EcoGloss
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EcoGloss)
A Glossary of Terms Used in Economics
A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
A
- Above full-employment equilibrium
- Absolute advantage
- Abstract
- Accounting cost
- Accounting profit
- Ad valorem tax
- Adverse selection
- Aggregate demand
- Aggregate hours
- Aggregate market
- Aggregate planned expenditure
- Aggregate supply
- Aggregate production function
- Allocative efficiency
- Antitrust law
- Arbitrage
- Arbitrageur
- Asset
- Ask
- Automatic fiscal policy
- Automatic stabilizers
- Autonomous expenditure
- Average cost pricing rule
- Average fixed cost (AFC)
- Average product
- Average revenue
- Average tax rate
- Average total cost (ATC)
- Average variable cost (AVC)
- Axiom
B
- Bad
- Balanced budget
- Balance of payments accounts
- Balance of trade
- Bank for International Settlements (BIS)
- Bank holding company (BHC)
- Barriers to entry
- Barter
- Below full-employment equilibrium
- Benefits principle of taxation
- Bid
- Big tradeoff
- Bilateral monopoly
- Bilateralism
- Bill
- Black market
- Board of Governors
- Bond
- Breakeven income
- Bretton Woods system
- Budget constraint
- Budget deficit
- Budget line
- Budget surplus
- Bundesbank
- Business cycle
C
- Capacity output
- Capacity utilization rate
- Capital
- Capital account
- Capital accumulation
- Capital flight
- Capital gain
- Capital gains tax
- Capital stock
- Capture theory
- Cartel
- Causation
- Central bank
- Ceteris paribus
- Chain-weighted output index
- Change in demand
- Change in supply
- Change in the quantity demanded
- Change in the quantity supplied
- Circular-flow diagram
- Classical growth theory
- Closed economy
- Coase theorem
- Coincidence of wants
- Collateral
- Collective bargaining
- Collusive agreement
- Command system
- Commercial bank
- Comparable worth
- Comparative advantage
- Compensating wage differential
- Competitive market
- Complement
- Constant returns to scale
- Consumer efficiency
- Consumer equilibrium
- Consumer Price Index (CPI)
- Consumer surplus
- Consumption expenditure
- Consumption function
- Consumption schedule
- Contestable market
- Contractionary fiscal policy
- Contractionary monetary policy
- Controlled experiments
- Corporate income tax
- Corporation
- Correlation
- Cooperative equilibrium
- Cost
- Cost-benefit analysis
- Cost-push inflation
- Craft union
- Cross price elasticity of demand
- Crowding out
- Council of Economic Advisers
- Currency
- Cyclical unemployment
D
- Deadweight loss
- Debtor nation
- Decisions at the margin
- Decreasing returns to scale
- Deflation
- Demand
- Demand curve
- Demand for labor
- Demand schedule
- Demand-pull inflation
- Deposit multiplier
- Depository institution
- Depreciation
- Depression
- Derived demand
- Diminishing marginal rate of substitution
- Diminishing marginal product
- Diminishing marginal returns
- Diminishing marginal utility
- Direct relationship
- Discounting
- Discount rate
- Discouraged workers
- Discretionary fiscal policy
- Discretionary policy
- Discrimination
- Diseconomies of scale
- Disequilibrium
- Disequilibrium price
- Disposable income
- Disutility
- Dividend
- Dominant strategy equilibrium
- Dumping
- Duopoly
- Dynamic comparative advantage
E
- Economic depreciation
- Economic efficiency
- Economic growth
- Economic growth rate
- Economic information
- Economic model
- Economic profit
- Economic rent
- Economic shock
- Economic welfare
- Economics
- Economies of scale
- Economies of scope
- Efficiency
- Efficiency criterion
- Efficiency wage
- Efficient
- Efficient market
- Elastic demand
- Elasticity of demand
- Elasticity of supply
- Embargo
- Employment Act of 1946
- Employment-to-population ratio
- Entitlement spending
- Entrants
- Entrepreneurship
- Envelope curve
- Equation of exchange
- Equilibrium
- Equilibrium expenditure
- Equilibrium price
- Equilibrium quantity
- Equity
- Eurodollars
- Excess capacity
- Excess demand
- Excess supply
- Excess reserves
- Exchange efficiency
- Exchange rate
- Excise tax
- Exclusion principle
- Exhaustible natural resource
- Expansion
- Expansionary fiscal policy
- Expansionary monetary policy
- Expectations
- Expected utility
- Explicit cost
- Exports
- External benefit
- External cost
- External diseconomies
- External economies
- Externality
F
- Factors of production
- Fallacy of composition
- Federal budget
- Federal Deposit Insurance Corporation (FDIC)
- Federal funds
- Federal funds rate (funds rate)
- Federal Home Loan Bank Board (FHLBB)
- Federal Open Market Committee (FOMC)
- Federal Reserve Act of 1913
- Federal Reserve Bank
- Federal Reserve notes
- Federal Reserve System
- Feedback-rule policy
- Fiat money
- Financial innovation
- Financial institution
- Financial intermediary
- Financal market
- Fiscal policy
- Fisher effect
- Fixed exchange rate system
- Fixed-rule policy
- Floating exchange rate system
- Flow
- Foreign exchange desk
- Foreign exchange market
- Foreign exchange rate
- Foreign purchase effect
- Forward exchange
- Four-firm concentration ratio
- Fractional-reserve banking
- Free rider
- Frictional unemployment
- Friedman's law
- Fringe benefits
- Full employment
- Funds rate
G
- Game theory
- GDP deflator
- General Agreement on Tariffs and Trade (GATT)
- Giffen good
- Good
- Government budget deficit
- Government budget surplus
- Government debt
- Government purchases
- Government purchases multiplier
- Government sector surplus or deficit
- Great Depression
- Gross domestic product (GDP)
- Gross investment
- Growth accounting
H
- Herfindahl-Hirschman Index
- Heterogeneous products
- Homogeneous products
- Human capital
- Horizontal equity
- Hyperinflation
I
- Imperfect competition
- Implicit contract
- Implicit rental rate
- Imports
- In-kind transfers
- Incentive regulation scheme
- Incentive system
- Income
- Income distribution
- Income effect
- Income elasticity of demand
- Increasing marginal returns
- Increasing returns to scale
- Indexation
- Indifference curve
- Induced expenditure
- Induced taxes
- Industrial union
- Inefficiency
- Inelastic demand
- Infant-industry argument
- Inferior goods
- Inflation
- Inflation rate
- Inflationary gap
- Information cost
- Insider-outsider theory
- Intellectual property rights
- Interest
- Interest rate
- Interest rate effect
- Interest rate parity
- Intermediate goods and services
- Internalizing an externality
- International Monetary Fund (IMF)
- Inverse relationship
- Investment
- Investment demand
- Involuntary unemployment
J
- J curve effect
- Job leavers
- Job losers
- Job rationing
- Job search
K
- Keynesian activist
- Keynesian economics
- Keynesian theory of the business cycle
L
- Labor
- Labor demand curve
- Labor force
- Labor force participation rate
- Labor productivity
- Labor supply curve
- Labor union
- Land
- Law of demand
- Law of diminishing returns
- Law of increasing (opportunity) cost
- Law of supply
- Learning-by-doing
- Legal monopoly
- Legal tender
- Leisure
- Liability
- Limit pricing
- Limited liability
- Linear relationship
- Liquidity
- Local public good
- Logrolling
- Long run
- Long-run aggregate supply curve
- Long-run average cost
- Long-run cost
- Long-run industry supply curve
- Long-run macroeconomic equilibrium
- Long-run Phillips curve
- Lorenz curve
- Lump-sum taxes
- Lump-sum tax multiplier
M
- M1
- M2
- M3
- Macroeconomics
- Macroeconomic long run
- Macroeconomic short run
- Marginal benefit
- Marginal cost
- Marginal cost pricing rule
- Marginal product
- Marginal product of labor
- Marginal propensity to consume (MPC)
- Marginal propensity to import
- Marginal propensity to save (MPS)
- Marginal rate of substitution
- Marginal revenue
- Marginal revenue product
- Marginal social benefit
- Marginal social cost
- Marginal tax rate
- Marginal utility
- Marginal utility per dollar spent
- Market
- Market clearing price
- Market demand
- Market economy
- Market failure
- Market power
- Means of payment
- Medium of exchange
- Member bank
- Microeconomics
- Minimum efficient scale
- Minimum wage
- Minimum wage law
- Monetarist
- Monetarist theory of the business cycle
- Monetary base
- Monetary policy
- Money
- Money market mutual fund
- Money multiplier
- Money supply
- Money wage rate
- Monopolistic competition
- Monopoly
- Monopsonistic competition
- Monopsony
- Moral hazard
- Multilateralism
- Multiplier
- Mutual fund
- Mutual savings banks
N
- Nash equilibrium
- National income
- National saving
- Natural monopoly
- Natural rate hypothesis
- Natural rate of unemployment
- Negative income tax
- Negative relationship
- Neolassical growth theory
- Net borrower
- Net exports
- Net investment
- Net lender
- Net present value
- Net taxes
- New classical theory of the business cycle
- New growth theory
- New Keynesian theory of the business cycle
- Nominal GDP
- Nominal GDP targeting
- Nonexhaustible natural resource
- Nontariff barrier
- Normal goods
- Normal profit
- Normative economics
- North American Free Trade Agreement (NAFTA)
- Note
O
- Occupational mobility
- Official settlements account
- Official U.S. reserves
- Oligopoly
- Oligopsony
- Open economy
- Open market operation (OMO)
- Opportunity cost
- Own price
P
- Paper currency
- Paper economy
- Paradox of thrift
- Partnership
- Patent
- Payoff matrix
- Peak
- Perfect competition
- Perfectly elastic demand
- Perfectly inelastic demand
- Perfect price discrimination
- Personal income
- Personal income tax
- Per unit tax
- Phillips curve
- Pigovian tax
- Political equilibrium
- Positive economics
- Positive relationship
- Potential Gross Domestic Product (potential GDP)
- Poverty
- Poverty line
- Poverty rate
- Present value
- Price ceiling
- Price discrimination
- Price effect
- Price elasticity of demand
- Price floor
- Price index
- Price level
- Price maker
- Price taker
- Principal-agent problem
- Principle of minimum differentiation
- Prisoners' dilemma
- Private good
- Private information
- Private sector surplus or deficit
- Producer efficiency
- Producer surplus
- Product
- Product differentation
- Production efficiency
- Production function
- Production Possibilities Frontier (PPF)
- Productive resources
- Productivity
- Productivity growth slowdown
- Progressive income tax
- Property rights
- Proprietorship
- Proportional income tax
- Public good
- Public interest theory
- Purchasing power parity
Q
- Quantity demanded
- Quantity of labor demanded
- Quantity of labor supplied
- Quantity supplied
- Quantity theory of money
- Quota
R
- Rate of return regulation
- Rational expectations
- Rational ignorance
- Rationing device
- Real balances effect
- Real business cycle theory
- Real Gross Domestic Product (real GDP)
- Real income
- Real interest rate
- Real wage rate
- Recession
- Recessionary gap
- Recovery
- Reentrants
- Regressive income tax
- Regressive tax
- Regulation
- Relative price
- Rent
- Rent ceiling
- Rent seeking
- Repurchase agreements
- Required clearing balance
- Required reserve balance
- Required reserve ratio
- Required reserves
- Reservation price
- Reserve ratio
- Reserves
- Resources
- Return
- Returns to scale
- Right-to-Work laws
- Risk
- Rivalness
S
- Sacrifice ratio
- Saving
- Saving function
- Saving schedule
- Savings and loan association (S&L)
- Savings bank
- Saving supply
- Scarcity
- Scatter diagram
- Search activity
- Securities and Exchange Commission (SEC)
- Securities
- Security interest
- Seigniorage
- Service
- Shortage (excess demand)
- Short-run
- Short-run aggregate supply curve
- Short-run industry supply curve
- Short-run macroeconomic equilibrium
- Short-run Phillips curve
- Shutdown point
- Signal
- Single-price monopoly
- Slope
- Special drawing rights (SDR)
- Specialization
- Stabilization policies
- Stagflation
- Stock
- Store of value
- Strategies
- Strike
- Structural deficit
- Structural surplus or deficit
- Structural unemployment
- Subsidy
- Subsistence real wage rate
- Substitute
- Substitution effect
- Sunk cost
- Supply
- Supply curve
- Supply-management policies
- Supply of labor
- Supply shock
- Surplus (excess supply)
- Symmetry principle
T
- Tariff
- Tax
- Tax incidence
- Technical efficiency
- Technology
- Terms of trade
- Theory
- Thrift institutions
- Tie-in sale
- Time-series graph
- Total cost
- Total fixed cost
- Total product
- Total revenue
- Total revenue test
- Total utility
- Total variable cost
- Tradeoff
- Tragedy of the Commons
- Transactions costs
- Transitivity
- Treasury bill
- Treasury bond
- Treasury note
- Trend
- Trough
- Twin deficits
U
- Uncertainty
- Unemployed
- Unemployment
- Unemployment insurance
- Unemployment rate
- Unintended consequences
- Union
- Unit elastic demand
- Unit of account
- Unlimited liability
- U.S. interest rate differential
- Utilitarianism
- Utility
- Utility of wealth
V
- Value
- Value added
- Value of marginal product
- Variable costs
- Vault cash
- Velocity of circulation
- Vertical equity
- Voluntary export restraint (VER)
W
- Wages
- Wealth
- Wealth distribution
- Welfare economics
- Wholesale Price Index
- Willingness to pay
- Working-age population
- World price
- World Trade Organization (WTO)
X
- X-axis
- X-inefficiency
Y
- Y-axis
- Yield
Z
- Zero-coupon bond
- Zero-coupon mortgage