This book aims to cover the main aspects of the study of economics which The dictionary gives succinct explanations of the 3, most frequently found terms. Oxford Dictionary of Economics - an authoritative and comprehensive dictionary containing 2, key economic terms with clear, concise definitions. Complete economics dictionary to earn in tax revenues over the financial year. An actual budget deficit occurs if actual public spending exceeds actual tax.
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Request PDF on ResearchGate | A Dictionary of Economics | An authoritative and comprehensive dictionary containing key economic terms with clear. PDF | Dictionary in Russian, Turkish, English and Turkmen Language. Italicized terms within the definitions are themselves defined have the negative effect of worsening economic downturns – since governments either must.
Smith and other classical economists before Cornet were referring to price and non-price rivalry among producers to sell their goods on best terms by bidding of downloaders, not necessarily to a large number of sellers nor to a market in final equilibrium.
Perfect competition is a theoretical market structure. It is primarily used as a benchmark against which other, real-life market structures are compared. The industry that most closely resembles perfect competition in real life is agriculture. Perfect competition is the opposite of a monopoly, in which only a single firm supplies a particular good or service, and that firm can charge whatever price it wants because consumers have no alternatives and it is difficult for would-be competitors to enter the marketplace.
Under perfect competition, there are many downloaders and sellers, and prices reflect supply and demand. Also, consumers have many substitutes if the good or service they wish to download becomes too expensive or its quality begins to fall short.
New firms can easily enter the market, generating additional competition. Companies earn just enough profit to stay in business and no more, because if they were to earn excess profits, other companies would enter the market and drive profits back down to the bare minimum.
Conditionality: International financial institutions like the World Bank and the International Monetary Fund often attach strong conditions to emergency loans they make to developing countries experiencing economic and financial crises. These conditions require the borrowing countries to follow strict neoliberal policies, such as reducing government spending and deficits; unilaterally opening markets to foreign trade; and privatizing important public assets.
Consumers: A consumer is a person or group of people, such as a household, who are the final users of products or services.
Consumer Price Index: The consumer price index CPI is a measure of the overall price level paid by consumers for the various goods and services they download. Retail price information is gathered on each type of product, and then weighted according to its importance in overall consumer spending, to construct the CPI.
Monthly or annual changes in the CPI provide a good measure of the rate of consumer price inflation. CPI is one of the most frequently used statistics for identifying periods of inflation or deflation. This is because large rises in CPI during a short period of time typically denote periods of inflation and large drops in CPI during a short period of time usually mark periods of deflation.
Consumption: Goods and services which are used for their ultimate end purpose, meeting some human need or desire. Consumption can include private consumption by individuals, financed from their personal incomes or public consumption such as education or health care — consumption organized and paid for by government.
Consumption is distinct from investment, which involves using produced goods and services to expand future production. Corporation: A corporation is a form of business established as an independent legal entity, separate from the individuals who own it. A major benefit, for the owners, of this form of business is that it provides for limited liability for its. Corporatism: A system for managing wage determination and income distribution, in which wage levels are determined centrally across industries or even entire countries on the basis of productivity growth, profitability, and other parameters, following some process of consultation or negotiation involving unions, employers, and often government.
Variants of this system are used commonly in Scandinavia, parts of continental Europe, and parts of Asia. Credit: The ability to download something without immediately paying for it — through a credit card, a bank loan, a mortgage, or other forms of credit. The creation of credit is the most important source of new money, and new spending power, in the economy.
Credit Squeeze: At times private banks become reluctant to issue new loans and credit, often because they are worried about the risk of default by borrowers. This is common during times of recession or financial instability.
A credit squeeze can dramatically slow down economic growth and job-creation. Customer: A customer sometimes known as a client, downloader, or downloadr is the recipient of a good, service, product, or idea, obtained from a seller, vendor, or supplier for a monetary or other valuable consideration.
An ultimate customer who does not in turn re-sell the things bought but either passes them to the consumer or actually is the consumer. Debt: The total amount of money owed by an individual, company or other organization to banks or other lenders is their debt. It represents the accumulated total of past borrowing.
When it is owed by government, it is called public debt, and it represents the accumulation of past budget deficits. Bonds, loans and commercial paper are all examples of debt. Debt Burden: The real economic importance of a debt depends on the interest rate that must be paid on the debt, and on the total income of the consumer or business that undertook the loan. For public debt, the most appropriate way to measure the debt burden is as a share of national GDP.
Deficit: When a government, business, or household spends more in a given period of time than they generate in income, they incur a deficit. A deficit must be financed with new borrowing, or by running down previous savings. Large and growing deficits over prolonged periods of time are unsustainable in most cases, irrespective of whether they are incurred by an individual, corporation or government. Although sovereign governments have a much greater capacity to sustain deficits, negative effects in such cases include lower economic growth rates in case of budget deficits or a plunge in the value of the domestic currency in case of trade deficits.
Defined Contribution Pensions: A pension plan that makes no specific promise about the level of pension paid out after retirement.
Deflation: A general decline in prices, often caused by a reduction in the supply of money or credit. Deflation can be caused also by a decrease in government, personal or investment spending. The opposite of inflation, deflation has the side effect of increased unemployment since there is a lower level of demand in the economy, which can lead to an economic depression. Central banks attempt to stop severe deflation, along with severe inflation, in an attempt to keep the excessive drop in prices to a minimum.
The decline in prices of assets, is often known as Asset Deflation.
Declining prices, if they persist, generally create a vicious spiral of negatives such as falling profits, closing factories, shrinking employment and incomes, and increasing defaults on loans by companies and individuals. Rising prices provide an essential lubricant for any sustained recovery because businesses increase profits and take some of the depressive pressures off wages and debtors of every kind. Holding all other factors constant, the price of a good or service increases as its demand increases and vice versa.
Think of demand as your willingness to go out and download a certain product. For example, market demand is the total of what everybody in the market wants. Businesses often spend a considerable amount of money in order to determine the amount of demand that the public has for its products and services.
Depreciation: A method of allocating the cost of a tangible asset over its useful life. Businesses depreciate long-term assets for both tax and accounting purposes.
For tax purposes, businesses can deduct the cost of the tangible assets they download as business expenses. Depression: A depression is a very deep, long and painful recession, in which unemployment rises to very high levels and economic output does not bounce back. A depression is a sustained and severe recession.
Where a recession is a normal part of the business cycle, lasting for a period of months, a depression is an extreme fall in economic activity lasting for a number of years.
Economists disagree on the duration of depressions; some economists believe a depression encompasses only the period plagued by declining economic activity.
Other economists, however, argue that the depression continues up until the point that most economic activity has returned to normal. Derivatives: A derivative is a financial asset whose resale value depends on the value of other financial assets at different points in time. Examples of derivatives include futures, options, and swaps.
Discrimination: As a result of racist and sexist attitudes and deliberate efforts of employers to play off groups of workers against each other, different groups of people defined and divided by gender, ethnicity, language, ability or other factors experience very different economic opportunities and incomes. Distribution: The distribution of income reflects the process by which the real output of goods and services produced by the economy is allocated to different individuals and groups of people.
Distribution can be measured across individuals comparing high-income and low-income households , or across classes comparing the incomes of workers, small businesses, and capitalists.
Dividends: Many companies pay a cash dividend quarterly or annually to the owners of its shares. Individual investors can capture profits in other ways, as well — such as through capital gains. Division of Labour: Division of labour, the separation of a work process into a number of tasks, with each task performed by a separate person or group of persons.
It is most often applied to systems of mass production and is one of the basic organizing principles of the assembly line. Breaking down work into simple, repetitive tasks eliminates unnecessary motion and limits the handling of different tools and parts. The consequent reduction in production time and the ability to replace craftsmen with lower-paid, unskilled workers result in lower production costs and a less expensive final product.
Contrary to popular belief, however, division of labour does not necessarily lead to a decrease in skills—known as proletarianization—among the working population. The Scottish economist Adam Smith saw this splitting of tasks as a key to economic progress by providing a cheaper and more efficient means of producing goods. Durable Goods: Durable goods are a category of consumer products that do not need to be downloadd frequently because they are made to last for a long time usually lasting for three years or more.
They are also called consumer durables or durables. Economic Growth: Economic growth is the expansion of total output produced in the economy. It is usually measured by the expansion of real GDP. Employment: Employment is a specific form of work, in which the worker performs their labour for someone else in return for a money wage or salary.
Employment Rate: This measures the share of working age adults who are actually employed in a paying position. An exchange rate has a base currency and a counter currency. In a direct quotation, the foreign currency is the base currency and the domestic currency is the counter currency.
In an indirect quotation, the domestic currency is the base currency and the foreign currency is the counter currency. Exports: An export is the sale of a product from one country either a good or a service to a downloadr in another country.
That are essential inputs to every economic activity. Most of the largest companies operating in advanced economies will derive a substantial portion of their annual revenues from exports to other countries. The ability to export goods helps an economy to grow by selling more overall goods and services.
One of the core functions of diplomacy and foreign policy within governments is to foster economic trade in ways that benefit both parties involved. Feudalism: A type of economy such as that in Europe in the Middle Ages that is primarily agricultural, but productive enough to support a class of artisans and merchants.
Feudal societies are composed of two main social classes: nobles and peasants. The nobility extracted the agricultural surplus from peasants through a system of tradition, mutual obligation and when necessary brute force. Final Products: Products either goods or services which are intended for final consumption. They are distinct from intermediate products, which are products used in the production of other products such as raw materials, capital goods, or producer services.
Finance: Monetary downloading power, typically created by a bank or other financial institution, which allows a company, household, or government to spend on major downloads often on capital assets or other major downloads. Financialization: The trend under neoliberals through which real production in the economy is accompanied by an increasing degree of financial activity and intermediation including various forms of lending, financial assets, and securitization. One way to measure financialization is by the ratio of total financial assets to real capital assets in an economy.
Here we look at how fiscal policy works, how it must be monitored and how its implementation may affect different people in an economy. Before the Great Depression, which lasted from Sept. Following World War II, it was determined that the government had to take a proactive role in the economy to regulate unemployment, business cycles, inflation and the cost of money.
By using a mix of monetary and fiscal policies depending on the political orientations and the philosophies of those in power at a particular time, one policy may dominate over another , governments are able to control economic phenomena. Foreign Direct Investment: An investment by a company based in one country, in an actual operating business, including real physical capital assets like buildings, machinery and equipment , located in another country.
The investing company may make its overseas investment in a number of ways — either by setting up a subsidiary or associate company in the foreign country, by acquiring shares of an overseas company, or through a merger or joint venture. Foreign Exchange: The process by which the currency of one nation is converted into the currency of another country. Foreign exchange transactions encompass everything from the conversion of currencies by a traveler at an airport kiosk to billion-dollar payments made by corporate giants and governments for goods and services downloadd overseas.
Increasing globalization has led to a massive increase in the number of foreign exchange transactions in recent decades. The global foreign exchange market is by far the largest financial market, with average daily volumes in the trillions of dollars. Free Economic Enterprise: An economic system where few restrictions are placed on business activities and ownership.
In this system, governments generally have minimal ownership of enterprises in the market place. This system aims for limited restrictions on trade and minimal government intervention.
The free enterprise movement started in the s, when many individuals were restricted from starting and owning their own business without the permission of the government. The movement looked to reduce ownership and other related restrictions, such as how one should operate their business and who they were allowed to trade with. Over time, the focus of this movement has shifted. A lot of its causes have been incorprated in most free-market systems. Free Trade Agreements: An agreement between two or more countries which eliminates tariffs on trade between the countries, reduces non-tariff barriers to trade, cements rights and protections for investors and corporations, and takes other measures to guarantee a generally liberalized, pro-business economic environment.
To develop a free trade area, participating nations must develop rules for how the new free trade area will operate. Producers may struggle with increased competition, but they may also acquire a greatly expanded market of potential customers. Workers in some countries and industries are likely to lose jobs as production shifts to become more efficient overall.
Free trade areas can also encourage economic development in countries as a whole, benefiting everyone who resides there through increased living standards.
Full Employment: A condition in which every willing worker is able to find a paying job within a very short period of time, and hence unemployment is near zero. Gini Coefficient: A statistical measure of inequality. A Gini score of 0 implies perfect equality in which every individual receives the same income. A Gini score of 1 implies perfect inequality in which one individual receives all of the income. The index is named after its developer, Corrado Gini, an Italian statistician of the early 20th century.
A wealthy country and a poor country can have the same Gini coefficient, even if the wealthy country has a relatively equal distribution of affluent residents and the poor country has a relatively equal distribution of cash-strapped residents. The Gini index is only as accurate as the gross domestic product GDP and income data that a country produces.
Many developing nations do not produce accurate or trusted economic data, so the index becomes more of an estimate. There is also a generally negative correlation between Gini coefficients and per-capita GDP, because poorer nations tend to have higher index figures. Globalization: A generalized historical process through which more economic activity takes place across national borders. Forms of globalization include international trade exports and imports , foreign direct investment, international financial flows, and international migration.
Gross Domestic Product: The value of all the goods and services produced for money in an economy, evaluated at their market prices. Excludes the value of unpaid work such as caring reproductive labour performed in the home.
GDP is calculated by adding up the value-added at each stage of production. Gross Domestic Product Deflator: A price index which adjusts the overall value of GDP according to the average increase in the prices of all output.
Gross National Product GNP : An economic statistic that includes GDP, plus any income earned by residents from overseas investments, minus income earned within the domestic economy by overseas residents.
When associated with depressions, hyperinflation often occurs when there is a large increase in the money supply not supported by gross domestic product GDP growth, resulting in an imbalance in the supply and demand for the money. Left unchecked this causes prices to increase, as the currency loses its value. Because of this, sellers demand a risk premium to accept the currency, and they do this by raising their prices. Industrial Policy: Government policies aimed at fostering the domestic development of particular desirable or productive industries, in order to boost productivity, create higher-paid jobs, and enhance international trade performance.
Tools of industrial policy can include measures to stimulate investment in targeted industries; trade policies such as tariffs, export incentives, or limits on imports ; and technology policies.
Inequality: The distribution of income across individual households typically demonstrates inequality between higher-income and lower-income households. Inflation: Inflation is defined as a sustained increase in the general level of prices for goods and services. It is measured as an annual percentage increase. As inflation rises, every dollar you own downloads a smaller percentage of a good or service. There are several variations on inflation: Deflation is when the general level of prices is falling.
This is the opposite of inflation. Hyperinflation is unusually rapid inflation. Stagflation is the combination of high unemployment and economic stagnation with inflation. This happened in industrialized countries during the s, when a bad economy was combined with OPEC raising oil prices.
It is particularly important in developing countries. Innovation: Producers including private companies will endeavour to develop new products new goods or services and new processes new ways of producing those goods or services , with the goal in a capitalist context of enhancing market share and hence profitability.
More generally, innovation simply refers to finding better ways to produce better goods and services. International Monetary Fund: An international financial institution established after World War II with the goal of regulating and stabilizing financial relationships among countries, and ensuring free flow of finance around the world economy.
Based in Washington, D. Investment: Investment represents production which is not consumed, but rather is utilized in the production of other additional output.
Investment also represents an addition to the capital stock of an economy. Capital stock:The common and preferred stock a company is authorized to issue, according to their corporate charter.
Capital stock represents the size of the equity position of a firm and can be found on the balance sheet or notes of a typical financial statement. Firms can both issue more capital stock, or downloadback shares that are currently owned by shareholders. Labour Extraction: Most employees under capitalism are paid according to the time they spend at work.
But employers then face a challenge to extract genuine labour effort from their workers while they are on the job. Employer labour extraction strategies utilize a combination of labour discipline, supervision, technology to control and monitor work , and threat of dismissal.
Loan: The act of giving money, property or other material goods to a another party in exchange for future repayment of the principal amount along with interest or other finance charges.
A loan may be for a specific, one-time amount or can be available as open-ended credit up to a specified ceiling amount. Market economy: An economic system where most goods and services are exchanged through transactions by private households and businesses. Prices are determined by downloaders and sellers making exchanges in private markets. Market Socialism: A form of socialism in which productive companies are owned through public or non-profit forms, but relate to each other through markets and competition with little or no central planning.
These would include central bank interest rates, national employment numbers, gross national product figures, trade deficits or surpluses, foreign currency exchange rates and other major economic activity and data.
Money: Broadly speaking, money is anything that can be used as a means of payment for example, to settle a debt. It includes actual currency, bank deposits, credit cards and lines of credit, and various modern electronic means of payment.
Mortgage: Debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses to make large real estate downloads without paying the entire value of the download up front.
Mortgages come in many forms. Most fixed-rate mortgages have a or year term. If market interest rates drop significantly, the borrower may be able to secure that lower rate by refinancing the mortgage. With an adjustable-rate mortgage ARM , the interest rate is fixed for an initial term, but then it fluctuates with market interest rates.
The initial interest rate is often a below-market rate, which can make a mortgage seem more affordable than it really is.
If interest rates increase later, the borrower may not be able to afford the higher monthly payments. Interest rates could also decrease, making an ARM less expensive. In either case, the monthly payments are unpredictable after the initial term.
Mutual Fund: A financial vehicle which involves pooling investments in the shares of many different joint stock or publicly traded companies, in order to reduce the risk and overhead costs associated with investing in corporate shares.
Needs: Needs are based on physiological, personal or socio-economic requirements necessary for you to function and live. Transportation is a need for the modern, urban person because work, food and other necessities of daily life are too far from where they live.
Wants, on the other hand, are a means to fulfilling our needs. You may be able bike to work, use public transportation or drive your own vehicle. While any of the choices will work, you want a car to fulfil your need for transportation. Normative economics: A perspective on economics that incorporates subjectivity within its analyses.
Normative economics deals heavily in value judgments and theoretical scenarios. It is the opposite of positive economics. Normative statements are often heard in the media because they tend to represent a theory or opinion rather than objective analysis. Normative economics is a valuable way to establish goals and generate new ideas, but it should not be used as a basis for policy decisions.
Payroll Tax: A tax levied on current employment or payrolls collected either as a fixed amount per employee, or as a percentage of total wages and salaries paid. Payroll taxes are most commonly used to finance employment-related social programs, such as pension or unemployment insurance programs. Perfect Competition: An abstract assumption, central to neoclassical economics, in which companies are so small that none can influence total output or price levels in an industry, none can distinguish its products from those of competing firms, and none can anticipate or interact with the actions of its competitors.
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