Overview of the basic concepts of economics in simple language for easy understanding. The glossary also contains definitions of key terminology and concepts and commonly used acronyms. Circular flow the circular flow of income is a diagrammatic representation of economic activity in a given time period. The definitions in the oecd glossary are primarily drawn from.
Poverty defined with respect to an absolute material standard of living. This glossary of economics is a list of definitions of terms and concepts used in economics, its subdisciplines, and related fields. In certain markets, where monopoly or oligopoly operate, producers are so much more powerful than consumers that they control the market in terms of supply, prices, quality and delivery. Noun n the codes c and u show whether a noun, or a particular sense of a noun, is countable an agenda, two agendas or uncountable. The economist offers authoritative insight and opinion on international news, politics, business, finance, science, technology and the connections between them. The study of decision making by individuals, households and by firms. Italicized terms within the definitions are themselves defined elsewhere in the glossary, for crossreference. This glossary is for anyone who wants and needs to learn the terms related to the field of money and banking. Stockholders own company, shares show fraction of company owned, one vote per share. The core of the glossary has been built around the technical terms used in current world health organization who and other international literature on reform of health service finance and economics. Absolute advantage the ability of a country or region to produce a good or service at a lower.
Learn and know the meaning of these economy terms by their definitions here at the economic times. A glossary of microeconomics terms digital economist. Economics is a tough nut to crack for many gdp, gnp, ndp, nnp, repo, reverse repo, slr, clr, crar there are many concepts to be understood. The book first offers information on the abbreviations used in economics and language indicators. Err v words have meaning we must speak first about the division of land and. Download the as economics micro key term glossary pdf subscribe to email updates from tutor2u economics. Whether it is an explanation of how firms work, or people vote, or customers buy, or governments subsidise, economists have examined evidence and produced theories which can be checked against practice. A corporation can own property and borrow and can be sued in court. Econometrics is the application of statistical methods to observed data for the purposes of empirical research, forecasting or testing of economic theory. Making a choice made normally involves a tradeoff in simple terms, choosing more of one thing means giving up something else in exchange. Join s of fellow economics teachers and students all getting the tutor2u economics teams latest resources and support delivered fresh in their inbox every morning. Glossary of important business, economic, and financial history terms by robert e. The first version of this book, a brief dictionary of economic terms, was. The oecd glossary of statistical terms contains a comprehensive set of definitions of the main data items collected by the organisation.
Dictionary of economic terms edited by edward robert raupp and danna vance raupp great bay community college portsmouth, new hampshire blue. This dictionary is primarily aimed at supporting secondary and tertiary students who are studying business and commerce related subjects. Working on this glossary, we went through many authoritative glossaries to pick up the useful contemporary words for the readers of this. They will also help you extract a lot more information out of financial news. Basic concepts of economics in simple language clear ias. Assets things that have earning power or some other value to their owner.
A term referring to the refund of previously paid prop erty taxes due to the overvaluation of property. Disclaimer this information is disseminated under the sponsorship of the u. Though claiming to be basic, this glossary covers a surprising range of economics related words, names and phrases, with short entries. But if the concepts are properly understood economics is fun. This trilingual glossary english, french, spanish was developed by the. Glossaries of economic terms in principles general the. Wright, director of the thomas willing institute for the study of financial markets, institutions, and regulations and the nef family chair of political economy, augustana college sd this work is not ed. Adjective adj headwords for adjectives followed by information in square brackets only before a noun and not before a noun show any restrictions on where they can be used. Below, i will list out some of the most basic economic terms used in india which will help you understand and interpret key economic indicators and the impact of monetary policy on the economy. Absolute advantage this is the simplest yardstick of economic performance. Pdf on jan 1, 2001, coskun can aktan and others published glossary of economics terms find, read and cite all the research you need on. So called because assets must equal or in other words be in balance with liabilities plus capital which can be negative.
Browse our glossary of economics and personal finance terms. From wikibooks, open books for an open world business studies and economics dictionary. Directors board of directors sets company policy, meets. Economics the study of how a given society allocates scarce resources to meet or satisfy the unlimited wants and need of its members. Glossary of business terms adjective adj headwords for adjectives followed by information in square brackets only before a noun and not before a noun show any restrictions on where they can be used. If one person, firm or country can produce more of something with the same amount of effort and resources, they have an absolute advantage over other producers. Pdf on jan 1, 2001, coskun can aktan and others published glossary of economics terms find, read and cite all the research you need on researchgate. Microeconomics terms and definitions flashcards quizlet.
If one person, firm or country can produce more of something with the same amount of effort and. Glossary of key terms in evaluation and resultsbased management pdf, 158 kb. This glossary of economics is a list of definitions of terms and concepts used in economics. Essential as economics glossary sukromne gymnazium. Deficit term used to describe the amount by which government spending in a period e. Depreciation a decrease in the price of the domestic currency in terms of the. Automatic stabilizers a type of fiscal policy that acts to stabilize real gdp without active involvement from the government. It identifies the main sectors in the economy households, firms the government and overseas and linkages between sectors e. Department of transportation in the interest of information exchange. Glossary of economic terms administrative regulations. The glossary also explores new fields, such as money laundering. The bis is governed by government appointees from the worlds largest capitalist economies.
The page below contains most of the key terms from an introductory economics course. This is the simplest yardstick of economic performance. The glossary also includes broader economic concepts relevant. Employment a measure of those individuals in the labor force working, at least one hour per week, for pay. An asset anything of value owned by an individual, institution or economic agent. This glossary of economic terms has been put together by ken rea of the university of toronto, to support his teaching. Fixed assets also known as longterm assets are things that have a useful life of more than one year, for example buildings and machinery. This glossary contains nontechnical descriptions of all the terms in economics for everyone highlighted in small capitals. The study of how people make choices, political economy or economics is the study of mankind in the ordinary business of life. Economic growth is best defined as a longterm expansion of the productive potential of the economy. Financial economics basic terminology corporate structure a corporation has legal rights somewhat like a person. Economics is the basis of our daily lives, even if we do not always realise it. For example, during a recession government expenditures go up unemployment and welfare payments but they go down during an expansion.
Glossary terms in bold face type correspond to those appearing. Glossary of economic terms united for a fair economy. A glossary of microeconomics terms abundance a physical or economic condition where the quantity available of a resource exceeds the quantity desired in the absence of a rationing system. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Filing a charge with the nlrb is the rst step in an unfair labor practice proceeding. Create custom, printable flashcards appropriate for your grade level. These include the abbreviations for colloquial, feminine, masculine, neuter, plural, and indicators of the french and german languages. Complete economics dictionary complete economics dictionary a abnormal profit the surplus of revenue over costs enjoyed by a monopoly that is in excess of profit the same firm could expect to earn if it faced competition for its market. Including soviet terminology focuses on semantic development in the field of economics. Macroeconomicsglossary wikibooks, open books for an. Learn and know the meaning of these economy terms by their definitions here at the economic times mobile.
The glossary also includes broader economic concepts relevant to health economics and the economics of development, where these are. Over 3000 terms defined and cross referenced via live links. Org glossary of labor terms boards as the exclusive bargaining agent of a group of workers. The terms in this glossary have been carefully selected from the myriad of terms one can encounter in the shipping business. The basis of accounting under which revenues are re corded when earned and expenditures are recorded as soon as they. Economics terms dictionary contains 4,200 of the most frequent but however most difficult to find economic terms, expressions and idioms used by. The ilo applies the oecddac criteria for evaluating development assistance. The glossary includes additional terms to clarify important concepts. Complete economics dictionary complete economics dictionary. To read a definition scroll your cursor over a term or click on the term.
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