Economics Terms Lexicon - Authoritative Dictionary and Knowledge Tests
About Economics Terms Lexicon
Welcome to EconomicsTermsLexicon.com! Our site offers a comprehensive and authoritative dictionary of economic terms, providing detailed definitions and explanations. Each dictionary entry references books, official publications, and government websites to ensure accuracy and reliability.
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1--- 2meta: 3 date: false 4 reading_time: false 5title: "Cobb–Douglas Function" 6date: 2023-10-05 7description: "An exploration of the Cobb–Douglas function widely used in theoretical and applied economics." 8tags: ["Economics", "Production Function", "Utility Function", "Cobb-Douglas"] 9--- 10 11## Background 12The Cobb–Douglas function is a staple in economics, especially in the realms of production and utility analysis. It offers a simplified, yet profound, way of understanding the relationship between inputs and outputs in various economic scenarios, by leveraging a specific form of mathematical expression.
1--- 2meta: 3 date: false 4 reading_time: false 5title: "Commitment - Definition and Meaning" 6date: 2023-10-05 7description: "An in-depth analysis of the economic term 'commitment,' exploring its definition, historical context, and implications in different economic frameworks." 8tags: ["economics", "commitment", "monetary policy", "fiscal policy", "credibility"] 9--- 10 11## Background 12 13In economics, commitment, often referred to as pre-commitment, is a crucial concept wherein a government or central banker makes explicit promises regarding future monetary or fiscal policies.
--- meta: date: false reading_time: false title: "Commons" date: 2023-10-05 description: "Definition and analysis of the term 'commons' in economics." tags: ["economics", "common access resource", "global commons"] --- ## Background The term "commons" in economics refers to resources that are shared and accessible to all members of a society, where individual use decreases the availability to others. The concept highlights the tension between personal benefit and collective welfare, crucial for understanding resource management and sustainability issues.
--- meta: date: false reading_time: false title: "Communism" date: 2023-10-12 description: "A theory of a classless society with common ownership of property and wealth and centrally planned production and distribution." tags: ["Communism", "Economics", "Political Economy", "Classless Society", "Central Planning"] --- ## Background Communism is a socio-economic theory advocating for a classless society where all property and wealth are communally owned. Production and distribution are centrally planned and managed, aiming to eliminate the disparities and inequalities inherent in capitalist systems.
1--- 2meta: 3 date: false 4 reading_time: false 5title: "Comparability" 6date: 2023-10-12 7description: "Definition and importance of comparability in economic analysis" 8tags: ["economics", "comparability", "interpersonal comparisons"] 9--- 10 11## Background 12 13Comparability is a principle in economic analysis that facilitates the evaluation of different datasets, phenomena, or instances. Primarily, comparability addresses the consistency and standardization of metrics, making it viable to draw meaningful conclusions from comparing diverse economic variables or scenarios.
1--- 2meta: 3 date: false 4 reading_time: false 5title: "Comparative Statics" 6date: 2023-10-05 7description: "The analysis of how the equilibrium position in an economic model changes if the values of the exogenously fixed parameters of the model are altered." 8tags: ["Economics", "Equilibrium", "Parameters", "Comparative Analysis"] 9--- 10 11## Background 12 13Comparative statics is a fundamental concept in economics that focuses on understanding how changes in external conditions affect the equilibrium state of an economic system.
1--- 2meta: 3 date: false 4 reading_time: false 5title: "Conglomerate" 6date: 2023-10-05 7description: "A business conducting activities in different industries with very little in common." 8tags: ["Economics", "Business", "Industry"] 9--- 10 11## Background 12 13A conglomerate is a large corporation that consists of diverse divisions or subsidiaries, each operating in different industries. Despite the varied nature of these industries, these entities are controlled by a central headquarters which oversees the overall management and strategic direction.
1--- 2meta: 3 date: false 4 reading_time: false 5title: "Coupon" 6date: 2023-10-05 7description: "A term used in finance referring to the dividends due on a security, notably for bearer securities where payments are claimed using a physical coupon." 8tags: ["financial instruments", "securities", "dividends"] 9--- 10 11## Background 12 13Coupons originated in the early days of modern finance when bonds and other bearer securities came with attached coupons. These facilitated the collection of periodic interest payments.
1--- 2meta: 3 date: false 4 reading_time: false 5title: "Current (Bank) Account" 6date: 2023-10-05 7description: "A definition and detailed exploration of the term 'Current (Bank) Account' in Economics." 8tags: ["Banking", "Finance", "Economics"] 9--- 10 11## Background 12 13In the banking systems of many countries, including the UK, the term 'current account' refers to a type of bank account where the holder can access their funds without any withdrawal notice. These accounts are designed to facilitate everyday transactions and provide features like direct deposits, withdrawals, and payments.
1--- 2meta: 3 date: false 4 reading_time: false 5title: "Difference in Differences (DiD)" 6date: 2023-10-05 7description: "A methodological tool used to estimate the causal effect of a treatment or policy intervention using panel data." 8tags: ["Econometrics", "Causal Inference", "Quantitative Methods", "Policy Analysis"] 9--- 10 11## Background 12 13Difference in Differences (DiD) is an econometric technique used to estimate the causal effect of a treatment, policy intervention, or event. It stands out for its capacity to account for both temporal and individual variations by utilizing panel data, which consists of repeated observations over time for the same subjects.
1--- 2meta: 3 date: false 4 reading_time: false 5title: "Distributional Weight" 6date: 2023-10-20 7description: "The relative importance given to different members of a society in the evaluation of social welfare" 8tags: ["distributional weight", "social welfare", "economics"] 9--- 10 11## Background 12 13Distributional weight is a concept in economics used to assign differing levels of importance to the welfare of various members of society when evaluating social welfare. It recognizes that social welfare functions do not treat the utilities of all individuals equivalently and can apply greater importance to certain groups or individuals based on equity considerations.
--- meta: date: false reading_time: false title: "E-commerce" date: 2023-10-05 description: "The practice of advertising and selling goods and services over the internet." tags: ["E-commerce", "Digital Economy", "Internet Business"] --- ## Background E-commerce stands for electronic commerce. It signifies the practice of advertising and selling goods and services over the internet. The ever-increasing capability of the internet to reach global audiences means that e-commerce has rapidly become established as a norm in both B2C (Business to Consumer) and B2B (Business to Business) sectors.
