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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📚 Comprehensive Content: Our lexicon covers a wide range of economic terms and concepts, thoroughly explained to help users understand even the most complex topics.
🔗 Authoritative References: Each entry includes references to authoritative books, official publications, and government sites, ensuring the information is reliable and accurate.
🧠 Knowledge Test Quizzes: Enhance your understanding with quizzes designed for each dictionary entry. Test your knowledge and track your progress seamlessly.
🌍 Global Relevance: While our focus is on providing detailed economic definitions, the referenced materials ensure global relevance and context.
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- Educational Resource: Ideal for students, educators, and professionals seeking to deepen their knowledge of economics.
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1--- 2meta: 3 date: false 4 reading_time: false 5title: "Monetarism" 6date: 2023-10-05 7description: "An economic theory emphasizing the central role of the money supply in determining nominal incomes and economic stability." 8tags: ["Monetarism", "Economic Theory", "Money Supply", "Rational Expectations"] 9--- 10 11## Background 12 13Monetarism is an economic theory that stresses the influence of changes in the money supply on national output in the short run and on the price level over longer periods.
1--- 2meta: 3 date: false 4 reading_time: false 5title: "Monopoly Power" 6date: 2023-10-11 7description: "The degree of control that a seller can exercise over a market, indicated by industry concentration or price mark-up over marginal cost." 8tags: ["monopoly power", "market control", "economics"] 9--- 10 11## Background 12 13Monopoly power refers to a market scenario where a single seller or a firm has considerable control over the market in terms of dictating prices and excluding competition.
1--- 2meta: 3 date: false 4 reading_time: false 5title: "Nash Equilibrium" 6date: 2023-10-05 7description: "Understanding the concept of Nash equilibrium in game theory, its characteristics, and criticisms." 8tags: ["Game Theory", "Economics", "Nash Equilibrium"] 9--- 10 11## Background 12 13Nash equilibrium is a fundamental concept in game theory where each player's strategy is optimal given the strategies of all other players. Named after John Nash, a prominent mathematician, it represents a situation in which no player can benefit by unilaterally changing their strategy.
`yaml meta: date: false reading_time: false title: “Non-Discrimination” date: 2023-10-05 description: “Equal treatment for comparable cases contrasted with discrimination, which is differential treatment on irrelevant grounds.” tags: [“Economics”, “Labor Economics”, “International Trade”, “Equality”] `
Background The principle of non-discrimination is grounded in the idea of fairness and equality, asserting that comparable cases should be treated equally. This concept is crucial for ensuring that no individual or group is subjected to inappropriate differential treatment based on irrelevant factors.
1--- 2meta: 3 date: false 4 reading_time: false 5title: "Non-satiation" 6date: 2023-10-05 7description: "non-satiation The assumption that a consumer will always benefit from additional consumption. The demand for some goods may have a finite limit, but it is likely that there is some good or service a consumer would benefit from having more of." 8tags: ["Economics", "Consumer Behavior", "Demand Theory"] 9--- 10 11## Background 12 13Non-satiation is a fundamental concept in microeconomics that pertains to consumer behavior.
--- meta: date: false reading_time: false title: "North American Free Trade Agreement" date: 2023-10-05 description: "An analysis of the North American Free Trade Agreement (NAFTA), its historical context, definitions, and impacts." tags: ["international trade", "free trade", "agreement", "NAFTA", "North America"] --- ## Background The North American Free Trade Agreement (NAFTA) was a landmark trade deal implemented in 1994 that aimed to create a trilateral trade bloc in North America by reducing tariffs and other trade barriers among Canada, Mexico, and the United States.
1--- 2meta: 3 date: false 4 reading_time: false 5title: "Not-for-Profit Organization" 6date: 2023-10-05 7description: "Definition and meaning of a not-for-profit organization (NPO), synonymous with a non-profit organization." 8tags: ["Not-for-Profit", "Non-Profit", "Economics", "Organization"] 9--- 10 11## Background 12 13The term "not-for-profit organization (NPO)" is used interchangeably with "non-profit organization." Both refer to entities that operate for purposes other than generating profit for their owners or shareholders. Such organizations aim to support various social, educational, cultural, health, and other community-oriented initiatives.
1--- 2meta: 3 date: false 4 reading_time: false 5title: "Organizational Slack" 6date: 2023-11-01 7description: "The excess resources within an organization that can be utilized in times of need without impacting performance." 8tags: ["Organizational Economics", "Resource Management", "Business Economics"] 9--- 10 11## Background 12 13Organizational slack refers to the availability of resources within an organization that exceed the minimum necessary to produce a given level of output. These resources, whether they are financial, human, or material, are not currently engaged in productive activities but can be deployed as needed.
1--- 2meta: 3 date: false 4 reading_time: false 5title: "Organized Labour" 6date: 2023-10-05 7description: "A comprehensive examination of organized labour, its role, function, historical context, and impact on economic systems and policies." 8tags: ["organized labour", "trade unions", "labour force", "economics"] 9--- 10 11## Background 12 13Organized labour refers to a segment of the workforce that is united in trade unions. These organizations seek to improve and protect workers' wages, hours, and working conditions through collective bargaining and negotiation with employers.
1--- 2meta: 3 date: false 4 reading_time: false 5title: "Price Discrimination" 6date: 2023-10-05 7description: "An overview of price discrimination, its types, and its impact on economics." 8tags: ["Economics", "Price Discrimination", "Market Power", "Consumer Behavior"] 9--- 10 11## Background 12 13Price discrimination is a strategy used by monopolists and firms with significant market power to maximize profits by charging different prices for the same good or service based on various criteria, such as customer characteristics, purchase quantity, or location.
1--- 2meta: 3 date: false 4 reading_time: false 5title: "Price Elasticity" 6date: 2023-10-05 7description: "The proportional change in quantity supplied or demanded relative to a proportional change in price." 8tags: ["economics", "price elasticity", "supply and demand"] 9--- 10 11## Background 12 13Price elasticity measures how responsive the quantity supplied or demanded of a good or service is to a change in its price. It is a critical concept in economics that helps to understand market dynamics, consumer behavior, and incentive systems.
1--- 2meta: 3 date: false 4 reading_time: false 5title: "Probability" 6date: 2023-10-05 7description: "A quantitative measure of the chance that a random event will occur." 8tags: ["probability", "quantitative measure", "random event", "economics"] 9--- 10 11## Background 12 13Probability is a fundamental concept in statistics, mathematics, and a wide range of applied fields, including economics. It quantifies the likelihood of the occurrence of different possible outcomes in an uncertain event or situation.
