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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đź“š Comprehensive Content: Our lexicon covers a wide range of economic terms and concepts, thoroughly explained to help users understand even the most complex topics.

đź”— Authoritative References: Each entry includes references to authoritative books, official publications, and government sites, ensuring the information is reliable and accurate.

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

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Compensating Wage Differential
A differential in wages intended to compensate workers for special non-pecuniary aspects of a job.
Compensation Principle
A detailed exploration of the compensation principle, also known as the Hicks–Kaldor principle, its application in economics, and its criticisms.
Competition
Understanding the concept and implications of competition in economics
competition policy - Definition and Meaning
Government policy to encourage competition, addressing both the structure of industries and the behavior of firms within them.
Competitive Advantage
Understanding competitive advantage and its significance in business and economics.
Competitive Economy
An overview of the concept of a competitive economy, where economic agents consider prices as given when making economic choices.
Competitive Equilibrium
Equilibrium in an economy with competitive markets where agents maximize their objectives under constraints, and all markets clear.
Competitive Fringe
The smaller firms that coexist with a dominant firm, or a small number of dominant firms, in an imperfectly competitive industry.
Competitive Tendering
A system of purchasing goods or services by inviting and evaluating bids to select a supplier.