A

• Accountancy
  Accountancy
  Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management; the art lies in...
  
   - Accounting reform
  Accounting reform
  Accounting reform is an expansion of accounting rules that goes beyond the realm of financial measures for both individual economic entities and national economies...
  
   - Actuary
  Actuary
  An actuary is a business professional who deals with the financial impact of risk and uncertainty. Actuaries provide expert assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms ....
  
   - Adaptive expectations
  Adaptive expectations
  In economics, adaptive expectations means that people form their expectations about what will happen in the future based on what has happened in the past...
  
   - Adverse selection
  Adverse selection
  Adverse selection, anti-selection, or negative selection is a term used in economics, insurance, statistics, and risk management. It refers to a market process in which "bad" results occur when buyers and sellers have asymmetric information : the "bad" products or services are more likely to be...
  
   - Agent (economics)
  Agent (economics)
  In economics, an agent is an actor and decision maker in a model. Typically, every agent makes decisions by solving a well or ill defined optimization/choice problem. The term agent can also be seen as equivalent to player in game theory....
  
   - Agent-based computational economics
  Agent-Based Computational Economics
  Agent-based computational economics is the major aspect of computational economics that studies economic processes, including whole economies, as dynamic systems of interacting agents. As such, it falls in paradigm of complex adaptive systems...
  
   - Aggregate demand
  Aggregate demand
  In macroeconomics, aggregate demand is the total demand for final goods and services in the economy at a given time and price level. It is the amount of goods and services in the economy that will be purchased at all possible price levels. This is the demand for the gross domestic product of a...
  
   - Aggregate supply
  Aggregate supply
  In economics, aggregate supply is the total supply of goods and services that firms in a national economy plan on selling during a specific time period...
  
   - Agricultural policy
  Agricultural policy
  Agricultural policy describes a set of laws relating to domestic agriculture and imports of foreign agricultural products. Governments usually implement agricultural policies with the goal of achieving a specific outcome in the domestic agricultural product markets...
  
   - Appropriate technology
  Appropriate technology
  Appropriate technology is an ideological movement originally articulated as "intermediate technology" by the economist Dr...
  
   - Arbitrage
  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...
  
   - Arrow's impossibility theorem
  Arrow's impossibility theorem
  In social choice theory, Arrow’s impossibility theorem, the General Possibility Theorem, or Arrow’s paradox, states that, when voters have three or more distinct alternatives , no voting system can convert the ranked preferences of individuals into a community-wide ranking while also meeting a...
  
   - Auction
  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...
  
   - Austrian School
  Austrian School
  The Austrian School of economics is a heterodox school of economic thought. It advocates methodological individualism in interpreting economic developments , the theory that money is non-neutral, the theory that the capital structure of economies consists of heterogeneous goods that have...
  
   - Autarky
  Autarky
  Autarky is the quality of being self-sufficient. Usually the term is applied to political states or their economic policies. Autarky exists whenever an entity can survive or continue its activities without external assistance. Autarky is not necessarily economic. For example, a military autarky...
  
  

B

• Backward induction
  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. 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...
  
   - Balance of payments
  Balance of payments
  Balance of payments accounts are an accounting record of all monetary transactions between a country and the rest of the world.These transactions include payments for the country's exports and imports of goods, services, financial capital, and financial transfers...
  
   - Balance of trade
  Balance of trade
  The balance of trade is the difference between the monetary value of exports and imports of output in an economy over a certain period. It is the relationship between a nation's imports and exports...
  
   - Bank
  Bank
  A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
  
   - Bankruptcy
  Bankruptcy
  Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
  
   - Barter
  Barter
  Barter is a method of exchange by which goods or services are directly exchanged for other goods or services without using a medium of exchange, such as money. It is usually bilateral, but may be multilateral, and usually exists parallel to monetary systems in most developed countries, though to a...
  
   - Behavioral economics - Bellman equation
  Bellman equation
  A Bellman equation , named after its discoverer, Richard Bellman, is a necessary condition for optimality associated with the mathematical optimization method known as dynamic programming...
  
   - Bequest motive
  Bequest motive
  A bequest motive seeks to provide an economic justification for the phenomenon of gratuitous, intergenerational transfers of wealth. In other words, to explain why people leave money behind when they die....
  
   - Big Mac Index
  Big Mac index
  The Big Mac Index is published by The Economist as an informal way of measuring the purchasing power parity between two currencies and provides a test of the extent to which market exchange rates result in goods costing the same in different countries...
  
   - Big Push Model
  Big Push Model
  The big push model is a concept in development economics or welfare economics that emphasizes the fact that a firm's decision whether to industrialize or not depends on its expectation of what other firms will do...
  
   - Bioeconomics
  Bioeconomics
  Bioeconomics is closely related to the early development of theories in fisheries economics, initially in the mid 1950s by Canadian economists Scott Gordon and Anthony Scott...
  
   - Black–Scholes - Bretton Woods System
  Bretton Woods system
  The Bretton Woods system of monetary management established the rules for commercial and financial relations among the world's major industrial states in the mid 20th century...
  
   - Bullionism
  Bullionism
  Bullionism is an economic theory that defines wealth by the amount of precious metals owned. Bullionism is an early or primitive form of mercantilism...
  
   - Business cycle
  Business cycle
  The term business cycle refers to economy-wide fluctuations in production or economic activity over several months or years...
  
  

C

• Canadian and American economies compared
  Canadian and American economies compared
  The economies of Canada and the United States are extremely similar because they are both developed countries and are each other's largest trading partners. However, key differences in population makeup, geography, government policies and productivity all result in different economies.CanadaCanada...
  
   - Capital (economics)
  Capital (economics)
  In economics, capital, capital goods, or real capital refers to already-produced durable goods used in production of goods or services. The capital goods are not significantly consumed, though they may depreciate in the production process...
  
   - Capital asset
  Capital asset
  The term capital asset has three unrelated technical definitions, and is also used in a variety of non-technical ways.*In financial economics, it refers to any asset used to make money, as opposed to assets used for personal enjoyment or consumption...
  
   - Capital intensity
  Capital intensity
  Capital intensity is the term in economics for the amount of fixed or real capital present in relation to other factors of production, especially labor...
  
   - Capitalism
  Capitalism
  Capitalism is an economic system that became dominant in the Western world following the demise of feudalism. There is no consensus on the precise definition nor on how the term should be used as a historical category...
  
   - Cartel
  Cartel
  A cartel is a formal agreement among competing firms. It is a formal organization of producers and manufacturers that agree to fix prices, marketing, and production. Cartels usually occur in an oligopolistic industry, where there is a small number of sellers and usually involve homogeneous products...
  
   - Cash crop
  Cash crop
  In agriculture, a cash crop is a crop which is grown for profit.The term is used to differentiate from subsistence crops, which are those fed to the producer's own livestock or grown as food for the producer's family...
  
   - Catch-up effect
  Catch-up effect
  The idea of convergence in economics is the hypothesis that poorer economies' per capita incomes will tend to grow at faster rates than richer economies. As a result, all economies should eventually converge in terms of per capita income...
  
   - Celtic Tiger
  Celtic Tiger
  Celtic Tiger is a term used to describe the economy of Ireland during a period of rapid economic growth between 1995 and 2007. The expansion underwent a dramatic reversal from 2008, with GDP contracting by 14% and unemployment levels rising to 14% by 2010...
  
   - Central bank
  Central bank
  A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
  
   - Ceteris paribus
  Ceteris paribus
  or is a Latin phrase, literally translated as "with other things the same," or "all other things being equal or held constant." It is an example of an ablative absolute and is commonly rendered in English as "all other things being equal." A prediction, or a statement about causal or logical...
  
   - Charity shop
  Charity shop
  A charity shop, thrift shop, thrift store, hospice shop , resale shop or op shop is a retail establishment run by a charitable organization to raise money.Charity shops are a type of social enterprise...
  
   - Chicago school of economics - Classical economics
  Classical economics
  Classical economics is widely regarded as the first modern school of economic thought. Its major developers include Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Malthus and John Stuart Mill....
  
   - Classical general equilibrium model
  Classical general equilibrium model
  The classical general equilibrium model aims to describe the economy by aggregating the behavior of individuals and firms. Note that the classical general equilibrium model is unrelated to classical economics, and was instead developed within neoclassical economics beginning in the late 19th...
  
   - Coase conjecture
  Coase Conjecture
  The Coase conjecture, developed first by Ronald Coase, is an argument in monopoly theory. The conjecture sets up a situation in which a monopolist sells a durable good to a market where resale is impossible and faces consumers who all have different valuations...
  
   - Coase theorem
  Coase theorem
  In law and economics, the Coase theorem , attributed to Ronald Coase, describes the economic efficiency of an economic allocation or outcome in the presence of externalities. The theorem states that if trade in an externality is possible and there are no transaction costs, bargaining will lead to...
  
   - Cobweb model
  Cobweb model
  The cobweb model or cobweb theory is an economic model that explains why prices might be subject to periodic fluctuations in certain types of markets. It describes cyclical supply and demand in a market where the amount produced must be chosen before prices are observed. Producers' expectations...
  
   - Collective action
  Collective action
  Collective action is the pursuit of a goal or set of goals by more than one person. It is a term which has formulations and theories in many areas of the social sciences.-In sociology:...
  
   - Collusion
  Collusion
  Collusion is an agreement between two or more persons, sometimes illegal and therefore 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 advantage...
  
   - Commodity
  Commodity
  In economics, a commodity is the generic term for any marketable item produced to satisfy wants or needs. Economic commodities comprise goods and services....
  
   - Commodity market - Community-based economics
  Community-based economics
  Community-based economics or community economics is an economic system that encourages local substitution. It is most similar the lifeways of those practicing voluntary simplicity, including traditional Mennonite, Amish, and modern eco-village communities...
  
   - Comparative advantage
  Comparative advantage
  In economics, the law of comparative advantage says that two countries will both gain from trade if, in the absence of trade, they have different relative costs for producing the same goods...
  
   - Comparative statics
  Comparative statics
  In economics, comparative statics is the comparison of two different economic outcomes, before and after a change in some underlying exogenous parameter....
  
   - Compensating differential
  Compensating differential
  Compensating differential is a term used in labor economics to analyze the relation between the wage rate and the unpleasantness, risk, or other undesirable attributes of a particular job...
  
   - Competition
  Competition
  Competition is a contest between individuals, groups, animals, etc. for territory, a niche, or a location of resources. It arises whenever two and only two strive for a goal which cannot be shared. Competition occurs naturally between living organisms which co-exist in the same environment. For...
  
   - Competition law
  Competition law
  Competition law, known in the United States as antitrust law, is law that promotes or maintains market competition by regulating anti-competitive conduct by companies....
  
   - Complementary good - Comprehensive Income Policy Agreement
  Comprehensive Income Policy Agreement
  Finnish national income policy agreements or comprehensive income policy agreements are tripartite agreements between Finnish trade unions, employers' organizations, and the Finnish government. They are policy documents covering a wide range of economic and political issues, such as salaries,...
  
   - Computational economics
  Computational economics
  Computational economics is a research discipline at the interface between computer science and economic and management science. Areas encompassed include agent-based computational modeling, computational modeling of dynamic macroeconomic systems and transaction costs, other applications in...
  
   - Concentration ratio
  Concentration ratio
  In economics, a concentration ratio is a measure of the total output produced in an industry by a given number of firms in the industry. The most common concentration ratios are the CR4 and the CR8, which means the four and the eight largest firms...
  
   - Consumer
  Consumer
  Consumer is a broad label for any individuals or households that use goods generated within the economy. The concept of a consumer occurs in different contexts, so that the usage and significance of the term may vary.-Economics and marketing:...
  
   - Consumer price index
  Consumer price index
  A consumer price index measures changes in the price level of consumer goods and services purchased by households. The CPI, in the United States is defined by the Bureau of Labor Statistics as "a measure of the average change over time in the prices paid by urban consumers for a market basket of...
  
   - Consumer sovereignty
  Consumer sovereignty
  Consumer sovereignty is a term used in economics. It refers to consumers determining the production of goods. The term can prescribe what consumers should be permitted, or describe what consumers are permitted...
  
   - Consumer theory
  Consumer theory
  Consumer choice is a theory of microeconomics that relates preferences for consumption goods and services to consumption expenditures and ultimately to consumer demand curves. The link between personal preferences, consumption, and the demand curve is one of the most closely studied relations in...
  
   - Consumerism
  Consumerism
  Consumerism is a social and economic order that is based on the systematic creation and fostering of a desire to purchase goods and services in ever greater amounts. The term is often associated with criticisms of consumption starting with Thorstein Veblen...
  
   - Consumption (economics)
  Consumption (economics)
  Consumption is a common concept in economics, and gives rise to derived concepts such as consumer debt. Generally, consumption is defined in part by comparison to production. But the precise definition can vary because different schools of economists define production quite differently...
  
   - Contestable market
  Contestable market
  In economics, the theory of contestable markets, associated primarily with its 1982 proponent William J. Baumol, holds that there exist markets served by a small number of firms, which are nevertheless characterized by competitive equilibria because of the existence of potential short-term...
  
   - Contract curve
  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 voluntary trading between those people given their initial allocations of the goods...
  
   - Contract theory
  Contract theory
  In economics, contract theory studies how economic actors can and do construct contractual arrangements, generally in the presence of asymmetric information. Because of its connections with both agency and incentives, contract theory is often categorized within a field known as Law and economics...
  
   - Cooperative
  Cooperative
  A cooperative is a business organization owned and operated by a group of individuals for their mutual benefit...
  
   - Cost
  Cost
  In production, research, retail, and accounting, a cost is the value of money that has been used up to produce something, and hence is not available for use anymore. 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...
  
   - Cost-benefit analysis
  Cost-benefit analysis
  Cost–benefit analysis , sometimes called benefit–cost analysis , is a systematic process for calculating and comparing benefits and costs of a project for two purposes: to determine if it is a sound investment , to see how it compares with alternate projects...
  
   - Cost curve
  Cost curve
  In economics, a cost curve is a graph of the costs of production as a function of total quantity produced. In a free market economy, productively efficient firms use these curves to find the optimal point of production , and profit maximizing firms can use them to decide output quantities to...
  
   - Cost-of-production theory of value
  Cost-of-production theory of value
  In economics, the cost-of-production theory of value is the theory that the price of an object or condition is determined by the sum of the cost of the resources that went into making it...
  
   - Cost overrun
  Cost overrun
  A cost overrun, also known as a cost increase or budget overrun, is an unexpected cost incurred in excess of a budgeted amount due to an under-estimation of the actual cost during budgeting...
  
   - Cost push inflation
  Cost push inflation
  Cost-push inflation is a type of inflation caused by substantial increases in the cost of important goods or services where no suitable alternative is available.Inflation originating from increase in cost is known as cost-push inflation or supply side inflation A situation that has been often...
  
   - Cost underestimation - Cournot competition
  Cournot competition
  Cournot competition is an economic model used to describe an industry structure in which companies compete on the amount of output they will produce, which they decide on independently of each other and at the same time. It is named after Antoine Augustin Cournot who was inspired by observing...
  
   - Cross elasticity of demand
  Cross elasticity of demand
  In economics, the cross elasticity of demand or cross-price elasticity of demand measures the responsiveness of the demand for a good to a change in the price of another good. It is measured as the percentage change in demand for the first good that occurs in response to a percentage change in...
  
   - Cultural ecology
  Cultural ecology
  Cultural ecology studies the relationship between a given society and its natural environment as well as the life-forms and ecosystems that support its lifeways . This may be carried out diachronically , or synchronically...
  
   - Currency
  Currency
  In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
  
  

D

• Damages
  Damages
  In law, damages is an award, typically of money, to be paid to a person as compensation for loss or injury; grammatically, it is a singular noun, not plural.- Compensatory damages :...
  
   - Dead cat bounce
  Dead cat bounce
  In economics, a dead cat bounce is a small, brief recovery in the price of a declining stock. Derived from the idea that "even a dead cat will bounce if it falls from a great height", the phrase, which originated on Wall Street, is also popularly used to any case where a subject experiences a brief...
  
   - Deadweight loss
  Deadweight loss
  In economics, a deadweight loss is a loss of economic efficiency that can occur when equilibrium for a good or service is not Pareto optimal...
  
   - Debt
  Debt
  A debt is an obligation owed by one party to a second party, the creditor; usually this refers to assets granted by the creditor to the debtor, but the term can also be used metaphorically to cover moral obligations and other interactions not based on economic value.A debt is created when a...
  
   - Decentralization
  Decentralization
  __FORCETOC__Decentralization or decentralisation is the process of dispersing decision-making governance closer to the people and/or citizens. It includes the dispersal of administration or governance in sectors or areas like engineering, management science, political science, political economy,...
  
   - Deflation - Demand-pull inflation - Depression (economics)
  Depression (economics)
  In economics, a depression is a sustained, long-term downturn in economic activity in one or more economies. It is a more severe downturn than a recession, which is seen by some economists as part of the modern business cycle....
  
   - Devaluation
  Devaluation
  Devaluation is a reduction in the value of a currency with respect to those goods, services or other monetary units with which that currency can be exchanged....
  
   - Development economics
  Development economics
  Development Economics is a branch of economics which deals with economic aspects of the development process in low-income countries. Its focus is not only on methods of promoting economic growth and structural change but also on improving the potential for the mass of the population, for example,...
  
   - Differentiated Bertrand competition
  Differentiated Bertrand competition
  As a solution to the Bertrand paradox in economics, it has been suggested that each firm produces a somewhat differentiated product, and consequently faces a demand curve that is downward-sloping for all levels of the firm's price....
  
   - Dirty subsidy
  Dirty subsidy
  A dirty subsidy is a payment or incentive by a government to a private corporation that encourages waste of raw materials, natural resources, energy, or results in pollution or other human health hazards....
  
   - Disinflation
  Disinflation
  Disinflation is a decrease in the rate of inflation – 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...
  
   - Dispersed knowledge
  Dispersed knowledge
  In economics, dispersed knowledge is information that is dispersed throughout the marketplace, and is not in the hands of any single agent. All agents in the market have imperfect knowledge; however, they all have a good indicator of everyone else's knowledge and intentions, and that is the...
  
   - Distribution (business)
  Distribution (business)
  Product distribution is one of the four elements of the marketing mix. An organization or set of organizations involved in the process of making a product or service available for use or consumption by a consumer or business user.The other three parts of the marketing mix are product, pricing,...
  
   - Dividend imputation
  Dividend imputation
  Dividend imputation is a corporate tax system in which some or all of the tax paid by a company may be attributed, or imputed, to the shareholders by way of a tax credit to reduce the income tax payable on a distribution...
  
   - Dynamic programming
  Dynamic programming
  In mathematics and computer science, dynamic programming is a method for solving complex problems by breaking them down into simpler subproblems. It is applicable to problems exhibiting the properties of overlapping subproblems which are only slightly smaller and optimal substructure...
  
   - Dynamic stochastic general equilibrium
  Dynamic stochastic general equilibrium
  Dynamic stochastic general equilibrium modeling is a branch of applied general equilibrium theory that is influential in contemporary macroeconomics...
  
  

E

• Ecological economics
  Ecological economics
  Image:Sustainable development.svg|right|The three pillars of sustainability. Clickable.|275px|thumbpoly 138 194 148 219 164 240 182 257 219 277 263 291 261 311 264 331 272 351 283 366 300 383 316 394 287 408 261 417 224 424 182 426 154 423 119 415 87 403 58 385 40 368 24 347 17 328 13 309 16 286 26...
  
   - Econometrics
  Econometrics
  Econometrics has been defined as "the application of mathematics and statistical methods to economic data" and described as the branch of economics "that aims to give empirical content to economic relations." More precisely, it is "the quantitative analysis of actual economic phenomena based on...
  
   - Economic base analysis
  Economic base analysis
  Economic base analysis was developed by Robert Murray Haig in his work on the Regional Plan of New York in 1928. Briefly, activities in an area divide into two categories – basic and non-basic. Basic industries are those exporting from the region and bringing wealth from outside; non-basic ...
  
   - Economic calculation problem
  Economic calculation problem
  The economic calculation problem is a criticism of central economic planning. It was first proposed by Ludwig von Mises in 1920 and later expounded by Friedrich Hayek. The problem referred to is that of how to distribute resources rationally in an economy...
  
   - Economic equilibrium
  Economic equilibrium
  In economics, economic equilibrium is a state of the world where economic forces are balanced and in the absence of external influences the values of economic variables will not change. It is the point at which quantity demanded and quantity supplied are equal...
  
   - Economic geography
  Economic geography
  Economic geography is the study of the location, distribution and spatial organization of economic activities across the world. The subject matter investigated is strongly influenced by the researcher's methodological approach. Neoclassical location theorists, following in the tradition of Alfred...
  
   - Economic graph
  Economic graph
  The social science of economics makes extensive use graphs to better illustrate the economic principles and trends it is attempting to explain. Those graphs have specific qualities that are not often found in other sciences.A common and specific example is the Supply and Demand graph shown at right...
  
   -Economic growth
  Economic growth
  In economics, economic growth is defined as the increasing capacity of the economy to satisfy the wants of goods and services of the members of society. Economic growth is enabled by increases in productivity, which lowers the inputs for a given amount of output. Lowered costs increase demand...
  
   - Economic history
  Economic history
  Economic history is the study of economies or economic phenomena in the past. Analysis in economic history is undertaken using a combination of historical methods, statistical methods and by applying economic theory to historical situations and institutions...
  
   - Economic impact of immigration to Canada
  Economic impact of immigration to Canada
  The economic impact of immigration is an important topic in Canada. While the immigration rate has declined sharply from its peak early in the 20th century, Canada still holds the title of accepting more immigrants per capita than any other country....
  
   - Economic indicator
  Economic indicator
  An economic indicator is a statistic about the economy. Economic indicators allow analysis of economic performance and predictions of future performance. One application of economic indicators is the study of business cycles....
  
   - Economic model - Economic policy
  Economic policy
  Economic policy refers to the actions that governments take in the economic field. It covers the systems for setting interest rates and government budget as well as the labor market, national ownership, and many other areas of government interventions into the economy.Such policies are often...
  
   - Economic problem
  Economic problem
  The economic problem, sometimes called the basic, central or fundamental economic problem, is one of the fundamental economic theories in the operation of any economy. It asserts that there is scarcity, or that the finite resources available are insufficient to satisfy all human wants and needs...
  
   - Economic rent
  Economic rent
  Economic rent is typically defined by economists as payment for goods and services beyond the amount needed to bring the required factors of production into a production process and sustain supply. A recipient of economic rent is a rentier....
  
   - Economic surplus
  Economic surplus
  In mainstream economics, economic surplus refers to two related quantities. Consumer surplus or consumers' surplus is the monetary gain obtained by consumers because they are able to purchase a product for a price that is less than the highest price that they would be willing to pay...
  
   - Economic system
  Economic system
  An economic system is the combination of the various agencies, entities that provide the economic structure that defines the social community. These agencies are joined by lines of trade and exchange along which goods, money etc. are continuously flowing. An example of such a system for a closed...
  
   - Economics
  Economics
  Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
  
   - Economics terminology that differs from common usage
  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...
  
   - Economies of agglomeration
  Economies of agglomeration
  The term economies of agglomeration is used in urban economics to describe the benefits that firms obtain when locating near each other . This concept relates to the idea of economies of scale and network effects...
  
   - Economies of scope
  Economies of scope
  Economies of scope are conceptually similar to economies of scale. Whereas 'economies of scale' for a firm primarily refers to reductions in average cost associated with increasing the scale of production for a single product type, 'economies of scope' refers to lowering average cost for a firm in...
  
   - Economy of scale - Ecotax
  Ecotax
  Ecotax refers to taxes intended to promote ecologically sustainable activities via economic incentives. Such a policy can complement or avert the need for regulatory approaches. Often, an ecotax policy proposal may attempt to maintain overall tax revenue by proportionately reducing other taxes...
  
   - Edgeworth box
  Edgeworth box
  In economics, an Edgeworth box, named after Francis Ysidro Edgeworth, is a way of representing various distributions of resources. Edgeworth made his presentation in his book Mathematical Psychics: An Essay on the Application of Mathematics to the Moral Sciences, 1881...
  
   - Edgeworth's limit theorem
  Edgeworth's limit theorem
  Edgeworth's limit theorem is an 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...
  
   - Efficiency wages
  Efficiency wages
  In labor economics, the efficiency wage hypothesis argues that wages, at least in some markets, are determined by more than simply supply and demand. Specifically, it points to the incentive for managers to pay their employees more than the market-clearing wage in order to increase their...
  
   - Efficient-market hypothesis - Elasticity (economics)
  Elasticity (economics)
  In economics, elasticity is the measurement of how changing one economic variable affects others. For example:* "If I lower the price of my product, how much more will I sell?"* "If I raise the price, how much less will I sell?"...
  
   - Electricity market
  Electricity market
  In economic terms, electricity is a commodity capable of being bought, sold and traded. An electricity market is a system for effecting purchases, through bids to buy; sales, through offers to sell; and short-term trades, generally in the form of financial or obligation swaps. Bids and offers use...
  
   - Employment
  Employment
  Employment is a contract between two parties, one being the employer and the other being the employee. An employee may be defined as:- Employee :...
  
   - Endogeneity (economics)
  Endogeneity (economics)
  In an econometric model, a parameter or variable is said to be endogenous when there is a correlation between the parameter or variable and the error term. Endogeneity can arise as a result of measurement error, autoregression with autocorrelated errors, simultaneity, omitted variables, and sample...
  
   - Endogenous growth theory
  Endogenous growth theory
  Endogenous growth theory holds that economic growth is primarily the result of endogenous and not external force. In Endogenous growth theory investment in human capital, innovation and knowledge are significant contributors to economic growth. The theory also focus on positive externalities and...
  
   - Energy economics
  Energy economics
  Energy economics is a broad scientific subject area which includes topics related to supply and use of energy in societies. Due to diversity of issues and methods applied and shared with a number of academic disciplines, energy economics does not present itself as a self contained academic...
  
   - Entrepreneur
  Entrepreneur
  An entrepreneur is an owner or manager of a business enterprise who makes money through risk and initiative.The term was originally a loanword from French and was first defined by the Irish-French economist Richard Cantillon. Entrepreneur in English is a term applied to a person who is willing to...
  
   - Entrepreneurial economics
  Entrepreneurial Economics
  Entrepreneurial Economics is the study of the entrepreneur and entrepreneurship within the economy. The accumulation of factors of production per se does not explain economic development...
  
   - Entrepreneurship
  Entrepreneurship
  Entrepreneurship is the act of being an entrepreneur, which can be defined as "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods". This may result in new organizations or may be part of revitalizing mature organizations in response...
  
   - Environmental economics
  Environmental economics
  Environmental economics is a subfield of economics concerned with environmental issues. Quoting from the National Bureau of Economic Research Environmental Economics program:...
  
   - Environmental finance
  Environmental finance
  Environmental Finance is the use of various financial instruments to protect the environment. The field is part of both environmental economics and the conservation movement....
  
   - Equilibrium selection
  Equilibrium selection
  Equilibrium selection is a concept from game theory which seeks to address reasons for players of a game to select a certain equilibrium over another...
  
   - Ethical consumerism
  Ethical consumerism
  Ethical consumerism is the intentional purchase of products and services that the customer considers to be made ethically. This may mean with minimal harm to or exploitation of humans, animals and/or the natural environment...
  
   - Euro
  Euro
  The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
  
   - Event study
  Event study
  An Event study is a statistical method to assess the impact of an event on the value of a firm. For example, the announcement of a merger between two business entities can be analyzed to see whether investors believe the merger will create or destroy value...
  
   - Evolutionary economics
  Evolutionary economics
  Evolutionary economics is part of mainstream economics as well as heterodox school of economic thought that is inspired by evolutionary biology...
  
   - Exceptionalism
  Exceptionalism
  Exceptionalism is the perception that a country, society, institution, movement, or time period is "exceptional" in some way and thus does not need to conform to normal rules or general principles...
  
   - Excess burden of taxation
  Excess burden of taxation
  In economics, the excess burden of taxation, also known as the distortionary cost or deadweight loss of taxation, is one of the economic losses that society suffers as the result of a tax. Economic theory posits that distortions changes the amount and type of economic behavior from that which...
  
   - Exogenous growth model
  Exogenous growth model
  The neoclassical growth model, also known as the Solow–Swan growth model or exogenous growth model, is a class of economic models of long-run economic growth set within the framework of neoclassical economics...
  
   - Expected utility hypothesis
  Expected utility hypothesis
  In economics, game theory, and decision theory the expected utility hypothesis is a theory of utility in which "betting preferences" of people with regard to uncertain outcomes are represented by a function of the payouts , the probabilities of occurrence, risk aversion, and the different utility...
  
   - The Experience Economy
  The Experience Economy
  The term Experience Economy was first described in an article published in 1998 by B. Joseph Pine II and James H. Gilmore, titled "The Experience Economy". In it they described the experience economy as the next economy following the agrarian economy, the industrial economy, and the most recent...
  
   - Experimental economics
  Experimental economics
  Experimental economics is the application of experimental methods to study economic questions. Data collected in experiments are used to estimate effect size, test the validity of economic theories, and illuminate market mechanisms. Economic experiments usually use cash to motivate subjects, in...
  
   - Externality
  Externality
  In economics, an externality is a cost or benefit, not transmitted through prices, incurred by a party who did not agree to the action causing the cost or benefit...
  
  

F

• Factor price equalization
  Factor price equalization
  Factor price equalization is an economic theory, by Paul A. Samuelson , which states that the relative prices for two identical factors of production in the same market will eventually equal each other because of competition. The price for each single factor need not become equal, but relative...
  
   - Factors of production
  Factors of production
  In economics, factors of production means inputs and finished goods means output. Input determines the quantity of output i.e. output depends upon input. Input is the starting point and output is the end point of production process and such input-output relationship is called a production function...
  
   - Fair trade
  Fair trade
  Fair trade is an organized social movement and market-based approach that aims to help producers in developing countries make better trading conditions and promote sustainability. The movement advocates the payment of a higher price to producers as well as higher social and environmental standards...
  
   - Feminist economics
  Feminist economics
  Feminist economics broadly refers to a developing branch of economics that applies feminist lenses to economics. Research under this heading is often interdisciplinary or heterodox...
  
   - Finance
  Finance
  "Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
  
   - Financial astrology
  Financial astrology
  Financial astrology is the practice of relating the movements of celestial bodies to events in financial markets...
  
   - Financial capital
  Financial capital
  Financial capital can refer to money used by entrepreneurs and businesses to buy what they need to make their products or provide their services or to that sector of the economy based on its operation, i.e. retail, corporate, investment banking, etc....
  
   - Financial economics
  Financial economics
  Financial Economics is the branch of economics concerned with "the allocation and deployment of economic resources, both spatially and across time, in an uncertain environment"....
  
   - Financial instrument - Fiscal policy
  Fiscal policy
  In economics and political science, fiscal policy is the use of government expenditure and revenue collection to influence the economy....
  
   - Fisher equation
  Fisher equation
  The Fisher equation in financial mathematics and economics estimates the relationship between nominal and real interest rates under inflation....
  
   - Fisher separation theorem
  Fisher separation theorem
  In economics, the Fisher separation theorem asserts that the objective of a corporation will be the maximization of its present value, regardless of the preferences of its shareholders. The theorem therefore separates management's "productive opportunities" from the entrepreneur's "market...
  
   - Forecasting
  Forecasting
  Forecasting is the process of making statements about events whose actual outcomes have not yet been observed. A commonplace example might be estimation for some variable of interest at some specified future date. Prediction is a similar, but more general term...
  
   - Fractional-reserve banking
  Fractional-reserve banking
  Fractional-reserve banking is a form of banking where banks maintain reserves that are only a fraction of the customer's deposits. Funds deposited into a bank are mostly lent out, and a bank keeps only a fraction of the quantity of deposits as reserves...
  
   - Free good
  Free good
  Free goods are what is needed by the society and is available without limits. The free good is a term used in economics to describe a good that is not scarce. A free good is available in as great a quantity as desired with zero opportunity cost to society....
  
   - Free rider problem
  Free rider problem
  In economics, collective bargaining, psychology, and political science, a free rider is someone who consumes a resource without paying for it, or pays less than the full cost. The free rider problem is the question of how to limit free riding...
  
   - Free trade
  Free trade
  Under a free trade policy, prices emerge from supply and demand, and are the sole determinant of resource allocation. 'Free' trade differs from other forms of trade policy where the allocation of goods and services among trading countries are determined by price strategies that may differ from...
  
   - Friedman rule
  Friedman rule
  The Friedman rule is a monetary policy rule proposed by Milton Friedman. Essentially, Friedman advocated setting the nominal interest rate at zero. According to the logic of the Friedman rule, the opportunity cost of holding money faced by private agents should equal the social cost of creating...
  
   - Full-reserve banking
  Full-reserve banking
  Full-reserve banking, also known as 100% reserve banking, is a banking practice in which the full amount of each depositor's funds are kept in reserve, as cash or other highly liquid assets...
  
  

G

• Game theory
  Game theory
  Game theory is a mathematical method for analyzing calculated circumstances, such as in games, where a person’s success is based upon the choices of others...
  
   -Gandhian economics
  Gandhian economics
  Gandhian economics is a school of economic thought based on the socio-economic principles expounded by Indian leader Mohandas Gandhi. It is largely characterised by its affinity to the principles and objectives of nonviolent humanistic socialism, but with a rejection of violent class war and...
  
  - General equilibrium
  General equilibrium
  General equilibrium theory is a branch of theoretical economics. It seeks to explain the behavior of supply, demand and prices in a whole economy with several or many interacting markets, by seeking to prove that a set of prices exists that will result in an overall equilibrium, hence general...
  
   - Geographical pricing
  Geographical pricing
  Geographical pricing, in marketing, is the practice of modifying a basic list price based on the geographical location of the buyer. It is intended to reflect the costs of shipping to different locations.There are several types of geographic pricing:...
  
   - Gerschenkron effect
  Gerschenkron effect
  The Gerschenkron effect was developed by Alexander Gerschenkron, and claims that changing the base year for an index determines the growth rate of the index.This description is from the OECD website :...
  
   - Giffen good
  Giffen good
  In economics and consumer theory, a Giffen good is one which people paradoxically consume more of as the price rises, violating the law of demand. In normal situations, as the price of a good rises, the substitution effect causes consumers to purchase less of it and more of substitute goods...
  
   - Gini coefficient
  Gini coefficient
  The Gini coefficient is a measure of statistical dispersion developed by the Italian statistician and sociologist Corrado Gini and published in his 1912 paper "Variability and Mutability" ....
  
   - Global game
  Global game
  In economics and game theory, global games are games of incomplete information where players receive possibly-correlated signals of the underlying state of the world. Global games were originally defined by Carlsson and van Damme...
  
   - Globalization
  Globalization
  Globalization refers to the increasingly global relationships of culture, people and economic activity. Most often, it refers to economics: the global distribution of the production of goods and services, through reduction of barriers to international trade such as tariffs, export fees, and import...
  
   - Gold standard
  Gold standard
  The gold standard is a monetary system in which the standard economic unit of account is a fixed mass of gold. There are distinct kinds of gold standard...
  
   - Good (economics) - Goodhart's law
  Goodhart's law
  Goodhart's law, although it can be expressed in many ways, states that once a social or economic indicator or other surrogate measure is made a target for the purpose of conducting social or economic policy, then it will lose the information content that would qualify it to play that role...
  
   - Government debt
  Government debt
  Government debt is money owed by a central government. In the US, "government debt" may also refer to the debt of a municipal or local government...
  
   - Government-granted monopoly
  Government-granted monopoly
  In economics, a government-granted monopoly is a form of coercive monopoly by which a government grants exclusive privilege to a private individual or firm to be the sole provider of a good or service; potential competitors are excluded from the market by law, regulation, or other mechanisms of...
  
   - Gresham's law
  Gresham's Law
  Gresham's law is an economic principle that states: "When a government compulsorily overvalues one type of money and undervalues another, the undervalued money will leave the country or disappear from circulation into hoards, while the overvalued money will flood into circulation." It is commonly...
  
   - Gross domestic product
  Gross domestic product
  Gross domestic product refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living....
  
   - Gross value added
  Gross value added
  Gross Value Added ' is a measure in economics of the value of goods and services produced in an area, industry or sector of an economy...
  
   - Growth accounting
  Growth accounting
  Growth accounting is a procedure used in economics to measure the contribution of different factors to economic growth and to indirectly compute the rate of technological progress, measured as a residual, in an economy...
  
  

H

• Happiness economics
  Happiness economics
  Happiness economics is the quantitative 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 and sociology. It typically treats such happiness-related measures,...
  
   - Harris-Todaro Model
  Harris-Todaro Model
  The Harris–Todaro model, named after John R. Harris and Michael Todaro, is an economic model used in development economics and welfare economics to explain some of the issues concerning rural-urban migration. The main assumption of the model is that the migration decision is based on expected...
  
   - Hauser's Law
  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.- Historic tax revenues :...
  
   - Hedonic regression
  Hedonic regression
  In economics, hedonic regression or hedonic demand theory is a revealed preference method of estimating demand or value. It decomposes the item being researched into its constituent characteristics, and obtains estimates of the contributory value of each characteristic...
  
   - Herfindahl index
  Herfindahl index
  The Herfindahl index is a measure of the size of firms in relation to the industry and an indicator of the amount of competition among them. Named after economists Orris C. Herfindahl and Albert O. Hirschman, it is an economic concept widely applied in competition law, antitrust and also...
  
   - Heterodox economics
  Heterodox economics
  "Heterodox economics" refers to approaches or to schools of economic thought that are considered outside of "mainstream economics". Mainstream economists sometimes assert that it has little or no influence on the vast majority of academic economists in the English speaking world. "Mainstream...
  
   - Historical school of economics
  Historical school of economics
  The Historical school of economics was an approach to academic economics and to public administration that emerged in 19th century in Germany, and held sway there until well into the 20th century....
  
   - History of economic thought
  History of economic thought
  The history of economic thought deals with different thinkers and theories in the subject that became political economy and economics from the ancient world to the present day...
  
   - Home Economics
  Home Economics
  Home economics is the profession and field of study that deals with the economics and management of the home and community...
  
   - Homo economicus
  Homo economicus
  Homo economicus, or Economic human, is the concept in some economic theories of humans as rational and narrowly self-interested actors who have the ability to make judgments toward their subjectively defined ends...
  
   - Hotelling's law
  Hotelling's law
  Hotelling's law is an observation in economics that in many markets it is rational for producers to make their products as similar as possible. This is also referred to as the principle of minimum differentiation as well as Hotelling's "linear city model"...
  
   - Human capital
  Human capital
  Human capitalis the stock of competencies, knowledge and personality attributes embodied in the ability to perform labor so as to produce economic value. It is the attributes gained by a worker through education and experience...
  
   - Human Development Index
  Human Development Index
  The Human Development Index is a composite statistic used to rank countries by level of "human development" and separate "very high human development", "high human development", "medium human development", and "low human development" countries...
  
   - Human development theory
  Human development theory
  Human development theory is a theory that merges older ideas from ecological economics, sustainable development, welfare economics, and feminist economics. It seeks to avoid the overt normative politics of most so-called "green economics" by justifying its theses strictly in ecology, economics and...
  
   - Human resources
  Human resources
  Human resources is a term used to describe the individuals who make up the workforce of an organization, although it is also applied in labor economics to, for example, business sectors or even whole nations...
  
   - Hyperinflation
  Hyperinflation
  In economics, hyperinflation is inflation that is very high or out of control. While the real values of the specific economic items generally stay the same in terms of relatively stable foreign currencies, in hyperinflationary conditions the general price level within a specific economy increases...
  
  

I

• Imperfect competition
  Imperfect competition
  In economic theory, imperfect competition is the competitive situation in any market where the conditions necessary for perfect competition are not satisfied...
  
   - Implied in fact contract
  Implied in fact contract
  An implied-in-fact contract is a contract agreed by non-verbal conduct, rather than by explicit words. As defined by the United States Supreme Court, it is "an agreement 'implied in fact'" as "founded upon a meeting of minds, which, although not embodied in an express contract, is inferred, as a...
  
   - Import
  Import
  The term import is derived from the conceptual meaning as to bring in the goods and services into the port of a country. The buyer of such goods and services is referred to an "importer" who is based in the country of import whereas the overseas based seller is referred to as an "exporter". Thus...
  
   - Import substitution industrialization - Imputation (economics)
  Imputation (economics)
  In economics, the theory of imputation, first expounded by Carl Menger, maintains that factor prices are determined by output prices.This is the opposite of the labor theory of value maintained by classical economists such as Adam Smith and David Ricardo....
  
   - Incentive
  Incentive
  In economics and sociology, an incentive is any factor that enables or motivates a particular course of action, or counts as a reason for preferring one choice to the alternatives. It is an expectation that encourages people to behave in a certain way...
  
   - Income
  Income
  Income is the consumption and savings opportunity gained by an entity within a specified time frame, which is generally expressed in monetary terms. However, for households and individuals, "income is the sum of all the wages, salaries, profits, interests payments, rents and other forms of earnings...
  
   - Income elasticity of demand (YED)
  Income elasticity of demand (YED)
  In economics, income elasticity of demand measures the responsiveness of the demand for a good to a change in the income of the people demanding the good, ceteris paribus. It is calculated as the ratio of the percentage change in demand to the percentage change in income...
  
   - Income inequality metrics
  Income inequality metrics
  The concept of inequality is distinct from that of poverty and fairness. Income inequality metrics or income distribution metrics are used by social scientists to measure the distribution of income, and economic inequality among the participants in a particular economy, such as that of a specific...
  
   - Income tax
  Income tax
  An income tax is a tax levied on the income of individuals or businesses . Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate...
  
   - Independent goods
  Independent goods
  Independent goods are goods that have a zero cross elasticity of demand. Changes in the price of one good will have no effect on the demand of an independent good. A person's demand of nails is independent of his or her demand for bread....
  
   - Indifference curve
  Indifference curve
  In microeconomic theory, an indifference curve is a graph showing different bundles of goods between which a consumer is indifferent. That is, at each point on the curve, the consumer has no preference for one bundle over another. One can equivalently refer to each point on the indifference curve...
  
   - Individual capital
  Individual capital
  Individual capital, also known as human capital, comprises inalienable or personal traits of persons, tied to their bodies and available only through their own free will, such as skill, creativity, enterprise, courage, capacity for moral example, non-communicable wisdom, invention or empathy,...
  
   - Induced demand
  Induced demand
  Induced demand, or latent demand, is the phenomenon that after supply increases, more of a good is consumed. This is entirely consistent with the economic theory of supply and demand; however, this idea has become important in the debate over the expansion of transportation systems, and is often...
  
   - Industrial organization
  Industrial organization
  Industrial organization is the field of economics that builds on the theory of the firm in examining the structure of, and boundaries between, firms and markets....
  
   - Industrial policy
  Industrial policy
  The Industrial Policy plan of a nation, sometimes shortened IP, "denotes a nation's declared, official, total strategic effort to influence sectoral development and, thus, national industry portfolio." These interventionist measures comprise "policies that stimulate specific activities and promote...
  
   - Industrial Revolution
  Industrial Revolution
  The Industrial Revolution was a period from the 18th to the 19th century where major changes in agriculture, manufacturing, mining, transportation, and technology had a profound effect on the social, economic and cultural conditions of the times...
  
   - Industrialisation
  Industrialisation
  Industrialization is the process of social and economic change that transforms a human group from an agrarian society into an industrial one...
  
   - Inferior good
  Inferior good
  In consumer theory, an inferior good is a good that decreases in demand when consumer income rises, unlike normal goods, for which the opposite is observed. Normal goods are those for which consumers' demand increases when their income increases....
  
   - Inflation
  Inflation
  In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
  
   - Informal sector - Information asymmetry
  Information asymmetry
  In economics and contract theory, information asymmetry deals with the study of decisions in transactions where one party has more or better information than the other. This creates an imbalance of power in transactions which can sometimes cause the transactions to go awry, a kind of market failure...
  
   - Information economics
  Information economics
  Information economics or the economics of informationis a branch of microeconomic theory that studies how information affects an economy and economic decisions. Information has special characteristics. It is easy to create but hard to trust. It is easy to spread but hard to control. It...
  
   - Infrastructural capital
  Infrastructural capital
  Public capital is the aggregate body of government-owned assets that are used as the means for private productivity. Such assets span a wide range including: large components such as highways, airports, roads, transit systems, and railways; local, municipal components such as public education,...
  
   - Input-output model
  Input-output model
  In economics, an input-output model is a quantitative economic technique that represents the interdependencies between different branches of national economy or between branches of different, even competing economies. Wassily Leontief developed this type of analysis and took the Nobel Memorial...
  
   - Instructional capital
  Instructional capital
  Instructional capital is a term used in educational administration after the 1960s, to reflect capital resulting from investment in producing learning materials....
  
   - Interest
  Interest
  Interest is a fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets. It is most commonly the price paid for the use of borrowed money, or money earned by deposited funds....
  
   - Interest rate parity
  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. Two assumptions central to interest rate parity are capital mobility and perfect substitutability of domestic...
  
   - International trade
  International trade
  International trade is the exchange of capital, goods, and services across international borders or territories. In most countries, such trade represents a significant share of gross domestic product...
  
   - International Year of Microcredit
  International Year of Microcredit
  International Year of Microcredit is a special event of the United Nations which took place in the year 2005. The event highlighted microfinance as an instrument for socioeconomic development.The year was launched on November 18, 2004.- Goals :...
  
   - Intertemporal choice
  Intertemporal choice
  Intertemporal choice is the study of the relative value people assign to two or more payoffs at different points in time. Most choices require decision-makers to trade-off costs and benefits at different points in time. These decisions maybe about savings, work effort, education, nutrition,...
  
   - Intertemporal equilibrium
  Intertemporal equilibrium
  Intertemporal equilibrium is a notion of economic equilibrium conceived over many periods of time. The term has a different meaning in contemporary macroeconomics from its earlier meaning in Austrian economics....
  
   - Investment
  Investment
  Investment has different meanings in finance and economics. Finance investment is putting money into something with the expectation of gain, that upon thorough analysis, has a high degree of security for the principal amount, as well as security of return, within an expected period of time...
  
   - Investment policy
  Investment policy
  An investment policy is any government regulation or law that encourages or discourages foreign investment in the local economy, e.g. currency exchange limits.- Explanation :...
  
   - Investment specific technological progress
  Investment specific technological progress
  Investment-specific technological progress refers to progress that requires investment in new equipment and structures embodying the latest technology in order to realize its benefits.-Introduction:...
  
   - Invisible hand
  Invisible hand
  In economics, invisible hand or invisible hand of the market is the term economists use to describe the self-regulating nature of the marketplace. This is a metaphor first coined by the economist Adam Smith...
  
   - Islamic economic jurisprudence - IS/LM model
  IS/LM model
  The IS/LM model is a macroeconomic tool that demonstrates the relationship between interest rates and real output in the goods and services market and the money market...
  
   - Isoquant
  Isoquant
  In economics, an isoquant is a contour line drawn through the set of points at which the same quantity of output is produced while changing the quantities of two or more inputs...
  
   - Ithaca Hours
  Ithaca Hours
  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. It has inspired other similar systems in Madison, Wisconsin; Corvallis, Oregon; and a proposed system in the Lehigh Valley, Pennsylvania...
  
  

J

• Jane Jacobs
  Jane Jacobs
  Jane Jacobs, was an American-Canadian writer and activist with primary interest in communities and urban planning and decay. She is best known for The Death and Life of Great American Cities , a powerful critique of the urban renewal policies of the 1950s in the United States...
  
   - JEL classification codes
  JEL classification codes
  Articles in economics journals are usually classified according to the JEL classification codes, a system originated by the Journal of Economic Literature. The JEL is published quarterly by the American Economic Association and contains survey articles and information on recently published books...
  
   - Job hunting
  Job hunting
  Job hunting, job seeking, or job searching is the act of looking for employment, due to unemployment or discontent with a current position. The immediate goal of job seeking is usually to obtain a job interview with an employer which may lead to getting hired...
  
   - Joint product pricing
  Joint product pricing
  Joint Products are two or more products, produced from the same process or operation, considered to be of relative equal importance.Pricing for joint products is a little more complex than pricing for a single product. To begin with there are two demand curves. The characteristics of each demand...
  
   - Just price
  Just price
  The just price is a theory of ethics in economics that attempts to set standards of fairness in transactions. With intellectual roots in ancient Greek philosophy, it was advanced by Thomas Aquinas based on an argument against usury, which in his time referred to the making of any rate of interest...
  
  

K

• Kaldor-Hicks efficiency
  Kaldor-Hicks efficiency
  Kaldor–Hicks efficiency, named for Nicholas Kaldor and John Hicks, also known as Kaldor–Hicks criterion, is a measure of economic efficiency that captures some of the intuitive appeal of Pareto efficiency, but has less stringent criteria and is hence applicable to more circumstances...
  
   - Keynesian economics
  Keynesian economics
  Keynesian economics is a school of macroeconomic thought based on the ideas of 20th-century English economist John Maynard Keynes.Keynesian economics argues that private sector decisions sometimes lead to inefficient macroeconomic outcomes and, therefore, advocates active policy responses by the...
  
   - Keynesian formula
  Keynesian formula
  The Keynesian formula is an economic theory developed by the British economist John Maynard Keynes. Keynes argued that the level of output and employment in the economy was determined by aggregate demand or effective demand. In a reversal of Say's Law, Keynes in essence argued that "man creates his...
  
   - Knowledge economy
  Knowledge economy
  The knowledge economy is a term that refers either to an economy of knowledge focused on the production and management of knowledge in the frame of economic constraints, or to a knowledge-based economy. In the second meaning, more frequently used, it refers to the use of knowledge technologies to...
  
  

L

• Labor theory of value
  Labor theory of value
  The labor theories of value are heterodox economic theories of value which argue that the value of a commodity is related to the labor needed to produce or obtain that commodity. The concept is most often associated with Marxian economics...
  
   - Labour economics
  Labour economics
  Labor economics seeks to understand the functioning and dynamics of the market for labor. Labor markets function through the interaction of workers and employers...
  
   - Laffer curve
  Laffer curve
  In economics, the Laffer curve is a theoretical representation of the relationship between government revenue raised by taxation and all possible rates of taxation. It is used to illustrate the concept of taxable income elasticity . The curve is constructed by thought experiment...
  
   - Laissez-faire
  Laissez-faire
  In economics, laissez-faire describes an environment in which transactions between private parties are free from state intervention, including restrictive regulations, taxes, tariffs and enforced monopolies....
  
   - Land (economics)
  Land (economics)
  In economics, land comprises all naturally occurring resources whose supply is inherently fixed. Examples are any and all particular geographical locations, mineral deposits, and even geostationary orbit locations and portions of the electromagnetic spectrum. Natural resources are fundamental to...
  
   - Land value tax
  Land value tax
  A land value tax is a levy on the unimproved value of land. It is an ad valorem tax on land that disregards the value of buildings, personal property and other improvements...
  
   - Law and economics
  Law and economics
  The economic analysis of law is an analysis of law applying methods of economics. Economic concepts are used to explain the effects of laws, to assess which legal rules are economically efficient, and to predict which legal rules will be promulgated.-Relationship to other disciplines and...
  
   - Legal origins theory
  Legal origins theory
  In economics, the legal origins theory states that many aspects of a country's economic state of development are the result of their legal system, most of all where a particular country received its law from...
  
   - Lerman ratio
  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. The ratio of the actual increase in income compared to the benefit is the Lerman ratio, which is ordinarily between...
  
   - Limit price
  Limit price
  A limit price is the price set by a monopolist to discourage entry into a market, and is illegal in many countries. The limit price is the price that a potential entrant would face upon entering as long as the incumbent firm did not decrease output. The limit price is often lower than the average...
  
   - Living wage
  Living wage
  In public policy, a living wage is the minimum hourly income necessary for a worker to meet basic needs . These needs include shelter and other incidentals such as clothing and nutrition...
  
   - Local currency
  Local currency
  In economics, a local currency, in its common usage, is a currency not backed by a national government , and intended to trade only in a small area. As a tool of fiscal localism, local moneys can raise awareness of the state of the local economy, especially among those who may be unfamiliar or...
  
   - Local purchasing
  Local purchasing
  Local purchasing is a preference to buy locally produced goods and services over those produced more distantly. It is very often abbreviated as a positive goal 'buy local' to parallel the phrase think globally, act locally common in green politics....
  
   - Lorenz curve
  Lorenz curve
  In economics, the Lorenz curve is a graphical representation of the cumulative distribution function of the empirical probability distribution of wealth; it is a graph showing the proportion of the distribution assumed by the bottom y% of the values...
  
   - Low-carbon economy
  Low-carbon economy
  A Low-Carbon Economy or Low-Fossil-Fuel Economy is an economy that has a minimal output of greenhouse gas emissions into the environment biosphere, but specifically refers to the greenhouse gas carbon dioxide...
  
   - Lucas critique
  Lucas critique
  The Lucas critique, named for Robert Lucas′ work on macroeconomic policymaking, argues that it is naïve 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.The basic idea...
  
  

M

• Macroeconomics
  Macroeconomics
  Macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision-making of the whole economy. This includes a national, regional, or global economy...
  
   - Managerial economics
  Managerial economics
  Managerial economics as defined by Edwin Mansfield is "concerned with application of economic concepts and economic analysis to the problems of formulating rational managerial decision." It is sometimes referred to as business economics and is a branch of economics that applies microeconomic...
  
   - Marginal cost
  Marginal cost
  In economics and finance, marginal cost is the change in total cost that arises when the quantity produced changes by one unit. That is, it is the cost of producing one more unit of a good...
  
   - Marginal rate of substitution
  Marginal rate of substitution
  In economics, the marginal rate of substitution is the rate at which a consumer is ready to give up one good in exchange for another good while maintaining the same level of utility.-Marginal rate of substitution as the slope of indifference curve:...
  
   - Marginal revenue
  Marginal revenue
  In microeconomics, marginal revenue is the extra revenue that an additional unit of product will bring. It is the additional income from selling one more unit of a good; sometimes equal to price...
  
   - Marginal utility
  Marginal utility
  In economics, the marginal utility of a good or service is the utility gained from an increase in the consumption of that good or service...
  
   - Marginalism
  Marginalism
  Marginalism refers to the use of marginal concepts in economic theory. Marginalism is associated with arguments concerning changes in the quantity used of a good or service, as opposed to some notion of the over-all significance of that class of good or service, or of some total quantity...
  
   - Market
  Market
  A market is one of many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services in exchange for money from buyers...
  
   - Market anomaly
  Market anomaly
  A market anomaly is a price and/or return distortion on a financial market that seems to contradict the efficient market hypothesis.The market anomaly usually relates to:...
  
   - Market concentration
  Market concentration
  In economics, market concentration is a function of the number of firms and their respective shares of the total production in a market...
  
   - Market economy
  Market economy
  A market economy is an economy in which the prices of goods and services are determined in a free price system. This is often contrasted with a state-directed or planned economy. Market economies can range from hypothetically pure laissez-faire variants to an assortment of real-world mixed...
  
   - Market failure
  Market failure
  Market failure is a concept within economic theory wherein the allocation of goods and services by a free market is not efficient. That is, there exists another conceivable outcome where a market participant may be made better-off without making someone else worse-off...
  
   - Market power
  Market power
  In economics, market power is the ability of a firm to alter the market price of a good or service. In perfectly competitive markets, market participants have no market power. A firm with market power can raise prices without losing its customers to competitors...
  
   - Market share
  Market share
  Market share is the percentage of a market accounted for by a specific entity. In a survey of nearly 200 senior marketing managers, 67 percent responded that they found the "dollar market share" metric very useful, while 61% found "unit market share" very useful.Marketers need to be able to...
  
   - Market structure
  Market structure
  In economics, market structure .* Monopolistic competition, also called competitive market, where there are a large number of firms, each having a small proportion of the market share and slightly differentiated products.* Oligopoly, in which a market is dominated by a small number of firms that...
  
   - Market system
  Market system
  A market system is any systematic process enabling many market players to bid and ask: helping bidders and sellers interact and make deals. It is not just the price mechanism but the entire system of regulation, qualification, credentials, reputations and clearing that surrounds that mechanism and...
  
   - Marxian economics
  Marxian economics
  Marxian economics refers to economic theories on the functioning of capitalism based on the works of Karl Marx. Adherents of Marxian economics, particularly in academia, distinguish it from Marxism as a political ideology and sociological theory, arguing that Marx's approach to understanding the...
  
   - Mathematical economics
  Mathematical economics
  Mathematical economics is the application of mathematical methods to represent economic theories and analyze problems posed in economics. It allows formulation and derivation of key relationships in a theory with clarity, generality, rigor, and simplicity...
  
   - Means of production
  Means of production
  Means of production refers to physical, non-human inputs used in production—the factories, machines, and tools used to produce wealth — along with both infrastructural capital and natural capital. This includes the classical factors of production minus financial capital and minus human capital...
  
   - Measures of national income and output
  Measures of national income and output
  A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product , gross national product , and net national income . All are specially concerned with counting the total amount of goods and...
  
   - Mechanism (sociology)
  Mechanism (sociology)
  During the last decade there has been a growing interest in social mechanisms and mechanism-based explanations, not only in sociology and the social sciences but also in philosophy of science, particularly philosophy of biology....
  
   - Medium of exchange
  Medium of exchange
  A medium of exchange is an intermediary used in trade to avoid the inconveniences of a pure barter system.By contrast, as William Stanley Jevons argued, in a barter system there must be a coincidence of wants before two people can trade – one must want exactly what the other has to offer, when and...
  
   - Mental accounting
  Mental accounting
  A concept first named by Richard Thaler , mental accounting attempts to describe the process whereby people code, categorize and evaluate economic outcomes....
  
   - Menu cost - Mercantilism
  Mercantilism
  Mercantilism is the economic doctrine in which government control of foreign trade is of paramount importance for ensuring the prosperity and security of the state. In particular, it demands a positive balance of trade. Mercantilism dominated Western European economic policy and discourse from...
  
   - Merger simulation
  Merger simulation
  Merger simulation is a commonly used technique when analyzing potential welfare costs and benefits of mergers between firms. Merger simulation models typically assume Differentiated Bertrand competition within a market ....
  
   - Methodenstreit
  Methodenstreit
  Methodenstreit is a German term referring to an intellectual controversy or debate over epistemology, research methodology, or the way in which academic inquiry is framed or pursued...
  
   - Methodological individualism
  Methodological individualism
  Methodological individualism is the theory that social phenomena can only be accurately explained by showing how they result from the intentional states that motivate the individual actors. The idea has been used to criticize historicism, structural functionalism, and the roles of social class,...
  
   - Microcredit
  Microcredit
  Microcredit is the extension of very small loans to those in poverty designed to spur entrepreneurship. These individuals lack collateral, steady employment and a verifiable credit history and therefore cannot meet even the most minimal qualifications to gain access to traditional credit...
  
   - Microeconomics
  Microeconomics
  Microeconomics is a branch of economics that studies the behavior of how the individual modern household and firms make decisions to allocate limited resources. Typically, it applies to markets where goods or services are being bought and sold...
  
   - Minimum wage
  Minimum wage
  A minimum wage is the lowest hourly, daily or monthly remuneration that employers may legally pay to workers. Equivalently, it is the lowest wage at which workers may sell their labour. Although minimum wage laws are in effect in a great many jurisdictions, there are differences of opinion about...
  
   - Missing market
  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.-Examples:A variety of factors can lead to missing markets:...
  
   - Model (macroeconomics)
  Model (macroeconomics)
  A macroeconomic model is an analytical tool designed to describe the operation of the economy of a country or a region. These models are usually designed to examine the dynamics of aggregate quantities such as the total amount of goods and services produced, total income earned, the level of...
  
   - Modern portfolio theory
  Modern portfolio theory
  Modern portfolio theory is a theory of investment which attempts to maximize portfolio expected return for a given amount of portfolio risk, or equivalently minimize risk for a given level of expected return, by carefully choosing the proportions of various assets...
  
   - Modigliani-Miller theorem
  Modigliani-Miller theorem
  The Modigliani–Miller theorem forms the basis for modern thinking on capital structure. The basic theorem states that, under a certain market price process , in the absence of taxes, bankruptcy costs, agency costs, and asymmetric information, and in an efficient market, the value of a firm is...
  
   - Monetarism
  Monetarism
  Monetarism is a tendency in economic thought that emphasizes the role of governments in controlling the amount of money in circulation. It is the view within monetary economics that variation in the money supply has major influences on national output in the short run and the price level over...
  
   - Monetary policy
  Monetary policy
  Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability. The official goals usually include relatively stable prices and low unemployment...
  
   - Monetary reform
  Monetary reform
  Monetary reform describes any movement or theory that proposes a different system of supplying money and financing the economy from the current system.Monetary reformers may advocate any of the following, among other proposals:...
  
   - Money
  Money
  Money is any object or record that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally in the past,...
  
   - Money supply
  Money supply
  In economics, the money supply or money stock, is the total amount of money available in an economy at a specific time. There are several ways to define "money," but standard measures usually include currency in circulation and demand deposits .Money supply data are recorded and published, usually...
  
   - Money creation
  Money creation
  In economics, money creation is the process by which the money supply of a country or a monetary region is increased due to some reason. There are two principal stages of money creation. First, the central bank introduces new money into the economy by purchasing financial assets or lending money...
  
   - Money multiplier
  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. Most often, it measures the maximum amount of commercial bank money that can be created by a given unit of central bank money...
  
   - Monopoly
  Monopoly
  A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity...
  
   - Monopoly profit
  Monopoly profit
  - Monopoly Profit - Basic Definition :In economics, a firm is a monopoly when, because of the lack of any viable competition, it is able to become the sole producer of the industry's product. In a normal competitive situation, the price the firm gets for its product is exactly the same as the...
  
   - Monopsony
  Monopsony
  In economics, a monopsony is a market form in which only one buyer faces many sellers. It is an example of imperfect competition, similar to a monopoly, in which only one seller faces many buyers...
  
   - Moral hazard
  Moral hazard
  In economic theory, moral hazard refers to a situation in which a party makes a decision about how much risk to take, while another party bears the costs if things go badly, and the party insulated from risk behaves differently from how it would if it were fully exposed to the risk.Moral hazard...
  
  

N

• NAIRU
  NAIRU
  In monetarist economics, particularly the work of Milton Friedman, on which also worked Lucas Papademos and Franco Modigliani in 1975,NAIRU is an acronym for Non-Accelerating Inflation Rate of Unemployment, and refers to a level of unemployment below which inflation rises.It is widely used in...
  
   - Nakamura number
  Nakamura number
  In cooperative game theory and social choice theory, the Nakamura number measures the degree of rationalityof preference aggregation rules , such as voting rules....
  
   - Nanoeconomics
  Nanoeconomics
  Nanoeconomics is the formulation, study, and analysis of the economic and business principles underlying the development and deployment of nanoscale know how, products, and systems. Nanoeconomics is defined as the economic theory of single transactions. The term was proposed by Kenneth J...
  
   - Nash equilibrium
  Nash equilibrium
  In game theory, Nash equilibrium is a solution concept of a game involving two or more players, in which each player is assumed to know the equilibrium strategies of the other players, and no player has anything to gain by changing only his own strategy unilaterally...
  
   - National Income and Product Accounts
  National Income and Product Accounts
  The National Income and Product Accounts are part of the national accounts of the United States. They are produced by the Bureau of Economic Analysis of the Department of Commerce...
  
   - Natural capital
  Natural capital
  Natural capital is the extension of the economic notion of capital to goods and services relating to the natural environment. Natural capital is thus the stock of natural ecosystems that yields a flow of valuable ecosystem goods or services into the future...
  
   - Natural Capitalism
  Natural capitalism
  Natural Capitalism: Creating the Next Industrial Revolution is a 1999 book co-authored by Paul Hawken, Amory Lovins and Hunter Lovins. It has been translated into a dozen languages and was the subject of a Harvard Business Review summary....
  
   - Natural monopoly
  Natural monopoly
  A monopoly describes a situation where all sales in a market are undertaken by a single firm. A natural monopoly by contrast is a condition on the cost-technology of an industry whereby it is most efficient for production to be concentrated in a single form...
  
   - Natural resource economics
  Natural resource economics
  Image:Sustainable development.svg|right|The three pillars of sustainability. Click on image areas for more information.|thumbpoly 138 194 148 219 164 240 182 257 219 277 263 291 261 311 264 331 272 351 283 366 300 383 316 394 287 408 261 417 224 424 182 426 154 423 119 415 87 403 58 385 40 368 24...
  
   - Neoclassical economics
  Neoclassical economics
  Neoclassical economics is a term variously used for approaches to economics focusing on the determination of prices, outputs, and income distributions in markets through supply and demand, often mediated through a hypothesized maximization of utility by income-constrained individuals and of profits...
  
   - Neo-Keynesian economics
  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. A group of economists , attempted to interpret and formalize Keynes' writings, and to synthesize it with the neo-classical models of economics...
  
   - Neoliberalism
  Neoliberalism
  Neoliberalism is a market-driven approach to economic and social policy based on neoclassical theories of economics that emphasizes the efficiency of private enterprise, liberalized trade and relatively open markets, and therefore seeks to maximize the role of the private sector in determining the...
  
   - Network effect
  Network effect
  In economics and business, a network effect is the effect that one user of a good or service has on the value of that product to other people. When network effect is present, the value of a product or service is dependent on the number of others using it.The classic example is the telephone...
  
   - Neuroeconomics
  Neuroeconomics
  Neuroeconomics is an interdisciplinary field that seeks to explain human decision making, the ability to process multiple alternatives and to choose an optimal course of action. It studies how economic behavior can shape our understanding of the brain, and how neuroscientific discoveries can...
  
   - New classical macroeconomics
  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. Specifically, it emphasizes the importance of rigorous foundations based on microeconomics...
  
   - New Keynesian economics
  New Keynesian economics
  New Keynesian economics is a school of contemporary macroeconomics that strives to provide microeconomic foundations for Keynesian economics. It developed partly as a response to criticisms of Keynesian macroeconomics by adherents of New Classical macroeconomics.Two main assumptions define the New...
  
   - Nobel Memorial Prize in Economic Sciences
  Nobel Memorial Prize in Economic Sciences
  The Nobel Memorial Prize in Economic Sciences, commonly referred to as the Nobel Prize in Economics, but officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel , is an award for outstanding contributions to the field of economics, generally regarded as one of the...
  
   - Normal good
  Normal good
  In economics, normal goods are any goods for which demand increases when income increases and falls when income decreases but price remains constant, i.e. with a positive income elasticity of demand...
  
  

O

• Okun's law
  Okun's law
  In economics, Okun's law is an empirically observed relationship relating unemployment to losses in a country's production first quantified by Arthur M. Okun. The "gap version" states that for every 1% increase in the unemployment rate, a country's GDP will be at an additional roughly 2% lower...
  
   - Oligopoly
  Oligopoly
  An oligopoly is a market form in which a market or industry is dominated by a small number of sellers . The word is derived, by analogy with "monopoly", from the Greek ὀλίγοι "few" + πόλειν "to sell". Because there are few sellers, each oligopolist is likely to be aware of the actions of the others...
  
   - Oligopsony
  Oligopsony
  An oligopsony is a market form in which the number of buyers is small while the number of sellers in theory could be large. This typically happens in a market for inputs where numerous suppliers are competing to sell their product to a small number of buyers...
  
   - Operations research
  Operations research
  Operations research is an interdisciplinary mathematical science that focuses on the effective use of technology by organizations...
  
   - Opportunity cost
  Opportunity cost
  Opportunity cost is the cost of any activity measured in terms of the value of the best alternative that is not chosen . It is the sacrifice related to the second best choice available to someone, or group, who has picked among several mutually exclusive choices. The opportunity cost is also the...
  
   - Output (economics)
  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.The concept of national output is absolutely essential in the field of macroeconomics...
  
   - Overhead (business)
  Overhead (business)
  In business, overhead or overhead expense refers to an ongoing expense of operating a business...
  
  

P

• Parable of the broken window
  Parable of the broken window
  The parable of the broken window was introduced by Frédéric Bastiat in his 1850 essay to illustrate why destruction, and the money spent to recover from destruction, is actually not a net-benefit to society...
  
   - Pareto efficiency
  Pareto efficiency
  Pareto efficiency, or Pareto optimality, is a concept in economics with applications in engineering and social sciences. The term is named after Vilfredo Pareto, an Italian economist who used the concept in his studies of economic efficiency and income distribution.Given an initial allocation of...
  
   - Participatory economics
  Participatory economics
  Participatory economics, often abbreviated parecon, is an economic system proposed primarily by activist and political theorist Michael Albert and radical economist Robin Hahnel, among others. It uses participatory decision making as an economic mechanism to guide the production, consumption and...
  
   - Peltzman Effect
  Peltzman Effect
  The Peltzman effect is the hypothesized tendency of people to react to a safety regulation by increasing other risky behavior, offsetting some or all of the benefit of the regulation...
  
   - Perfect competition
  Perfect competition
  In economic theory, perfect competition describes markets such that no participants are large enough to have the market power to set the price of a homogeneous product. Because the conditions for perfect competition are strict, there are few if any perfectly competitive markets...
  
   - Perspectives on Capitalism
  Perspectives on capitalism
  Throughout modern history, a variety of influential perspectives on capitalism have shaped modern economic thought. Adam Smith was one of the first influential writers on the topic, with his book The Wealth of Nations, which is generally considered to be the start of classical economics which...
  
   - Petrocurrency
  Petrocurrency
  Petrocurrency is a portmanteau neologism used with three distinct meanings, though often confused:#Trading surpluses of oil producing nations, originally called petrodollars...
  
   - Phillips curve
  Phillips curve
  In economics, the Phillips curve is a historical inverse relationship between the rate of unemployment and the rate of inflation in an economy. Stated simply, the lower the unemployment in an economy, the higher the rate of inflation...
  
   - Pigovian tax
  Pigovian tax
  A Pigovian tax is a tax levied on a market activity that generates negative externalities. The tax is intended to correct the market outcome. In the presence of negative externalities, the social cost of a market activity is not covered by the private cost of the activity...
  
   - Policy Ineffectiveness Proposition
  Policy Ineffectiveness Proposition
  The Policy Ineffectiveness Proposition is a new classical theory proposed in 1976 by Thomas J. Sargent and Neil Wallace based upon the theory of rational expectations...
  
   - Political economy
  Political economy
  Political economy originally was the term for studying production, buying, and selling, and their relations with law, custom, and government, as well as with the distribution of national income and wealth, including through the budget process. Political economy originated in moral philosophy...
  
   - Potential output
  Potential output
  In economics, potential output refers to the highest level of real Gross Domestic Product output that can be sustained over the long term. The existence of a limit is due to natural and institutional constraints...
  
   - Poverty
  Poverty
  Poverty is the lack of a certain amount of material possessions or money. Absolute poverty or destitution is inability to afford basic human needs, which commonly includes clean and fresh water, nutrition, health care, education, clothing and shelter. About 1.7 billion people are estimated to live...
  
   - Poverty threshold
  Poverty threshold
  The poverty threshold, or poverty line, is the minimum level of income deemed necessary to achieve an adequate standard of living in a given country...
  
   - Preference
  Preference
  -Definitions in different disciplines:The term “preferences” is used in a variety of related, but not identical, ways in the scientific literature. This makes it necessary to make explicit the sense in which the term is used in different social sciences....
  
   - Price discrimination
  Price discrimination
  Price discrimination or price differentiation exists when sales of identical goods or services are transacted at different prices from the same provider...
  
   - Price elasticity of demand
  Price elasticity of demand
  Price elasticity of demand 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. More precisely, it gives the percentage change in quantity demanded in response to a one percent change in price...
  
   - Price point
  Price point
  Price points are prices at which demand for a given product is supposed to stay relatively high.- Characteristics :Introductory microeconomics depicts a demand curve as downward-sloping to the right and either linear or gently convex to the origin...
  
   - Price specie flow mechanism
  Price specie flow mechanism
  The price–specie flow mechanism is a logical argument by David Hume against the Mercantilist idea that a nation should strive for a positive balance of trade, or net exports...
  
   - Principal–agent problem - Principles of Economics
  Principles of Economics
  Principles of Economics is a book by economist Carl Menger which is credited with the founding of the Austrian School of economics...
  
  - Prisoner's dilemma
  Prisoner's dilemma
  The prisoner’s dilemma is a canonical example of a game, analyzed in game theory that shows why two individuals might not cooperate, even if it appears that it is in their best interest to do so. It was originally framed by Merrill Flood and Melvin Dresher working at RAND in 1950. Albert W...
  
   - Product bundling
  Product bundling
  Product bundling is a marketing strategy that involves offering several products for sale as one combined product. This strategy is very common in the software business , in the cable television industry Product bundling is a marketing strategy that involves offering several products for sale as...
  
   - Production function
  Production function
  In microeconomics and macroeconomics, a production function is a function that specifies the output of a firm, an industry, or an entire economy for all combinations of inputs...
  
   - Production-possibility frontier - Production theory basics
  Production theory basics
  Production refers to the economic process of converting of inputs into outputs. Production uses resources to create a good or service that is suitable for use, gift-giving in a gift economy, or exchange in a market economy. This can include manufacturing, storing, shipping, and packaging. Some...
  
   - Productivism
  Productivism
  Productivism is the belief that measurable economic productivity and growth is the purpose of human organization , and that "more production is necessarily good".-Arguments for productivism:...
  
   - Productivity
  Productivity
  Productivity is a measure of the efficiency of production. Productivity is a ratio of what is produced to what is required to produce it. Usually this ratio is in the form of an average, expressing the total output divided by the total input...
  
   - Profit (economics)
  Profit (economics)
  In economics, the term profit has two related but distinct meanings. Normal profit represents the total opportunity costs of a venture to an entrepreneur or investor, whilst economic profit In economics, the term profit has two related but distinct meanings. Normal profit represents the total...
  
   - Profit maximization
  Profit maximization
  In economics, profit maximization is the process by which a firm determines the price and output level that returns the greatest profit. There are several approaches to this problem...
  
   - Property rights (economics)
  Property rights (economics)
  A property right is the exclusive authority to determine how a resource is used, whether that resource is owned by government or by individuals. All economic goods have a property rights attribute...
  
   - Prospect theory
  Prospect theory
  Prospect theory is a theory that describes decisions between alternatives that involve risk i.e. where the probabilities of outcomes are known. The model is descriptive: it tries to model real-life choices, rather than optimal decisions.-Model:...
  
   - Public choice theory
  Public choice theory
  In economics, public choice theory is the use of modern economic tools to study problems that traditionally are in the province of political science...
  
   - Public bad
  Public bad
  A public bad, in economics, is the symmetric of a public good. Air pollution is the most obvious example since it is non-excludable and non-rival, and negatively affects welfare....
  
   - Public good
  Public good
  In economics, a public good is a good that is non-rival and non-excludable. Non-rivalry means that consumption of the good by one individual does not reduce availability of the good for consumption by others; and non-excludability means that no one can be effectively excluded from using the good...
  
   - Purchasing power parity
  Purchasing power parity
  In economics, purchasing power parity is a condition between countries where an amount of money has the same purchasing power in different countries. The prices of the goods between the countries would only reflect the exchange rates...
  
  

Q

• Quality of life
  Quality of life
  The term quality of life is used to evaluate the general well-being of individuals and societies. The term is used in a wide range of contexts, including the fields of international development, healthcare, and politics. Quality of life should not be confused with the concept of standard of...
  
   - Quasi-market
  Quasi-market
  A quasi-market is a public sector institutional structure that is designed to reap the supposed efficiency gains of free markets without losing the equity benefits of traditional systems of public administration and financing....
  
  
• Quantitative easing
  Quantitative easing
  Quantitative easing is an unconventional monetary policy used by central banks to stimulate the national economy when conventional monetary policy has become ineffective. A central bank buys financial assets to inject a pre-determined quantity of money into the economy...
  
  
• Quantity theory of money
  Quantity theory of money
  In monetary economics, the quantity theory of money is the theory that money supply has a direct, proportional relationship with the price level....
  
  

R

• Rate of return pricing
  Rate of return pricing
  Target rate of return pricing is a pricing method used almost exclusively by market leaders or monopolists. You start with a rate of return objective, like 5% of invested capital, or 10% of sales revenue...
  
   - Rational choice theory
  Rational choice theory
  Rational choice theory, also known as choice theory or rational action theory, is a framework for understanding and often formally modeling social and economic behavior. It is the main theoretical paradigm in the currently-dominant school of microeconomics...
  
   - Rational expectations
  Rational expectations
  Rational expectations is a hypothesis in economics which states that agents' predictions of the future value of economically relevant variables are not systematically wrong in that all errors are random. An alternative formulation is that rational expectations are model-consistent expectations, in...
  
   - Rational pricing
  Rational pricing
  Rational pricing is the assumption in financial economics that asset prices will reflect the arbitrage-free price of the asset as any deviation from this price will be "arbitraged away"...
  
   - Reaganomics
  Reaganomics
  Reaganomics refers to the economic policies promoted by the U.S. President Ronald Reagan during the 1980s, also known as supply-side economics and called trickle-down economics, particularly by critics...
  
   - Real Business Cycle Theory
  Real business cycle theory
  Real business cycle theory are a class of macroeconomic models in which business cycle fluctuations to a large extent can be accounted for by real shocks. Unlike other leading theories of the business cycle, RBC theory sees recessions and periods of economic growth as the efficient response to...
  
   - Real estate economics
  Real estate economics
  Real estate economics is the application of economic techniques to real estate markets. It tries to describe, explain, and predict patterns of prices, supply, and demand...
  
   - Real estate investor
  Real estate investor
  A real estate investor or a real estate entrepreneur to a lesser extent is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. A passive investor might hire a firm to...
  
   - Real versus nominal value (economics) - Recession
  Recession
  In economics, a recession is a business cycle contraction, a general slowdown in economic activity. During recessions, many macroeconomic indicators vary in a similar way...
  
   - Regenerative Economic Theory
  Regenerative Economic Theory
  Regenerative economics is an economic system that works to regenerate capital assets. A capital asset is an asset that provides goods and/or services that are required for, or contribute to, our well being. In standard economic theory, one can either “regenerate” one's capital assets or consume...
  
   - Regression analysis
  Regression analysis
  In statistics, regression analysis includes many techniques for modeling and analyzing several variables, when the focus is on the relationship between a dependent variable and one or more independent variables...
  
   - Remanufacturing
  Remanufacturing
  Remanufacturing is the process of disassembly and recovery at the module level and, eventually, at the component level. It requires the repair or replacement of worn out or obsolete components and modules. Parts subject to degradation affecting the performance or the expected life of the whole are...
  
   - Representative agent
  Representative agent
  Economists use the term representative agent to refer to the typical decision-maker of a certain type ....
  
   - Repugnancy costs
  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. The cost could be emotional, physical, mental or figurative. The stimulus could be anything from food to people to an idea.These costs are...
  
   - Reserve currency
  Reserve currency
  A reserve currency, or anchor currency, is a currency that is held in significant quantities by many governments and institutions as part of their foreign exchange reserves...
  
   - Ricardian equivalence
  Ricardian equivalence
  The Ricardian equivalence proposition is an economic theory holding that consumers internalize the government's budget constraint: as a result, the timing of any tax change does not affect their change in spending...
  
   - Risk premium
  Risk premium
  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...
  
   - Risk-free bond
  Risk-free bond
  A risk-free bond is a theoretical bond that repays interest and principal with absolute certainty. The rate of return would be the risk-free interest rate. In practice, government bonds are treated as risk-free bonds, as governments can raise taxes or indeed print money to repay their domestic...
  
   - Risk-free interest rate
  Risk-free interest rate
  Risk-free interest rate is the theoretical rate of return of an investment with no risk of financial loss. The risk-free rate represents the interest that an investor would expect from an absolutely risk-free investment over a given period of time....
  
   - Road pricing
  Road pricing
  Road pricing is an economic concept regarding the various direct charges applied for the use of roads. The road charges includes fuel taxes, licence fees, parking taxes, tolls, and congestion charges, including those which may vary by time of day, by the specific road, or by the specific vehicle...
  
   - Robin Hood effect
  Robin Hood effect
  The Robin Hood effect is an economic occurrence where income is redistributed so that economic inequality is reduced. The effect is named after Robin Hood, said to have stolen from the rich to give to the poor.-Causes of a Robin Hood effect:...
  
  

S

• Safe trade
  Safe trade
  Safe trade is a slogan advocated by Greenpeace in its desire to "green" the World Trade Organisation and the Doha Development Round. It is designed to compete with "free trade" as a concept....
  
   - Sales tax
  Sales tax
  A sales tax is a tax, usually paid by the consumer at the point of purchase, itemized separately from the base price, for certain goods and services. The tax amount is usually calculated by applying a percentage rate to the taxable price of a sale....
  
   - Saving - Scarcity
  Scarcity
  Scarcity is the fundamental economic problem of having humans who have unlimited wants and needs in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs. Alternatively, scarcity implies that not all of society's goals can be...
  
   - Search theory
  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....
  
   - Self-revelation
  Self-revelation
  In economics, self-revelation is a property of a mechanism where each agent maximizes his or her utility by revealing his or her true type. Self-Revelation is also used as a theme in many literary works....
  
   - Seven generation sustainability
  Seven generation sustainability
  Seven generation sustainability is an ecological concept that urges the current generation of humans to live sustainably and work for the benefit of the seventh generation into the future....
  
   - Shock therapy (economics)
  Shock therapy (economics)
  In economics, shock therapy refers to the sudden release of price and currency controls, withdrawal of state subsidies, and immediate trade liberalization within a country, usually also including large scale privatization of previously public owned assets....
  
   - Signalling (economics)
  Signalling (economics)
  In economics, more precisely in contract theory, signalling is the idea that one party credibly conveys some information about itself to another party...
  
   - Singer-Prebisch thesis
  Singer-Prebisch thesis
  The Singer–Prebisch thesis postulates that terms of trade, between primary products and manufactured goods, deteriorate in time...
  
   - Slavery
  Slavery
  Slavery is a system under which people are treated as property to be bought and sold, and are forced to work. Slaves can be held against their will from the time of their capture, purchase or birth, and deprived of the right to leave, to refuse to work, or to demand compensation...
  
   - Social capital
  Social capital
  Social capital is a sociological concept, which refers to connections within and between social networks. The concept of social capital highlights the value of social relations and the role of cooperation and confidence to get collective or economic results. The term social capital is frequently...
  
   - Social cost
  Social cost
  Social cost, in economics, is generally defined in opposition to "private cost". In economics, theorists model individual decision-making as measurement of costs and benefits...
  
   - Social Credit
  Social Credit
  Social Credit is an economic philosophy developed by C. H. Douglas , a British engineer, who wrote a book by that name in 1924. Social Credit is described by Douglas as "the policy of a philosophy"; he called his philosophy "practical Christianity"...
  
   - Social finance
  Social finance
  Social finance is an approach to managing money that delivers a social dividend and an economic return.Social finance includes community investing, microlending, social impact bonds, and sustainable business and social enterprise lending...
  
   - Social mobility
  Social mobility
  Social mobility refers to the movement of people in a population from one social class or economic level to another. It typically refers to vertical mobility -- movement of individuals or groups up from one socio-economic level to another, often by changing jobs or marrying; but can also refer to...
  
   - Social welfare function
  Social welfare function
  In economics, a social welfare function is a real-valued function that ranks conceivable social states from lowest to highest. Inputs of the function include any variables considered to affect the economic welfare of a society...
  
   - Social welfare provision - Socialism
  Socialism
  Socialism is an economic system characterized by social ownership of the means of production and cooperative management of the economy; or a political philosophy advocating such a system. "Social ownership" may refer to any one of, or a combination of, the following: cooperative enterprises,...
  
   - Socialist economics
  Socialist economics
  Socialist economics are the economic theories and practices of hypothetical and existing socialist economic systems.A socialist economy is based on public ownership or independent cooperative ownership of the means of production, wherein production is carried out to directly produce use-value,...
  
   - Socioeconomics
  Socioeconomics
  Socioeconomics or socio-economics or social economics is an umbrella term with different usages. 'Social economics' may refer broadly to the "use of economics in the study of society." More narrowly, contemporary practice considers behavioral interactions of individuals and groups through social...
  
   - Specialization (functional)
  Specialization (functional)
  Specialization is the separation of tasks within a system. In a multicellular creature, cells are specialized for functions such as bone construction or oxygen transport. In capitalist societies, individual workers specialize for functions such as building construction or gasoline transport...
  
   - Spending multiplier - Stagflation
  Stagflation
  In economics, stagflation is a situation in which the inflation rate is high and the economic growth rate slows down and unemployment remains steadily high...
  
   - Standard of deferred payment
  Standard of deferred payment
  A standard of deferred payment is the accepted way, in a given market, to settle a debt – a unit in which debts are denominated. It is one of the defining functions of money; for example, while the gold standard reigned, gold or any currency convertible to gold at a fixed rate constituted such a...
  
   - Standard of living
  Standard of living
  Standard of living is generally measured by standards such as real income per person and poverty rate. Other measures such as access and quality of health care, income growth inequality and educational standards are also used. Examples are access to certain goods , or measures of health such as...
  
   - Stock exchange
  Stock exchange
  A stock exchange is an entity that provides services for stock brokers and traders to trade stocks, bonds, and other securities. Stock exchanges also provide facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income and...
  
   - Store of value
  Store of value
  A recognized form of exchange can be a form of money or currency, a commodity like gold, or financial capital. To act as a store of value, these forms must be able to be saved and retrieved at a later time, and be predictably useful when retrieved....
  
   - Strategic complements
  Strategic complements
  In economics and game theory, the decisions of two or more players are called strategic complements if they mutually reinforce one another, and they are called strategic substitutes if they mutually offset one another...
  
   - Subgame perfect equilibrium
  Subgame perfect equilibrium
  In game theory, a subgame perfect equilibrium is a refinement of a Nash equilibrium used in dynamic games. A strategy profile is a subgame perfect equilibrium if it represents a Nash equilibrium of every subgame of the original game...
  
   - Subjective theory of value
  Subjective theory of value
  The subjective theory of value is an economic theory of value that identifies worth as being based on the wants and needs of the members of a society, as opposed to value being inherent to an object....
  
   - Subsidy
  Subsidy
  A subsidy is an assistance paid to a business or economic sector. Most subsidies are made by the government to producers or distributors in an industry to prevent the decline of that industry or an increase in the prices of its products or simply to encourage it to hire more labor A subsidy (also...
  
   - Subsistence agriculture
  Subsistence agriculture
  Subsistence agriculture is self-sufficiency farming in which the farmers focus on growing enough food to feed their families. The typical subsistence farm has a range of crops and animals needed by the family to eat and clothe themselves during the year. Planting decisions are made with an eye...
  
   - Substitute good
  Substitute good
  In economics, one way we classify goods is by examining the relationship of the demand schedules when the price of one good changes. This relationship between demand schedules leads economists to classify goods as either substitutes or complements. Substitute goods are goods which, as a result...
  
   - Sunk costs - Sunspot equilibrium - Sunspots (economics)
  Sunspots (economics)
  In economics, the term sunspots usually refers to an extrinsic random variable, that is, a random variable that does not directly affect economic fundamentals...
  
   - Supermodular function - Supply and demand
  Supply and demand
  Supply and demand is an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers will equal the quantity supplied by producers , resulting in an...
  
   - Supply-side economics
  Supply-side economics
  Supply-side economics is a school of macroeconomic thought that argues that economic growth can be most effectively created by lowering barriers for people to produce goods and services, such as lowering income tax and capital gains tax rates, and by allowing greater flexibility by reducing...
  
   - Surplus value
  Surplus value
  Surplus value is a concept used famously by Karl Marx in his critique of political economy. Although Marx did not himself invent the term, he developed the concept...
  
   - Sustainable development
  Sustainable development
  Sustainable development is a pattern of resource use, that aims to meet human needs while preserving the environment so that these needs can be met not only in the present, but also for generations to come...
  
   - Sweatshop
  Sweatshop
  Sweatshop is a negatively connoted term for any working environment considered to be unacceptably difficult or dangerous. Sweatshop workers often work long hours for very low pay, regardless of laws mandating overtime pay or a minimum wage. Child labour laws may be violated. Sweatshops may have...
  
  

T

• Tariff
  Tariff
  A tariff may be either tax on imports or exports , or a list or schedule of prices for such things as rail service, bus routes, and electrical usage ....
  
   - Tax
  Tax
  To tax is to impose a financial charge or other levy upon a taxpayer by a state or the functional equivalent of a state such that failure to pay is punishable by law. Taxes are also imposed by many subnational entities...
  
   - Tax, tariff and trade
  Tax, tariff and trade
  The tax, tariff and trade laws of a political region, state or trade bloc determine which form of consumption and production tend to be encouraged or discouraged...
  
   - Taylor rule
  Taylor rule
  In economics, a Taylor rule is a monetary-policy rule that stipulates how much the central bank should change the nominal interest rate in response to changes in inflation, output, or other economic conditions. In particular, the rule stipulates that for each one-percent increase in inflation, the...
  
   - Technostructure
  Technostructure
  Technostructure is a term coined by the economist John Kenneth Galbraith in "The New Industrial State" to describe the group of technicians within an enterprise with considerable influence and control on its economy...
  
   - Terms of trade
  Terms of trade
  In international economics and international trade, terms of trade or TOT is /. In layman's terms it means what quantity of imports can be purchased through the sale of a fixed quantity of exports...
  
   - Theory of the firm
  Theory of the firm
  The theory of the firm consists of a number of economic theories that describe the nature of the firm, company, or corporation, including its existence, behavior, structure, and relationship to the market.-Overview:...
  
   - Time-based currency
  Time-based currency
  In economics, a time-based currency is an alternative currency where the unit of exchange is the man-hour.Some time-based currencies value everyone’s contributions equally. One hour equals one service credit...
  
   - Time preference
  Time preference
  In economics, time preference pertains to how large a premium a consumer places on enjoyment nearer in time over more remote enjoyment....
  
   - Total cost of ownership
  Total cost of ownership
  Total cost of ownership is a financial estimate whose purpose is to help consumers and enterprise managers determine direct and indirect costs of a product or system...
  
   - Trade
  Trade
  Trade is the transfer of ownership of goods and services from one person or entity to another. Trade is sometimes loosely called commerce or financial transaction or barter. A network that allows trade is called a market. The original form of trade was barter, the direct exchange of goods and...
  
   - Trade bloc
  Trade bloc
  A trade bloc is a type of intergovernmental agreement, often part of a regional intergovernmental organization, where regional barriers to trade, are reduced or eliminated among the participating states.-Description:...
  
   - Trade facilitation
  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...
  
   - Trade pact
  Trade pact
  A trade pact is a wide ranging tax, tariff and trade pact that often includes investment guarantees. The most common trade pacts are of the preferential and free trade types are concluded in order to reduce tariffs, quotas and other trade restrictions on items traded between the signatories.-By...
  
   - Tragedy of the anticommons
  Tragedy of the anticommons
  The tragedy of the anticommons is a neologism coined by Michael Heller to describe a coordination breakdown where the existence of numerous rightsholders frustrates achieving a socially desirable outcome. The term mirrors the older term tragedy of the commons used to describe coordination...
  
   - Tragedy of the commons
  Tragedy of the commons
  The tragedy of the commons is a dilemma arising from the situation in which multiple individuals, acting independently and rationally consulting their own self-interest, will ultimately deplete a shared limited resource, even when it is clear that it is not in anyone's long-term interest for this...
  
   - Transaction cost
  Transaction cost
  In economics and related disciplines, a transaction cost is a cost incurred in making an economic exchange . For example, most people, when buying or selling a stock, must pay a commission to their broker; that commission is a transaction cost of doing the stock deal...
  
   - Transfer payment
  Transfer payment
  In economics, a transfer payment is a redistribution of income in the market system. These payments are considered to be exhaustive because they do not directly absorb resources or create output...
  
   - Transfer pricing
  Transfer pricing
  Transfer pricing refers to the setting, analysis, documentation, and adjustment of charges made between related parties for goods, services, or use of property . Transfer prices among components of an enterprise may be used to reflect allocation of resources among such components, or for other...
  
   - Transformation problem
  Transformation problem
  In 20th century discussions of Karl Marx's economics the transformation problem is the problem of finding a general rule to transform the "values" of commodities into the "competitive prices" of the marketplace...
  
   - Transparency (market)
  Transparency (market)
  In economics, a market is transparent if much is known by many about:* What products, services or capital assets are available.* What price.* Where....
  
   - Transport economics
  Transport economics
  Transport economics is a branch of economics that deals with the allocation of resources within the transport sector and has strong linkages with civil engineering. Transport economics differs from some other branches of economics in that the assumption of a spaceless, instantaneous economy does...
  
   - Triple bottom line
  Triple bottom line
  The triple bottom line captures an expanded spectrum of values and criteria for measuring organizational success: economic, ecological, and social...
  
   - Trust (social sciences) - Two-part tariff
  Two-part tariff
  A two-part tariff is a price discrimination technique in which the price of a product or service is composed of two parts - a lump-sum fee as well as a per-unit charge. In general, price discrimination techniques only occur in partially or fully monopolistic markets...
  
   - Tying (commerce)

U

• Underground economy
  Underground economy
  A black market or underground economy is a market in goods or services which operates outside the formal one supported by established state power. Typically the totality of such activity is referred to with the definite article as a complement to the official economies, by market for such goods and...
  
   - Uneconomic growth
  Uneconomic growth
  Uneconomic growth, in human development theory, welfare economics , and some forms of ecological economics, is economic growth that reflects or creates a decline in the quality of life. The concept is attributed to the economist Herman Daly, though other theorists can also be credited for the...
  
   - Unemployment
  Unemployment
  Unemployment , as defined by the International Labour Organization, occurs when people are without jobs and they have actively sought work within the past four weeks...
  
   - Unit of account
  Unit of account
  A unit of account is a standard monetary unit of measurement of value/cost of goods, services, or assets. It is one of three well-known functions of money. It lends meaning to profits, losses, liability, or assets....
  
   - United States public debt
  United States public debt
  The United States public debt is the money borrowed by the federal government of the United States at any one time through the issue of securities by the Treasury and other federal government agencies...
  
   - Utilitarianism
  Utilitarianism
  Utilitarianism is an ethical theory holding that the proper course of action is the one that maximizes the overall "happiness", by whatever means necessary. It is thus a form of consequentialism, meaning that the moral worth of an action is determined only by its resulting outcome, and that one can...
  
   - Utility
  Utility
  In economics, utility is a measure of customer satisfaction, referring to the total satisfaction received by a consumer from consuming a good or service....
  
   - Utility maximization problem
  Utility maximization problem
  In microeconomics, the utility maximization problem is the problem consumers face: "how should I spend my money in order to maximize my utility?" It is a type of optimal decision problem.-Basic setup:...
  
  

V

• Value (economics)
  Value (economics)
  An economic value is the worth of a good or service as determined by the market.The economic value of a good or service has puzzled economists since the beginning of the discipline. First, economists tried to estimate the value of a good to an individual alone, and extend that definition to goods...
  
   - Value added
  Value added
  In economics, the difference between the sale price and the production cost of a product is the value added per unit. Summing value added per unit over all units sold is total value added. Total value added is equivalent to Revenue less Outside Purchases...
  
   - Value added tax
  Value added tax
  A value added tax or value-added tax is a form of consumption tax. From the perspective of the buyer, it is a tax on the purchase price. From that of the seller, it is a tax only on the "value added" to a product, material or service, from an accounting point of view, by this stage of its...
  
   - Value of Earth
  Value of Earth
  In green economics, value of Earth is the ultimate in ecosystem valuation, and important to value of life calculations. It begins with the simple problem that if the Earth ceases to support life, and human life does not continue elsewhere, all economic activity will also cease.-Methods of...
  
   - Value of life
  Value of life
  The potency of life is an economic value assigned to life in general, or to specific living organisms. In social and political sciences, it is the marginal cost of death prevention in a certain class of circumstances. As such, it is a statistical term, the cost of reducing the number of deaths by...
  
   - Veblen good - Velocity of money
  Velocity of money
  300px|thumb|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....
  
   - Virtuous circle and vicious circle
  Virtuous circle and vicious circle
  A virtuous circle and a vicious circle are economic terms. They refer to a complex of events that reinforces itself through a feedback loop. A virtuous circle has favorable results, while a vicious circle has detrimental results...
  
  

W

• Wage
  Wage
  A wage is a compensation, usually financial, received by workers in exchange for their labor.Compensation in terms of wages is given to workers and compensation in terms of salary is given to employees...
  
   - Wealth
  Wealth
  Wealth is the abundance of valuable resources or material possessions. The word wealth is derived from the old English wela, which is from an Indo-European word stem...
  
   - Wealth effect
  Wealth effect
  The wealth effect is an economic term, referring to an increase in spending that accompanies an increase in perceived wealth.-Effect on individuals:...
  
   - Welfare economics
  Welfare economics
  Welfare economics is a branch of economics that uses microeconomic techniques to evaluate economic well-being, especially relative to competitive general equilibrium within an economy as to economic efficiency and the resulting income distribution associated with it...
  
   - Workers' self-management
  Workers' self-management
  Worker self-management is a form of workplace decision-making in which the workers themselves agree on choices instead of an owner or traditional supervisor telling workers what to do, how to do it and where to do it...
  
  

See also

• A list of production functions
  A list of production functions
  The production functions listed below, and their properties are shown for the case of two factors of production, capital , and labor , mostly for heuristic purposes...
  
  
• List of accounting topics
• List of business ethics, political economy, and philosophy of business topics
• List of business law topics
• List of business theorists
• List of community topics
• List of Economic Reports by U.S. Government Agencies
• List of international trade topics
• List of management topics
• List of marketing topics
• List of production topics
• List of recessions in the United States
• List of scholarly journals in economics
• List of topics in industrial organization