Economic Terms

IOU
An unsecured promise to pay; it stands for ‘I owe you’.
Quango
An in-depth exploration of quangos or quasi-autonomous non-governmental organizations
Auction: Definition and Meaning
An overview of auctions, their types, and how prices are determined through bidding mechanisms.
Capital Consumption
Understanding capital consumption within the scope of national accounts and its impact due to usage, ageing, or obsolescence.
Capital Outflow
An analysis of capital outflow, including its meaning, historical context, and various economic frameworks.
Chairman
The role and function of a chairman in economic organizations and corporations
Complementarity
Understanding the relationship between complementary goods or services in economics.
Deposit
Definition and meaning of deposit in economic terms
Domino Effect
The tendency of one country's accession to an organization, or adoption of a policy, to induce other countries to follow suit.
Fiscal Drag
An explanation of fiscal drag and its implications in progressive tax systems.
Government Production
Understanding the concept of government production in economics and its significance within the national income.
Gross Investment - Definition and Meaning
An exploration of gross investment, encompassing its components, significance, and related economic frameworks.
Inferior Good
A good of which less is demanded at any given price as income rises, demonstrating a negative income elasticity of demand.
Information Agreement
An agreement by firms to share information on prices, discounts, and conditions of sale.
Money at Call and Short Notice
An exploration of the definition, meaning, and context of 'money at call and short notice,' specifically focusing on its liquidity, uses, and relevance in the banking sector.
Monopsony Power
The degree of control that a buyer exerts in a market, primarily measured by the concentration of the industry. It is the counterpart of monopoly power.
Net Foreign Assets
An economic term denoting the difference between a nation's assets held abroad and foreign assets held within the nation.
Overhead Costs
A look into the definition and meaning of overhead costs within economic frameworks.
Visible Balance
An explanation of the term 'Visible Balance' in economics, detailing its meaning, historical context, and its role within various economic frameworks.