with it if capacity was fully used.
capital
Any asset that can enhance one's power to perform economically useful work. Capital goods, real capital, or capital assets are already-produced, durable goods or any non-financial asset that is used in production of goods or services.[38] Capital is distinct from land (or non-renewable resources) in that capital can be increased by human labor. At any given moment in time, total physical capital may be referred to as the capital stock (which is not to be confused with the capital stock of a business entity).
capital cost
A fixed, one-time expense incurred on the purchase of land, buildings, construction, and equipment used in the production of goods or in the rendering of services. In other words, it is the total cost needed to bring a project to a commercially operable status. Whether a particular cost is capital or not depends on many factors, such as accounting, tax laws, and materiality.
capital flight
Occurs when money or assets rapidly flow out of a country due to an event of economic consequence. Such events may include an increase in taxes on capital or capital holders or the government of the country defaulting on its debt that disturbs investors and causes them to lower their valuation of the assets in that country or otherwise to lose confidence in its economic strength.
capital good
A durable good that is used in the production of goods or services. Capital goods are one of the three types of producer goods, the other two being land and labour, which are also known collectively as primary factors of production. This classification originated with classical economics and has remained the dominant method for classification.
central bank

Also called a reserve bank or monetary authority.

An institution that manages the currency, money supply, and interest rates of an entire state or nation. Central banks also usually oversee the commercial banking system of their respective countries. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base in the state, and usually also prints the national currency,[39] which usually serves as the state's legal tender. Central banks also act as a "lender of last resort" to the banking sector during times of financial crisis. Most central banks usually also have supervisory and regulatory powers to ensure the solvency of member institutions, prevent bank runs, and prevent reckless or fraudulent behavior by member banks.
Certificate of Deposit (CD or COD)
A savings instrument that usually earns more interest than a savings account but is bound by limits set within a contract.
circular flow of income

Also simply called circular flow.

A model of the economy in which the major exchanges are represented as flows of money, goods and services, etc. between economic agents. The flows of money and goods exchanged in a closed circuit correspond in value, but run in the opposite direction. The circular flow analysis is the basis of national accounts and hence of macroeconomics.
circulation
classical economics
Or classical political economy, is a school of thought in economics that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. Its main thinkers are held to be Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Robert Malthus, and John Stuart Mill. These economists produced a theory of market economies as largely self-regulating systems, governed by natural laws of production and exchange (famously captured by Adam Smith's metaphor of the invisible hand).
commerce
Relates to "the exchange of goods and services, especially on a large scale".[40] It includes legal, economic, political, social, cultural and technological systems that operate in a country or in international trade.
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.[41]
comparative advantage

Also called opportunity cost advantage.

The ability to produce most efficiently given all of the other products that could be produced.
competition law

Also called an antitrust law or anti-monopoly law.

Any law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies.[6][7]
complementary goods
Goods that are bought and used together.
compound interest
The addition of interest to the principal sum of a loan or deposit; it is often interpreted as "interest on interest". Compound interest is the result of reinvesting interest, rather than paying it out, so that interest in the next period is then earned on the principal sum plus any previously accumulated interest. Contrast simple interest.
computational economics
A research discipline at the interface of economics, computer science, and management science[42] which encompasses computational modeling of economic systems, whether agent-based,[43] general-equilibrium,[44] macroeconomic,[45] or rational-expectations,[46] computational econometrics and statistics,[47] computational finance, computational tools for the design of automated internet markets, programming tools specifically designed for computational economics, and pedagogical tools for the teaching of computational economics.
consumer choice
A theory of microeconomics that relates preferences to consumption expenditures and to consumer demand curves. It analyzes how consumers maximize the desirability of their consumption as measured by their preferences subject to limitations on their expenditures, by maximizing utility subject to a consumer budget constraint.[48]
consumer confidence
An economic indicator that measures the degree of optimism that consumers feel about the overall state of the economy and their personal financial situation.
consumer price index (CPI)
Measures changes in the price level of market basket of consumer goods and services purchased by households. The CPI is a statistical estimate constructed using the prices of a sample of representative items whose prices are collected periodically. Sub-indices and sub-sub-indices are computed for different categories and sub-categories of goods and services, being combined to produce the overall index with weights reflecting their shares in the total of the consumer expenditures covered by the index. It is one of several price indices calculated by most national statistical agencies. The annual percentage change in a CPI is used as a measure of inflation. A CPI can be used to index (i.e. adjust for the effect of inflation) the real value of wages, salaries, and pensions; to regulate prices; and to deflate monetary magnitudes to show changes in real values. In most countries, the CPI, along with the population census, is one of the most closely watched national economic statistics.
consumer surplus
Is the difference between the maximum price a consumer is willing to pay and the actual price they do pay. If a consumer is willing to pay more for a unit of a good than the current asking price, they are getting more benefit from the purchased product than they would if the price was their maximum willingness to pay. They are receiving the same benefit, the obtainment of the good, with a smaller cost as they are spending less than they would if they were charged their maximum willingness to pay.[49]
consumerism
Economic policies which emphasize consumption.
consumption
According to mainstream economists, only the final purchase of goods and services by individuals constitutes consumption, while other types of expenditure — in particular, fixed investment, intermediate consumption, and government spending — are placed in separate categories (see consumer choice). Other economists define consumption much more broadly, as the aggregate of all economic activity that does not entail the design, production and marketing of goods and services (e.g. the selection, adoption, use, disposal and recycling of goods and services).
consumption function
A mathematical function which describes a relationship between consumption and disposable income.[50][51] The concept is believed to have been introduced into macroeconomics by John Maynard Keynes in 1936, who used it to develop the notion of a government spending multiplier.[52]
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. All the points on this locus are Pareto efficient allocations, meaning that from any one of these points there is no reallocation that could make one of the people more satisfied with his or her allocation without making the other person less satisfied. The contract curve is the subset of the Pareto efficient points that could be reached by trading from the people's initial holdings of the two goods.
contract theory
Studies how economic actors can and do construct contractual arrangements, generally in the presence of asymmetric information. Because of its connections with both agency and incentives, contract theory is often categorized within a field known as law and economics.
convexity
In the Arrow–Debreu model of general economic equilibrium, agents have convex budget sets and convex preferences: At equilibrium prices, the budget hyperplane supports the best attainable indifference curve.[53] The profit function is the convex conjugate of the cost function.[54][55] Convex analysis is the standard tool for analyzing textbook economics.[56] Non‑convex phenomena in economics have been studied with nonsmooth analysis, which generalizes convex analysis.[57]
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. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost. In this case, money is the input that is gone in order to acquire the thing. This acquisition cost may be the sum of the cost of production as incurred by the original producer, and further costs of transaction as incurred by the acquirer over and above the price paid to the producer. Usually, the price also includes a mark-up for profit over the cost of production. More generalized in the field of economics, cost is a metric that is totaling up as a result of a process or as a differential for the result of a decision.[58] Hence cost is the metric used in the standard modeling paradigm applied to economic processes. Costs (pl.) are often further described based on their timing or their applicability.
cost curve
Is a graph of the costs of production as a function of total quantity produced. In a free market economy, productively efficient firms optimize their production process by minimizing cost consistent with each possible level of production, and the result is a cost curve; and profit maximizing firms use cost curves to decide output quantities. There are various types of cost curves, all related to each other, including total and average cost curves; marginal ("for each additional unit") cost curves, which are equal to the differential of the total cost curves; and variable cost curves. Some are applicable to the short run, others to the long run.
cost of living
Is the cost of maintaining a certain standard of living. Changes in the cost of living over time are often operationalized in a cost-of-living index. Cost of living calculations are also used to compare the cost of maintaining a certain standard of living in different geographic areas. Differences in cost of living between locations can also be measured in terms of purchasing power parity rates.
cost overrun
Also known as a cost increase or budget overrun, involves unexpected incurred costs. When these costs in are in excess of budgeted amounts due to an underestimation of the actual cost during budgeting, they are known by these terms.
cost-benefit analysis (CBA)

Sometimes called benefit costs analysis (BCA).

A systematic approach to estimating the strengths and weaknesses of alternatives (for example in transactions, activities, or functional business requirements). It is used to determine options that provide the best approach to achieve benefits while preserving savings.[59] It may be used to compare potential (or completed) courses of actions; or estimate (or evaluate) the value against costs of a single decision, project, or policy. Common areas of application include commercial transactions, functional business decisions, policy decisions (especially government policy), and project investments.
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. The cost can comprise any of the factors of production (including labor, capital, or land) and taxation.
credit bureau
An agency that tracks the credit, employment, and housing history of consumers and assigns them a credit score.
credit card
Is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's promise to the card issuer to pay them for the amounts plus the other agreed charges.[60] The card issuer (usually a bank) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance.
credit score
A numerical value assigned to a person's potential ability to repay debt. A good credit score in the United States is approximately 700.
credit rating
Is an evaluation of the credit risk of a prospective debtor (an individual, a business, company or a government), predicting their ability to pay back the debt, and an implicit forecast of the likelihood of the debtor defaulting.[61] The credit rating represents an evaluation of a credit rating agency of the qualitative and quantitative information for the prospective debtor, including information provided by the prospective debtor and other non-public information obtained by the credit rating agency's analysts. Credit reporting (or credit score) – is a subset of credit rating – it is a numeric evaluation of an individual's credit worthiness, which is done by a credit bureau or consumer credit reporting agency.
credit union
A financial institution that is usually local and owned by its members.
creditor
A person or a firm that lends money to a borrower.
crowding out
Is a phenomenon that occurs when increased government involvement in a sector of the market economy substantially affects the remainder of the market, either on the supply or demand side of the market.
cultural economics
Is the branch of economics that studies the relation of culture to economic outcomes. Here, 'culture' is defined by shared beliefs and preferences of respective groups. Programmatic issues include whether and how much culture matters as to economic outcomes and what its relation is to institutions.[62] As a growing field in behavioral economics, the role of culture in economic behavior is increasingly being demonstrate to cause significant differentials in decision-making and the management and valuation of assets.
currency
Money in any form when in actual use or circulation as a medium of exchange, especially circulating banknotes and coins.[63][64] A more general definition is that a currency is a "system" of money (monetary units) in common use, especially within a particular nation.[65]
current account
A country's current account is one of the two components of its balance of payments, the other being the capital account (also known as the financial account). The current account consists of the balance of trade, net primary income or factor income (earnings on foreign investments minus payments made to foreign investors) and net cash transfers, that have taken place over a given period of time. The current account balance is one of two major measures of a country's foreign trade (the other being the net capital outflow). A current account surplus indicates that the value of a country's net foreign assets (i.e. assets less liabilities) grew over the period in question, and a current account deficit indicates that it shrank. Both government and private payments are included in the calculation. It is called the current account because goods and services are generally consumed in the current period.[66][67]
cyclical unemployment
Unemployment resulting from the business cycle. It is unpredictable.

D[edit]

deadweight loss
Also known as excess burden or allocative inefficiency, is a loss of economic efficiency that can occur when the free market equilibrium for a good or a service is not achieved. That can be caused by monopoly pricing in the case of artificial scarcity, an externality, a tax or subsidy, or a binding price ceiling or price floor such as a minimum wage.
debt
Total money owed.
debtor
Is an entity that owes a debt to another entity. The entity may be an individual, a firm, a government, a company or other legal person. The counterparty is called a creditor. When the counterpart of this debt arrangement is a bank, the debtor is more often referred to as a borrower.
deficit spending
Is the amount by which spending exceeds revenue over a particular period of time, also called simply deficit, or budget deficit; the opposite of budget surplus. The term may be applied to the budget of a government, private company, or individual.
deflation
Is a decrease in the general price level of goods and services.[68] Deflation occurs when the inflation rate falls below 0% (a negative inflation rate). Inflation reduces the value of currency over time, but deflation increases it. This allows more goods and services to be bought than before with the same amount of currency. Deflation is distinct from disinflation, a slow-down in the inflation rate, i.e. when inflation declines to a lower rate but is still positive.[69]
deflator
Is a value that allows data to be measured over time in terms of some base period, usually through a price index, in order to distinguish between changes in the money value of a gross national product (GNP) that come from a change in prices, and changes from a change in physical output. It is the measure of the price level for some quantity. A deflator serves as a price index in which the effects of inflation are nulled.[70][71][72] It is the difference between real and nominal GDP.[73][74]
demand deposit
Demand deposits, bank money or scriptural money are funds held in demand deposit accounts in commercial banks.[75] These account balances are usually considered money and form the greater part of the narrowly defined money supply of a country.[76]
demand shock
Is a sudden event that increases or decreases demand for goods or services temporarily.
demographic economics
Or population economics, is the application of economic analysis to demography, the study of human populations, including size, growth, density, distribution, and vital statistics.[77][78]
deregulation
Is the process of removing or reducing regulations, typically in the economic sphere. It is the repeal of governmental regulation of the economy. It became common in advanced industrial economies in the 1970s and 1980s, as a result of new trends in economic thinking about the inefficiencies of government regulation, and the risk that regulatory agencies would be controlled by the regulated industry to its benefit, and thereby hurt consumers and the wider economy.
diminishing returns
Is the decrease in the marginal (incremental) output of a production process as the amount of a single factor of production is incrementally increased, while the amounts of all other factors of production stay constant. The law of diminishing returns states that in all productive processes, adding more of one factor of production, while holding all others constant ("ceteris paribus"), will at some point yield lower incremental per-unit returns.[79] The law of diminishing returns does not imply that adding more of a factor will decrease the total production, a condition known as negative returns, though in fact this is common.
depreciation
Is the gradual decrease in the economic value of the capital stock of a firm, nation or other entity, either through physical depreciation, obsolescence or changes in the demand for the services of the capital in question. If the capital stock is in one period , gross (total) investment spending on newly produced capital is and depreciation is , the capital stock in the next period, , is . The net increment to the capital stock is the difference between gross investment and depreciation, and is called net investment.
depression
Is a sustained, long-term downturn in economic activity in one or more economies. It is a more severe economic downturn than a recession, which is a slowdown in economic activity over the course of a normal business cycle.
discretionary income
Money available after one pays taxes.
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. It is the opposite of reflation. Disinflation occurs when the increase in the “consumer price level” slows down from the previous period when the prices were rising.
disposable income
Money available after one pays taxes and obligatory bill payments.
dissaving
Is negative saving. If spending is greater than disposable income, dissaving is taking place. This spending is financed by already accumulated savings, such as money in a savings account, or it can be borrowed.
distribution
Is the way total output, income, or wealth is distributed among individuals or among the factors of production (such as labour, land, and capital).[80] In general theory and the national income and product accounts, each unit of output corresponds to a unit of income.
duopoly
A situation in which there are only two suppliers for a good or service.
dynamic stochastic general equilibrium (DSGE)
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.

E[edit]

econometrics
economic development
Broad improvement of the economic well-being or quality of life of a nation, region, or community, often but not necessarily as a consequence of economic growth.
economic efficiency
economic equilibrium
economic growth
economic indicator
Any measurable unit of the economy which helps economists assess the past or make predictions about the future, such as unemployment rate and gross domestic product.
economic interdependence
The existence of necessary relationships between different sectors of the economy and how the decisions and actions of one will impact the others.
economic model
economic rent
economic shortage
economic surplus
The state in which supply of a good exceeds demand, usually as a result of the current price being below the economic equilibrium.
economic system
economics
economies of agglomeration
economies of scale
economies of scope
economist
economy
effective demand
elastic demand
Demand that is sensitive to changes in price, such that changes in price have a relatively large effect on the quantity of the good demanded. Contrast inelastic demand.
elasticity
engineering economics
entrepreneurship
The efforts by a person, known as an entrepreneur, in organizing resources for the creation of something new or taking risks to create new innovations and production.
environmental economics
equal opportunity
equilibrium
The point at which quantity demanded and quantity supplied are equal and both consumer and producer are satisfied.
equilibrium price
The market price at which both the supplier and consumer will trade and both are satisfied.
equity
excess supply
exchange rate
excludability
expected utility hypothesis
expeditionary economics
experimental economics
externality

F[edit]

factors of production
federal funds rate target
Federal Open Market Committee (FOMC)
The 12-member committee in the U.S. Federal Reserve that meets several times a year to decide the course of action that the Fed should take to control the money supply of the United States.
Federal Reserve System

Often simply called the Federal Reserve or abbreviated as the Fed.

The central bank of the United States, created by Congress in 1913 and charged with the duty of regulating the money supply and monitoring its member banks.
finance
financial economics
financial institution
Any firm, such as a bank, that is in the business of holding money for those who save and lending money to those who need loans.
financial planning
A series of steps used by a person or a firm to achieve a financial goal.
financial risk
The risk assumed by a saver or investor on future outcomes that involve financial losses and gains.
financial transaction
Is an agreement, or communication, carried out between a buyer and a seller to exchange an asset for payment.
fiscal policy
fixed cost
foreign exchange market

Also called the currency market or abbreviated Forex or FX.

A global decentralized or over-the-counter market for the trading of currencies. This market determines the foreign exchange rate. It includes all aspects of buying, selling and exchanging currencies at current or determined prices. In terms of trading volume, it is by far the largest market in the world, followed by the credit market.[81]
free market
free trade
Trading with other countries with little or no trade barriers.
frictional unemployment
Unemployment that is a result of workers moving from one job to another, as opposed to structural unemployment.
full employment
functions of money
The four classic functions or uses of money as summarized by William Stanley Jevons in 1875: a medium of exchange, a common measure of value (or unit of account), a standard of value (or standard of deferred payment), and a store of value. This analysis later became a fundamental concept of macroeconomics. Most modern textbooks now list only three functions, that of medium of exchange, unit of account, and store of value, not considering a standard of deferred payment as a distinguished function, but rather subsuming it in the others.
future value

G[edit]

GDP deflator
general equilibrium theory
General Theory of Employment, Interest and Money
gift economy
good
government revenue
The total revenue received by all three levels of government (federal, state, and local) in the form of taxes and tariffs.
government spending
The total expenditure made by all three levels of government (federal, state, and local) for public services.
gross domestic product (GDP)

H[edit]

health economics
heterodox economics
housing starts
The number of new houses being built during a period of time.
hyperinflation
Monetary inflation occurring at an extremely high rate.

I[edit]

implicit cost
import quota
import
incentive
income distribution
income effect
The change in consumption resulting from a change in income.
indifference curve
Individual Retirement Account (IRA)
A retirement (savings) instrument that allows a person to save money through time while deferring taxes on that income until retirement.
industrial organization
industry
A sector of the economy in which different firms produce similar or identical goods or services.
inelastic demand
Demand that is not very sensitive to changes in price, such that changes in price have a relatively small effect on the quantity of the good demanded. Contrast elastic demand.
inflation
information economics
interest
interest rate
international economics
intertemporal choice
inventory bounce
investment
Spending for the production and accumulation of capital and additions to inventories.
investment fund
invisible hand
IS–LM model

J[edit]

JEL classification codes
job hunting
joint product pricing
just price

K[edit]

Keynesian economics

L[edit]

labor
labor economics
laissez-faire
law of demand
An economic rule stating that quantity demanded and price move in opposite directions, i.e. as demand increases, price decreases, and vice versa.
Law of Diminishing Marginal Utility
An economic rule stating that the additional satisfaction a consumer gets from purchasing one more unit of a product will decrease with each additional unit purchased.
law of increasing costs
law of supply
lease
leprechaun economics
Distortion of national accounts data by corporate tax schemes.
liability
Financial responsibility for something.
loan
local tax
Any tax paid to a city or county, e.g. sales taxes, school taxes, or property taxes.
long-term financing
loose money policy
A monetary policy that makes credit inexpensive and abundant, possibly leading to inflation.

M[edit]

macroeconomics
major trading partner
In international trading, a country, or countries, with which one country trades with more than with others.
managerial economics
marginal cost
The incremental cost of producing one additional unit.
marginal product of labor
marginal propensity to consume
marginal revenue
The additional income from selling one more unit of a good; sometimes equal to price.
marginal utility
The additional usefulness from consuming one more unit of a product.
marginal value
marginalism
market
market basket
market economy
market failure
market structure
The structure of a market as a whole, taking into consideration two main factors: the number of firms in the market and whether goods offered are identical, similar, or differentiated.
market system
mercantilism
microeconomics
monetarism
monetary economics
monetary policy
monetary system
money
Anything customarily used as a medium of exchange, a unit of accounting, and a store of value.
money supply
monopolistic competition
A market situation in which a large number of sellers offer similar but slightly different products and in which each has some control over price.
monopoly
monopsony
mortgage
motivation
multiplier
mutual fund

N[edit]

Nash equilibrium
national tax
Any tax paid to a national or federal government, e.g. income tax, tariffs, and social security taxes.
national wealth
The total value of capital and private property that is owned within a country.
natural monopoly
natural resource economics
non-convexity
non-price determinant of demand
Any reason other than price that changes the will to buy a good or service, for example, fads, income, taste, future expectation, and population.
non-rivalry

O[edit]

oligopoly
oligopsony
opportunity cost
organizational economics

P[edit]

Pareto efficiency

Also called Pareto optimality.

participation
per capita
A unit of account per person, usually placed at the end of an economic indicator.
perfect competition
A market structure in which a large number of firms all produce identical products.
personal property
Possessions such as jewelry, furniture, and real estate that people can amass through time.
physical capital
All human-made goods that are used to produce other goods and services, such as tools, machines, and buildings.
physiocracy
population economics
See demographic economics.
preference
price
The amount of money it takes to buy a product or produce a product.
price ceiling
A government-regulated maximum price that can be legally charged for a good or service.
price controls
price elasticity of demand
price elasticity of supply
price floor
A government-regulated minimum price that can be legally charged for a good or service.
price index
A normalized average of price relatives for a given class of goods or services in a given region and during a given period of time. It is a statistic designed to help to compare how these price relatives, taken as a whole, differ between geographical locations or time periods. Notable price indices include consumer price index, producer price index, and GDP deflator.
price level
pricing
prime rate
producer price index
producer surplus
product differentiation
production
production set
profit
profit motive
progressive tax
A tax schedule that states that the more income one earns, the higher the tax rate will be.
proportional tax

Also called a flat tax.

A tax schedule that states that regardless of income, the same tax rate will be applied to all income earners.
proxemics
public economics
public good
purchasing power parity (PPP)

Q[edit]

quantitative easing (QE)
quantity demanded
The amount of a good or service that a consumer is able and willing to purchase at a given market price.
quantity supplied
The amount of a good or service that a supplier is able and willing to produce at a given market price.
quantity theory of money
quota
A limited quantity of a product that can be produced, imported, or exported.

R[edit]

rate of profit
rational choice
The idea of making choices by using logic and that people will choose the most beneficial of the options afforded.
rational expectations
rationing
real income effect
The change in consumption resulting from a change in income, adjusted for inflation.
real GDP
Gross domestic product that has been adjusted for inflation by applying the price deflator.
recession
Part of the business cycle in which a nation's output (real GDP) does not grow for at least six months.
reflation
regional science
regressive tax
A tax schedule that states that the more income one earns, the lower the tax burden.
regulation
Government restrictions on a business firm.
retail sales
Purchases of finished goods and services by households and firms.
returns to scale
revenue
Total income from sales of output.
rights
right to work law
A state law forbidding labor unions from forcing workers to join and pay union dues.
risk aversion
risk-return relationship
The direct relationship between the risk of an investment and its expected return or profit; the higher the risk, the higher the opportunity for gain or loss and vice versa.
rivalry

S[edit]

saving
scarcity
sector
A portion or component of the larger economy, such as households, firms, or the government.
service
service economy
shift work
shortage
shrinkflation
social behavior
social choice theory
social mobility
socialist economics
sociality
socioeconomics

Also called social economics.

stagflation
A simultaneous economic phenomenon during which inflation and unemployment are both rising.
standard of living
state tax
Any tax paid to a state government, e.g. sales taxes, state income tax, and license plate fees.
Stockholm School
structural unemployment
Unemployment created due to a decrease in demand for the skills of a worker.
substitution effect
When consumers react to an increase in a good's price by consuming less of that good and more of other goods.
substitute good
A product that can satisfy the utility of another.
sunk costs
supply
The total amount of a certain type of good that has been produced and is available.
supply and demand
supply chain
supply curve
A graph of the quantity supplied of a good at different prices.
supply schedule
A chart that lists how much of a good a supplier will offer at different prices.
supply shock
A sudden shortage of a good.
supply-side economics
surplus

T[edit]

tariff
tax
tax rate
terms of trade
The rules that countries impose on each other in order to trade with each other.
theory of the firm
thermoeconomics
time value of money
total cost
trade
transaction cost
Is a cost in making any economic trade when participating in a market.[82]
transport economics
trough

U[edit]

underemployment
Working at a job for which one is overqualified, or working part-time when full-time work is desired.
unemployment
Under-utilization of any factor of production, most commonly referring to labor.
unit of account
unitary elastic
unskilled labor
Labor that requires no specialized skills, education, or training to perform.
urban economics
utilitarianism
utility
The usefulness of a good or service in satisfying a need or a want.

V[edit]

value
value-added tax (VAT)
variable cost
Any cost that changes in proportion to the amount of goods or services that a business produces.[83] Variable costs are also the sum of marginal costs over all units produced.
velocity of money

Also called the velocity of circulation of money.

Refers to how fast money passes from one holder to the next. It can refer to the income velocity of money, which is the frequency with which the average same unit of currency is used to purchase newly domestically produced goods and services within a given time period.[84] In other words, it is the number of times one unit of money is spent to buy goods and services per unit time.[84]

W[edit]

wage
wealth
wealth effect
The change in spending that accompanies a change in perceived wealth.[85] Usually the wealth effect is positive: spending changes in the same direction as perceived wealth.
welfare
welfare economics
willingness to accept
willingness to pay

Y[edit]

yield

Z[edit]

zero-sum

See also[edit]

References[edit]

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