Economics/Glossary

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Glossary of terms related to Economics.
Five other glossaries are available:

- the banking glossary; - the finance glossary; - the international economics glossary; - the macroeconomics glossary; and, the monetary policy glossary





A

  • Adverse selection [r]: a partial market failure that occurs when there are traders who take advantage of asymmetric information, raising uncertainty and leading to a reduction in the value of its products. [e]
  • Agency cost [r]: The cost to the owners (or company shareholders) of an organisation of actions by their agents (or the company management) that are contrary to the owners' interests - and the cost of attempting to prevent such actions. [e]
  • Applied statistics [r]: the practice of collecting and interpreting numerical observations for the purpose of generating information. [e]
  • Arbitrage [r]: transactions to take advantage of a price differences of a product in different markets by buying where it is cheap and selling where it is dear. The possibility of arbitrage often prevents the occurrence of price differences. [e]
  • Asset price bubble [r]: The condition of an asset market in which price is governed by speculators' expectations that it will increase. [e]
  • Asymmetric shock [r]: A shock that has different effects upon different parts of an economic system such as a country or a monetary union. [e]
  • Austrian School of economics [r]: A school of economists who reject the tenets of macroeconomics and oppose the practice of collective economic management; and whose methodology concentrates upon the decisions of individuals and the operation of the market mechanism. [e]

B

  • Balassa-Samuelson effect [r]: A tendency for productivity increases in the traded sector to lead to a rise in the relative price of nontradables. [e]
  • Basis point [r]: (bp) one hundredth of a percentage point . [e]
  • Beveridge curve [r]: A curve (convex when viewed from the origin) showing a relationship between vacancies and unemployment. [e]
  • Bubble (economics) [r]: A surge in prices that raises expectations of further increases, so generating further increases: a process that continues until confidence falters, the bubble "bursts" and prices rapidly revert to an objectively-based level. [e]
  • Budget balance [r]: the difference between a central government's revenue and its expenditure in a given financial year. Conventions differ concerning the items that are included, and various cyclical adjustments can be made to identify its discretionary element.. [e]
  • Budget deficit [r]: the excess of a government's expenditures over its receipts. See also cyclically-adjusted budget deficit [e]

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C

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D

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E

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F

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G

H

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I

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J,K,L

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M

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N

O

P,Q

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R

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S

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T,U,V,W,X,Y,Z

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