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.
Features
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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Stay updated with the latest additions to our lexicon and expand your economic knowledge. Whether you’re preparing for exams, writing research papers, or pursuing professional development, EconomicsTermsLexicon.com is your go-to resource for all things economics.
A differential in wages intended to compensate workers for special non-pecuniary aspects of a job.
Compensation by those causing adverse externalities to the victims of these externalities.
A detailed exploration of the compensation principle, also known as the Hicks–Kaldor principle, its application in economics, and its criticisms.
Understanding the concept and implications of competition in economics
An exploration of the UK body set up to replace the Competition Commission and the Office of Fair Trading.
Government policy to encourage competition, addressing both the structure of industries and the behavior of firms within them.
Understanding competitive advantage and its significance in business and economics.
Analysis of Competitive Devaluation in Economics
An overview of the concept of a competitive economy, where economic agents consider prices as given when making economic choices.
Equilibrium in an economy with competitive markets where agents maximize their objectives under constraints, and all markets clear.
The smaller firms that coexist with a dominant firm, or a small number of dominant firms, in an imperfectly competitive industry.
A system of purchasing goods or services by inviting and evaluating bids to select a supplier.