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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๐ŸŒ Global Relevance: While our focus is on providing detailed economic definitions, the referenced materials ensure global relevance and context.

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Autocovariance
Covariance between a random variable and its lagged values in time series analysis
Autocovariance Function
A sequence of autocovariances of a covariance stationary time series process as a function of the lag length.
Automated Econometrics
An approach in empirical econometrics where model evaluation and selection is performed by a computerized algorithm.
Automatic Stabilizers
Economic mechanisms that automatically adjust to counteract economic fluctuations without the need for explicit government intervention.
Automation
Automation: Production by machinery without the need for immediate human intervention.
Autoregressive Moving Average (ARMA (p, q)) Model
A comprehensive dictionary entry on the Autoregressive Moving Average (ARMA (p, q)) model utilized in time series analysis within economics.
Average Cost
Total cost of production divided by quantity produced, combining both average fixed cost and average variable cost.
Average Cost Pricing
A policy of setting prices to cover average costs, often used by government-controlled or non-profit entities.
Average Earnings Scheme
Definition and analysis of the term "average earnings scheme," including its practical applications and relevance in economics.