Economics

Interest Rate - Definition and Meaning
An in-depth exploration of interest rates, their significance, and various implications across different economic schools of thought.
Interest-Elasticity of the Demand for Money
A comprehensive definition and exploration of the term 'Interest-Elasticity of the Demand for Money' in economics, including its implications and applications within various economic frameworks.
Interest-Rate Swaps
An examination of how financial institutions exchange different flows of interest payments.
Intergenerational Mobility
A detailed exploration of intergenerational mobility, its definition, historical context, and major analytical frameworks in economics.
Interim Report
Definition and meaning of an interim report in the context of economics and business accounting.
Intermediate Good - Definition and Meaning
An in-depth exploration of intermediate goods within economics, detailing their role, significance, and distinction from final goods.
Internal Labour Market
A system by which recruitment for senior positions is predominantly filled from within the organization's existing employees.
Internal Market
The strategic model in which sections of the UK National Health Service (NHS) charge each other for services to foster competition and resource efficiency.
Internal Market
The territories of all European Union (EU) member states viewed as a single integrated market.
Internal Revenue Service
The US federal government organization responsible for assessing and collecting personal and business federal taxes.
International Accounting Standards Board
An independent body responsible for developing the International Financial Reporting Standards.
International Debt
A comprehensive overview of international debt, its forms, and its implications in economics.
International Reserves
A comprehensive understanding of international reserves, their significance, and application in economics.
International Trade - Definition and Meaning
An examination of the fundamental practices, historical significance, and diverse analytical approaches to understanding international trade.
Interpolation
Inserting missing data in a sample, usually by calculating the prediction based on the available data.
Intra-Industry Trade
Trade where goods of the same classification are both imported and exported.
Invention in Economics
A detailed exploration of the term 'invention' in the context of economics, including its background, historical context, major analytical frameworks, and related concepts.
Investment
Definition, meaning, and conceptual frameworks of investment, including its types and implications in various economic theories.
Investment Bank
A bank dealing mainly with the financing of businesses and, sometimes, the government, rather than the general public.
Investment in Stocks and Work in Progress
The value of the real change in stocks, both of inputs and finished products, and of work in progress, during any period.
Investment Incentives
Overview of investment incentives and their role in encouraging investment activities through various economic measures.
Investment Pools - Definition and Meaning
Organized financial arrangements that combine funds from multiple investors to acquire financial assets.
Invisibles
Invisibles: The term used to describe international trade in services. It encompasses various forms of services where no physical goods are exchanged.
Irredeemable Security
A security with no redemption date, where interest is payable indefinitely but the principal is never repaid.
Isocost Curve
In a model with two factor inputs in production, a curve showing the combinations of inputs that have constant market cost.
Isoquant
A detailed explanation of the isoquant curve in economics, illustrating its meaning, historical context, and major analytical frameworks.
J-test
A test of overidentifying restrictions in the generalized method of moments (GMM) model
Job Quits
Examination of the concept of job quits, including its definition and broader economic implications.
Job Search
Detailed entry discussing the job search process, its economics implications, and associated concepts.
Job Vacancy
A comprehensive exploration of the term 'job vacancy,' its definitions, and its significance in various economic contexts.
Johansen’s Approach
A comprehensive overview of Johansen's Approach in econometrics for estimating vector error correction models (VECM) with multiple cointegrating vectors.
Joint Probability Distribution
Understanding Joint Probability Distribution in the Context of Multiple Random Variables
Joint Production
Understanding joint production where linked processes yield different outputs, often reducing costs and leveraging economies of scope.
Joint Supply
The concept of joint supply explaining production conditions where multiple outputs are produced jointly.
Joint-Stock Company
An economic term denoting a legal business arrangement where investors pool funds to undertake business activities.
Kinked Demand Curve
An in-depth look at the kinked demand curve, detailing its implications for pricing strategy and market behavior.
Know-How
Practical economic knowledge enabling firms to achieve results through technical know-how and organizational skills.
Kuznets Curve
A curve depicting the change in inequality over time during the process of economic development.
Labour - Definition and Meaning
Comprehensive exploration of labour within economic contexts, its role as a factor of production, and associated sub-concepts.
Labour Force
An overview of the labour force, its determining factors, and its implications.
Labour Intensity - Definition and Meaning
Understanding the concept of labour intensity, its implications on productive processes, and comparative analytical frameworks.
Laffer Curve
A curve illustrating the relationship between tax rates and tax revenue.
Lag Operator
Definition and explanation of the lag operator in economics.
Lagrange Multiplier
A mathematical technique for solving constrained optimization problems in economics and other fields.
Landlord
The owner of land or buildings, entitled to use them or to charge others rent for their use.
Latent Variable
A comprehensive overview of latent variables in economics, exploring their definition, applications, analytical frameworks, and related concepts.
Law of Demand
The principle that states the level of demand for a good or service is inversely related to its price.
Law of Diminishing Returns
An overview of the law of diminishing returns and its implications in economic theory.
Law of Large Numbers
A statistical theorem stating that as the number of trials increases, the sample average will converge to the expected mean.
Leading Indicator
An economic time series which tends to rise or fall earlier than variables of interest.
Leads and Lags
The ability of traders to bring forward or defer the timing of transactions.
Learning by Doing
The concept that productivity increases through practice and experience.
Lease
A contract granting the use of land or buildings for a specified period in exchange for rent.
Leasehold
The form of tenure of land or buildings by which the tenant has a lease.
Leasing
The practice of hiring items of equipment, rather than buying them outright
Least Developed Countries
An overview of the Least Developed Countries (LDCs) as designated by the United Nations.
Legal Tender
Forms of money which a creditor is legally obliged to accept in settlement of a debt.
Leisure - Definition and Meaning
Time spent not working and regarded as a consumption good from which utility is derived in economic models.
Leontief Paradox
Observation by Wassily Leontief that the US, despite being capital-rich, had exports that were more labor-intensive than its imports, contrary to the Heckscher-Ohlin model's predictions.
Less Developed Countries (LDCs)
An examination of Less Developed Countries (LDCs), including their classification, developmental indicators, and geographical distribution according to the United Nations.
Leveraging
Leveraging refers to using borrowed funds to finance an investment.
Liabilities
Liabilities constitute the obligations and debts of a firm, typically recorded on the debit side of a balance sheet.
Liability
Liability - The legal obligation to make some payment, encompassing various forms of monetary compensation depending on circumstances.
liberalization
A programme of changes in the direction of moving towards a free-market economy.
Licence Raj
An overview of the Licence Raj system of regulations governing the private sector in India.
Licensing - Definition and Meaning
An in-depth exploration of the concept of licensing in economics, its historical context, and various economic frameworks.
Life Assurance
Exploring Life Assurance: Definitions, Contexts, and Comparative Analysis
Life Cycle - Definition and Meaning
The lifetime pattern of income and consumption, illustrating how financial behaviors evolve from youth through retirement.
Life Insurance
A comprehensive look at life insurance, its definition, historical context, various economic frameworks, and its applications.
Likelihood Function - Definition and Meaning
A comprehensive overview of the likelihood function in economics and statistics, detailing its interpretation, application, and significance.
Limited Company
Exploration of the term 'limited company' within the context of economics, including its definition, historical context, and major analytical frameworks.
Limited Liability
The system by which shareholders in a company are not liable for its debts beyond the nominal value of their shares.
Linear Probability Model
An overview of the linear probability model used in econometrics and its applications, strengths, and limitations.
Linear Programming
A mathematical procedure for finding the maximum or minimum value of a linear objective function subject to linear constraints.
Liquidity
The property of assets, of being easily turned into money rapidly and at a fairly predictable price.
Liquidity Constraint
An arbitrary limit on the amount that an individual or a firm can borrow.
Liquidity Preference
An exploration of liquidity preference, the tendency to favor assets that can easily be converted into cash, and its implications in different economic frameworks.
Liquidity Ratio
The proportion between a bank or other financial institution’s holdings of liquid assets and its total liabilities.
Liquidity Trap
A situation in which real interest rates cannot be reduced by any action of the monetary authorities.
Lisbon Agreement
An international agreement between the EU countries that amends the Maastricht Treaty and the Treaty of Rome, comprising the constitutional basis of the EU.
LM Curve
An introduction to the LM curve, a Keynesian economics concept representing money market equilibrium
Loan
Understanding loans, their types, and implications in economics
Loan-Loss Reserve
A reserve fund held by a financial institution to cover potential bad debts from loans.
Loanable Funds
Theory of interest rate determination by the demand and supply of loanable funds.
Loans-to-Deposit Ratio
A measure that represents the total value of a bank’s loans as a percentage of the total value of its deposits, often used as an indicator of liquidity.
Lobbying
Activities devoted to informing politicians of the views of various interest groups, and persuading them to draft legislation or to vote in accordance with these views
Local Authority Housing
State-financed housing for rent, provided in the UK through local authorities.
Local Content - Definition and Meaning
A comprehensive look at the concept of local content in economics, its implications, and applications in trade and investment policies.
Local Public Good
A comprehensive overview of the economic concept 'local public good' within the context of various economic frameworks.
Location
The geographical position of a firm’s premises or the marketing position of its product.