Economics/Glossary: Difference between revisions
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{{subpages}} | {{subpages}} | ||
{|align="right" cellpadding="10" style="background:lightgray; width:95%; border: 1px solid #aaa; margin:20px; font-size: 92%;" | |||
|Five other glossaries are available: | |||
- the [[Banking/Related Articles#Glossary|banking glossary]]; - the [[Financial system/Related Articles#Glossary|finance glossary]]; - the [[International economics/Related Articles#Glossary|international economics glossary]]; - the [[Macroeconomics/Related Articles#Glossary|macroeconomics glossary]]; and, the [[Monetary policy/Related Articles#Glossary|monetary policy glossary]] | |||
|} | |||
<small> | |||
{{TOC|right}} | {{TOC|right}} | ||
==A== | ==A== | ||
{{r|Adverse selection}} | {{r|Adverse selection}} | ||
* Agency cost<ref name=ACdefined>Read about [https://www.investopedia.com/terms/a/agencycosts.asp Agency Costs] at Investopedia.com</ref> | |||
{{r|Applied statistics}} | {{r|Applied statistics}} | ||
{{r|Arbitrage}} | {{r|Arbitrage}} | ||
{{r|Asset price bubble}} | {{r|Asset price bubble}} | ||
{{r|Asymmetric | {{r|Asymmetric shock}} | ||
{{r|Austrian School of economics}} | {{r|Austrian School of economics}} | ||
==B== | ==B== | ||
{{r| | {{r|Balassa-Samuelson effect}} | ||
{{r|Basis point}} | {{r|Basis point}} | ||
{{r|Beveridge curve}} | {{r|Beveridge curve}} | ||
{{r|Bubble (economics)}} | {{r|Bubble (economics)}} | ||
{{r|Budget balance}} | {{r|Budget balance}} | ||
| Line 33: | Line 37: | ||
==C== | ==C== | ||
{{r| | {{r|Circular flow of income}} | ||
{{r|Classical unemployment}} | {{r|Classical unemployment}} | ||
{{r|Competition}} | {{r|Competition}} | ||
| Line 40: | Line 44: | ||
{{r|Consequentialism}} | {{r|Consequentialism}} | ||
{{r|Consumer's surplus}} | {{r|Consumer's surplus}} | ||
{{r|Consumption function}} | |||
{{r|Contingent employment}} | {{r|Contingent employment}} | ||
{{r|Corporation}} | {{r|Corporation}} | ||
{{r|Covariance}} | {{r|Covariance}} | ||
{{r| | {{r|Creative destruction}} | ||
{{r|Cross elasticity of demand}} | {{r|Cross elasticity of demand}} | ||
{{r|Cyclically-adjusted budget deficit}} | {{r|Cyclically-adjusted budget deficit}} | ||
{{r|Cyclical deficit}} | |||
<small> | <small> | ||
[[Economics/Glossary#A|return to top]] | [[Economics/Glossary#A|return to top]] | ||
| Line 53: | Line 57: | ||
==D== | ==D== | ||
{{r|Deleveraging}} | {{r|Deleveraging}} | ||
{{r|Demand shock}} | {{r|Demand shock}} | ||
{{r|Destocking}} | {{r|Destocking}} | ||
{{r| | {{r|Devaluation}} | ||
{{r|Diminishing marginal utility}} | |||
{{r|Discounting}} | {{r|Discounting}} | ||
{{r|Discount window}} | {{r|Discount window}} | ||
{{r|Discouraged worker}} | {{r|Discouraged worker}} | ||
| Line 80: | Line 82: | ||
{{r|Employment policy}} | {{r|Employment policy}} | ||
{{r|Endogenous (economics)}} | {{r|Endogenous (economics)}} | ||
{{r| | {{r|Economic equilibrium|Equilibrium}} | ||
{{r|Evolutionary stable strategy}} | {{r|Evolutionary stable strategy}} | ||
{{r|Exchange | {{r|Exchange value}} | ||
{{r|Exogenous (economics)}} | {{r|Exogenous (economics)}} | ||
{{r|Expectations-augmented Phillips curve}} | {{r|Expectations-augmented Phillips curve}} | ||
| Line 95: | Line 96: | ||
==F== | ==F== | ||
{{r|Fallacy of composition (economics)}} | {{r|Fallacy of composition (economics)}} | ||
{{r|Fiscal}} | {{r|Fiscal}} | ||
{{r|Fiscal contraction}} | |||
{{r|Fiscal expansion}} | {{r|Fiscal expansion}} | ||
{{r|Fiscal policy}} | {{r|Fiscal policy}} | ||
{{r|Fiscal gap}} | {{r|Fiscal gap}} | ||
{{r|Fiscal sustainability}} | {{r|Fiscal sustainability}} | ||
{{r|Flexible prices}} | {{r|Flexible prices}} | ||
{{r|Frictional unemployment}} | {{r|Frictional unemployment}} | ||
{{r|Full employment}} | {{r|Full employment}} | ||
{{r|Full employment deficit}} | {{r|Full employment deficit}} | ||
| Line 113: | Line 112: | ||
==G== | ==G== | ||
{{r|Generational accounts}} | {{r|Generational accounts}} | ||
{{r|Gini coefficient}} | {{r|Gini coefficient}} | ||
{{r|Gini index}} | {{r|Gini index}} | ||
{{r|Goods (economics)}} | {{r|Goods (economics)}} | ||
{{r|Golden Rule (finance)}} | |||
{{r|Great moderation}} | {{r|Great moderation}} | ||
==H== | ==H== | ||
{{r|Herding (economics)}} | {{r|Herding (economics)}} | ||
{{r|Herfindahl Index}} | {{r|Herfindahl Index}} | ||
{{r|High-powered money}} | {{r|High-powered money}} | ||
{{r|Hysteresis (economics)}} | {{r|Hysteresis (economics)}} | ||
| Line 135: | Line 131: | ||
{{r|Income effect}} | {{r|Income effect}} | ||
{{r|Incomplete contract}} | {{r|Incomplete contract}} | ||
{{r|Information asymmetry}} | |||
{{r|Infrastructure (economics)}} | {{r|Infrastructure (economics)}} | ||
{{r|Intermediate product}} | {{r|Intermediate product}} | ||
{{r|Internal rate of return}} | {{r|Internal rate of return}} | ||
{{r| | {{r|Internal devaluation}} | ||
<small> | <small> | ||
[[Economics/Glossary#A|return to top]] | [[Economics/Glossary#A|return to top]] | ||
| Line 156: | Line 152: | ||
{{r|Liquidity}} | {{r|Liquidity}} | ||
{{r|Liquidity crisis}} | {{r|Liquidity crisis}} | ||
{{r|Lorenz curve}} | {{r|Lorenz curve}} | ||
<small> | <small> | ||
| Line 168: | Line 161: | ||
{{r|Marginal product}} | {{r|Marginal product}} | ||
{{r|Marginal propensity to consume}} | {{r|Marginal propensity to consume}} | ||
{{r|Marginal propensity to save}} | |||
{{r|Marginal rate of substitution}} | {{r|Marginal rate of substitution}} | ||
{{r|Marginal tax rate}} | {{r|Marginal tax rate}} | ||
{{r|Marginal utility}} | {{r|Marginal utility}} | ||
{{r| | {{r|Market (economics)}} | ||
{{r|Market}} | {{r|Market concentration}} | ||
{{r|Market interaction}} | {{r|Market interaction}} | ||
{{r|Market power}} | {{r|Market power}} | ||
{{r|Market | {{r|Market structure}} | ||
{{r|Means test}} | {{r|Means test}} | ||
{{r|Monetary base}} | {{r|Monetary base}} | ||
| Line 190: | Line 184: | ||
{{r|Natural rate of unemployment}} | {{r|Natural rate of unemployment}} | ||
{{r|Net present value}} | {{r|Net present value}} | ||
{{r|Normal distribution}} | {{r|Normal distribution}} | ||
| Line 201: | Line 194: | ||
{{r|Participation rate}} | {{r|Participation rate}} | ||
{{r|Paternalism}} | {{r|Paternalism}} | ||
{{r|Perfect competition}} | |||
{{r|Permanent income hypothesis}} | {{r|Permanent income hypothesis}} | ||
{{r|Positive feedback}} | {{r|Positive feedback}} | ||
{{r|Poverty trap}} | {{r|Poverty trap}} | ||
{{r|Price flexibility}} | {{r|Price flexibility}} | ||
{{r|Primary budget balance}} | {{r|Primary budget balance}} | ||
| Line 219: | Line 211: | ||
==R== | ==R== | ||
{{r|Recession (economics)}} | {{r|Recession (economics)}} | ||
{{r|Rent-seeking}} | {{r|Rent-seeking}} | ||
| Line 240: | Line 231: | ||
{{r|Social choice theory}} | {{r|Social choice theory}} | ||
{{r|Sovereign default}} | {{r|Sovereign default}} | ||
{{r|Speculative motive}} | {{r|Speculative motive}} | ||
{{r| | {{r|Stability (economics)}} | ||
{{r|Standard deviation}} | {{r|Standard deviation}} | ||
{{r|Standardised budget deficit}} | {{r|Standardised budget deficit}} | ||
| Line 250: | Line 239: | ||
{{r|Structural unemployment}} | {{r|Structural unemployment}} | ||
{{r|Substitution effect}} | {{r|Substitution effect}} | ||
{{r|Supply-side measures}} | {{r|Supply-side measures}} | ||
{{r|Sustainable deficit}} | {{r|Sustainable deficit}} | ||
{{r|Systemic market failure}} | |||
<small> | <small> | ||
[[Economics/Glossary#A|return to top]] | [[Economics/Glossary#A|return to top]] | ||
| Line 260: | Line 249: | ||
{{r|Tax burden}} | {{r|Tax burden}} | ||
{{r|Tax wedge}} | {{r|Tax wedge}} | ||
{{r|Time inconsistency}} | {{r|Time inconsistency}} | ||
{{r|Transactions motive}} | {{r|Transactions motive}} | ||
| Line 267: | Line 255: | ||
{{r|Unemployment rate}} | {{r|Unemployment rate}} | ||
{{r|Unemployment trap}} | {{r|Unemployment trap}} | ||
{{r|Unit labour cost}} | |||
{{r|Use value}} | |||
{{r|Utility}} | {{r|Utility}} | ||
{{r|Vacancy (economics)}} | {{r|Vacancy (economics)}} | ||
{{r|Vacancy rate}} | {{r|Vacancy rate}} | ||
{{r|Variance}} | {{r|Variance}} | ||
{{r|Wage-fund theory}} | |||
{{r|Wealth effect}} | |||
{{r|Welfare (economics)}} | |||
{{r|Working population}} | {{r|Working population}} | ||
{{r|Zarnowitz rule}} | {{r|Zarnowitz rule}} | ||
{{r|Zero sum game}} | {{r|Zero sum game}} | ||
Latest revision as of 19:51, 7 March 2024
| Five other glossaries are available:
- the banking glossary; - the finance glossary; - the international economics glossary; - the macroeconomics glossary; and, the monetary policy glossary |
A
- Adverse selection [r]: a partial market failure that occurs when there are traders who take advantage of asymmetric information, raising uncertainty and leading to a reduction in the value of its products. [e]
- Agency cost[1]
- Applied statistics [r]: the practice of collecting and interpreting numerical observations for the purpose of generating information. [e]
- Arbitrage [r]: transactions to take advantage of a price differences of a product in different markets by buying where it is cheap and selling where it is dear. The possibility of arbitrage often prevents the occurrence of price differences. [e]
- Asset price bubble [r]: The condition of an asset market in which price is governed by speculators' expectations that it will increase. [e]
- Asymmetric shock [r]: A shock that has different effects upon different parts of an economic system such as a country or a monetary union. [e]
- Austrian School of economics [r]: A school of economists who reject the tenets of macroeconomics and oppose the practice of collective economic management; and whose methodology concentrates upon the decisions of individuals and the operation of the market mechanism. [e]
B
- Balassa-Samuelson effect [r]: A tendency for productivity increases in the traded sector to lead to a rise in the relative price of nontradables. [e]
- Basis point [r]: (bp) one hundredth of a percentage point . [e]
- Beveridge curve [r]: A curve (convex when viewed from the origin) showing a relationship between vacancies and unemployment. [e]
- Bubble (economics) [r]: A surge in prices that raises expectations of further increases, so generating further increases: a process that continues until confidence falters, the bubble "bursts" and prices rapidly revert to an objectively-based level. [e]
- Budget balance [r]: the difference between a central government's revenue and its expenditure in a given financial year. Conventions differ concerning the items that are included, and various cyclical adjustments can be made to identify its discretionary element.. [e]
- Budget deficit [r]: the excess of a government's expenditures over its receipts. See also cyclically-adjusted budget deficit [e]
C
- Circular flow of income [r]: A model of the economy in which income flows from firms to households in the form of wages and salaries, and from households to firms in the form of spending on goods and services, and in which other subsidiary flows can be specified. [e]
- Classical unemployment [r]: Unemployment that results from setting the wage rate at a level at which the demand for labour falls short of its supply. [e]
- Competition [r]: The activity or condition of competing against others. Ecologically, the interaction between species or organisms which share a limited environmental resource. [e]
- Complex interactive system [r]: A system in which an event in one of its components can have significant repercussions in many other components; and which can exist in more states than can be enumerated - including "open systems" whose operation is affected by events that have been generated from outside (such as international trade in the case of an economic system). [e]
- Concentration ratio [r]: A ratio that shows the extent to which a market is dominated by a small group of suppliers. An example is the 5-firm concentration ratio, which is the percentage of total sales of a product that is supplied by the five largest suppliers. An alternative measure is the Herfindahl Index [e]
- Consequentialism [r]: The belief that the expected consequences of decisions should be the sole criterion of decision-making (in contrast to deontology). [e]
- Consumer's surplus [r]: The excess of the amount that a consumer would be willing to pay for a product over its market price, changes in the value of which are usually estimated according to the rule of one-half. [e]
- Consumption function [r]: Add brief definition or description
- Contingent employment [r]: Add brief definition or description
- Corporation [r]: Add brief definition or description
- Covariance [r]: Add brief definition or description
- Creative destruction [r]: Add brief definition or description
- Cross elasticity of demand [r]: Add brief definition or description
- Cyclically-adjusted budget deficit [r]: Add brief definition or description
- Cyclical deficit [r]: Add brief definition or description
D
- Deleveraging [r]: Add brief definition or description
- Demand shock [r]: Add brief definition or description
- Destocking [r]: Add brief definition or description
- Devaluation [r]: Add brief definition or description
- Diminishing marginal utility [r]: Add brief definition or description
- Discounting [r]: Add brief definition or description
- Discount window [r]: Add brief definition or description
- Discouraged worker [r]: Add brief definition or description
- Double-dip recession [r]: Add brief definition or description
- Downturn (economic) [r]: Add brief definition or description
E
- Econometrics [r]: Add brief definition or description
- Economic cycle [r]: Add brief definition or description
- Economic rent [r]: Add brief definition or description
- Economic system [r]: Add brief definition or description
- Economy [r]: Add brief definition or description
- Efficient market [r]: Add brief definition or description
- Efficient market hypothesis [r]: Add brief definition or description
- Employment (economics) [r]: Add brief definition or description
- Employment policy [r]: Add brief definition or description
- Endogenous (economics) [r]: Add brief definition or description
- Equilibrium [r]: Add brief definition or description
- Evolutionary stable strategy [r]: Add brief definition or description
- Exchange value [r]: Add brief definition or description
- Exogenous (economics) [r]: Add brief definition or description
- Expectations-augmented Phillips curve [r]: Add brief definition or description
- Expected utility [r]: Add brief definition or description
- Expected utility theory [r]: Add brief definition or description
- Externality [r]: Add brief definition or description
F
- Fallacy of composition (economics) [r]: Add brief definition or description
- Fiscal [r]: Add brief definition or description
- Fiscal contraction [r]: Add brief definition or description
- Fiscal expansion [r]: Add brief definition or description
- Fiscal policy [r]: Add brief definition or description
- Fiscal gap [r]: Add brief definition or description
- Fiscal sustainability [r]: Add brief definition or description
- Flexible prices [r]: Add brief definition or description
- Frictional unemployment [r]: Add brief definition or description
- Full employment [r]: Add brief definition or description
- Full employment deficit [r]: Add brief definition or description
G
- Generational accounts [r]: Add brief definition or description
- Gini coefficient [r]: Add brief definition or description
- Gini index [r]: Add brief definition or description
- Goods (economics) [r]: Add brief definition or description
- Golden Rule (finance) [r]: Add brief definition or description
- Great moderation [r]: Add brief definition or description
H
- Herding (economics) [r]: Add brief definition or description
- Herfindahl Index [r]: Add brief definition or description
- High-powered money [r]: Add brief definition or description
- Hysteresis (economics) [r]: Add brief definition or description
I
- Impossibility theorem [r]: Add brief definition or description
- Income effect [r]: Add brief definition or description
- Incomplete contract [r]: Add brief definition or description
- Information asymmetry [r]: Add brief definition or description
- Infrastructure (economics) [r]: Add brief definition or description
- Intermediate product [r]: Add brief definition or description
- Internal rate of return [r]: Add brief definition or description
- Internal devaluation [r]: Add brief definition or description
J,K,L
- Kaldor-Hicks criterion [r]: Add brief definition or description
- Kurtosis [r]: Add brief definition or description
- Labour (economics) [r]: Add brief definition or description
- Labour force [r]: Add brief definition or description
- Labour market [r]: Add brief definition or description
- Learning curve [r]: Add brief definition or description
- Lender of last resort [r]: Add brief definition or description
- Leverage [r]: Add brief definition or description
- LIBOR [r]: Add brief definition or description
- Liquidity [r]: Add brief definition or description
- Liquidity crisis [r]: Add brief definition or description
- Lorenz curve [r]: Add brief definition or description
M
- Marginal cost [r]: Add brief definition or description
- Marginal product [r]: Add brief definition or description
- Marginal propensity to consume [r]: Add brief definition or description
- Marginal propensity to save [r]: Add brief definition or description
- Marginal rate of substitution [r]: Add brief definition or description
- Marginal tax rate [r]: Add brief definition or description
- Marginal utility [r]: Add brief definition or description
- Market (economics) [r]: Add brief definition or description
- Market concentration [r]: Add brief definition or description
- Market interaction [r]: Add brief definition or description
- Market power [r]: Add brief definition or description
- Market structure [r]: Add brief definition or description
- Means test [r]: Add brief definition or description
- Monetary base [r]: Add brief definition or description
- Monetisation (of public debt) [r]: Add brief definition or description
- Money supply [r]: Add brief definition or description
- Moral hazard [r]: Add brief definition or description
N
- NAIRU [r]: Add brief definition or description
- National debt [r]: Add brief definition or description
- National Debt - Maastricht definition [r]: Add brief definition or description
- Natural rate of unemployment [r]: Add brief definition or description
- Net present value [r]: Add brief definition or description
- Normal distribution [r]: Add brief definition or description
O
- Okun curve [r]: Add brief definition or description
- Output gap [r]: Add brief definition or description
P,Q
- Pareto efficiency [r]: Add brief definition or description
- Participation rate [r]: Add brief definition or description
- Paternalism [r]: Add brief definition or description
- Perfect competition [r]: Add brief definition or description
- Permanent income hypothesis [r]: Add brief definition or description
- Positive feedback [r]: Add brief definition or description
- Poverty trap [r]: Add brief definition or description
- Price flexibility [r]: Add brief definition or description
- Primary budget balance [r]: Add brief definition or description
- Probability blindness [r]: Add brief definition or description
- Protection [r]: Add brief definition or description
- Public choice theory [r]: Add brief definition or description
- Public expenditure [r]: Add brief definition or description
- Public sector [r]: Add brief definition or description
R
- Recession (economics) [r]: Add brief definition or description
- Rent-seeking [r]: Add brief definition or description
- Required rate of return [r]: Add brief definition or description
- Restocking [r]: Add brief definition or description
- Revealed preference [r]: Add brief definition or description
- Ricardian equivalence [r]: Add brief definition or description
- Rule of one-half [r]: Add brief definition or description
S
- Sacrifice ratio [r]: Add brief definition or description
- Search friction [r]: Add brief definition or description
- Self-financing government investment [r]: Add brief definition or description
- Services (economics) [r]: Add brief definition or description
- Shock (economics) [r]: Add brief definition or description
- Skewness [r]: Add brief definition or description
- Social choice theory [r]: Add brief definition or description
- Sovereign default [r]: Add brief definition or description
- Speculative motive [r]: Add brief definition or description
- Stability (economics) [r]: Add brief definition or description
- Standard deviation [r]: Add brief definition or description
- Standardised budget deficit [r]: Add brief definition or description
- Sterilisation, monetary [r]: Add brief definition or description
- Structural deficit [r]: Add brief definition or description
- Structural unemployment [r]: Add brief definition or description
- Substitution effect [r]: Add brief definition or description
- Supply-side measures [r]: Add brief definition or description
- Sustainable deficit [r]: Add brief definition or description
- Systemic market failure [r]: Add brief definition or description
T,U,V,W,X,Y,Z
- Tax burden [r]: Add brief definition or description
- Tax wedge [r]: Add brief definition or description
- Time inconsistency [r]: Add brief definition or description
- Transactions motive [r]: Add brief definition or description
- Transfer payments [r]: Add brief definition or description
- Unemployment [r]: Add brief definition or description
- Unemployment rate [r]: Add brief definition or description
- Unemployment trap [r]: Add brief definition or description
- Unit labour cost [r]: Add brief definition or description
- Use value [r]: Add brief definition or description
- Utility [r]: Add brief definition or description
- Vacancy (economics) [r]: Add brief definition or description
- Vacancy rate [r]: Add brief definition or description
- Variance [r]: Add brief definition or description
- Wage-fund theory [r]: Add brief definition or description
- Wealth effect [r]: Add brief definition or description
- Welfare (economics) [r]: Add brief definition or description
- Working population [r]: Add brief definition or description
- Zarnowitz rule [r]: Add brief definition or description
- Zero sum game [r]: Add brief definition or description
- ↑ Read about Agency Costs at Investopedia.com