Economics

Items

• excise duty

  A form of taxation levied on certain goods, services, or other transactions that are imported and exported.
• economic costs

  Both accounting (explicit) costs, which are actual monetary expenses, and opportunity costs (implicit costs), representing the value of the next best alternative foregone when making a decision.
• economic development

  The process of improving the economic, social, and environmental well-being of a nation or region over time.
• economic efficiency

  The optimal allocation of resources to produce goods and services in a way that maximizes social welfare and minimizes waste.
• economic geography

  Studies the spatial aspects of economic activity, focusing on where and why activities occur in a specific location.
• economic goods

  Any product or service that provides value to consumers and has some degree of scarcity, meaning its supply is limited.
• economic growth

  An increase in the production of goods and services in an economy over time, typically measured by a percentage increase in real Gross Domestic Product (GDP).
• economic inefficiency

  A situation where an economy is not utilizing its resources to their maximum potential, resulting in less than the maximum possible output or a suboptimal distribution of goods and services.
• economic migrant or refugee

  A person who leaves their country of origin purely for economic reasons that are not in any way related to the refugee definition, in order to seek material improvements in their livelihood.
• economic problem

  The problem of making choices that occurs because of the scarcity of resources.
• economic profit

  The measure of a company's financial performance that considers all costs, including implicit costs (opportunity costs), and is calculated as total revenue minus the total cost of production, including both explicit and implicit costs.
• economic rent

  The amount of payment received by a resource owner that exceeds what is necessary to keep the resource producing, or the amount a business receives above the expected value.
• economics

  Social science that studies how societies use scarce resources to produce goods and services and allocate them among individuals, families, businesses, and governments.
• economic strike

  A work stoppage initiated by employees to gain economic concessions from their employer, such as higher wages, better benefits, or improved working conditions.
• economic welfare

  The overall well-being of a society, often measured by factors like income, living standards, and access to resources.
• economic zone

  A geographically designated area within a country where different, often more liberal, business policies and regulations are in place to encourage investment and production.
• economies of scale

  When a company reduces its average cost of production as it increases its output, due to factors within the company itself.
• economise

  An attempt to save money by reducing the amount that you are spending.
• economism

  A doctrine that emphasizes pro-growth, openness, laissez-faire policies, dynamic comparative advantage, and limited government intervention in analysing economic success.
• economist

  An expert who studies the relationship between a society's resources and its production or output.
• economizer

  A frugal person who limits spending and avoids waste.
• economy

  A system of producing, distributing, and consuming goods and services.
• economy class

  A categorization of people based on their economic position within a society.
• elasticity of demand

  Measures how much the quantity demanded of a product changes in response to a change in its price, income, or other factors.
• employee association

  A group of employees from a single employer, like trade union formed for social, recreational, or professional purposes.