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A list of definitions of terms and concepts used in economics, its sub-disciplines, and related fields. Includes topics such as 401 (k) plan, AD–AS model, allocative efficiency, and ancient economic thought.
Welfare economics is a branch of economics that uses microeconomic techniques to evaluate economic well-being, especially relative to competitive general equilibrium, with a focus on economic efficiency and income distribution. [13] In general usage, including by economists outside the above context, welfare refers to a form of transfer payment ...
Economics is a social science that studies the production, distribution, and consumption of goods and services. It also analyses the behaviour and interactions of economic agents and how economies work. Learn about the history, methods, and fields of economics.
Learn how the term 'economics' evolved from political economy to the science of choice and scarcity, and how different economists defined it in various contexts and levels. Compare the classic, neoclassical, and modern definitions of economics and their implications for the subject matter and methods.
Learn what goods are in economics, how they differ from services and intangible goods, and how they are classified by utility, elasticity, exclusivity and competitiveness. Find out the characteristics and examples of public, private, common-pool and club goods.
Opportunity cost, as such, is an economic concept in economic theory which is used to maximise value through better decision-making. In accounting, collecting, processing, and reporting information on activities and events that occur within an organization is referred to as the accounting cycle.
A market is a coordinating mechanism that uses prices to convey information among economic entities and regulate production and distribution. Learn about the different types of markets, such as perfect, imperfect, free, and controlled, and how they differ in terms of efficiency, competition, and regulation.
An economic equilibrium is a situation when the economic agent cannot change the situation by adopting any strategy. The concept has been borrowed from the physical sciences. Take a system where physical forces are balanced for instance.This economically interpreted means no further change ensues.