Oecd glossary of statistical terms european commission. Learn vocabulary, terms, and more with flashcards, games, and other study tools. An actuary is an expert on pension scheme assets and liabilities, life expectancy and probabilities for insurance purposes the likelihood of things happening. Italicized terms within the definitions are themselves defined elsewhere in the glossary, for crossreference. Though claiming to be basic, this glossary covers a surprising range of economics related words, names and phrases, with short entries. A glossary of microeconomics terms digital economist. It is comprehensive and includes many figures, although, by his own admission, is biased towards international trade terms although international finance terms are also covered. This page presents a listing of oecd glossaries providing translations. Department of transportation in the interest of information exchange. Glossary of economic terms united for a fair economy. To read a definition scroll your cursor over a term or click on the term.
Investment spending stimulates economic growth, which in turn. Adaptive expectations state that if inflation increased in the past year, people will expect a higher rate of inflation in the next year. Inbound logistics glossary of transportation, logistics, supply chain, and international trade terms can help you navigate through confusion and get to the meaning behind industry jargon. Macroeconomicsglossary wikibooks, open books for an. Financial economics basic terminology corporate structure a corporation has legal rights somewhat like a person. Making a choice made normally involves a tradeoff in simple terms, choosing more of one thing means giving up something else in exchange. Refers to the revenue received for selling a good per unit of output sold. An economic principle that describes a consumers desire and willingness to pay a price for a specific good or service. A type of retirement plan which is sponsored by an employer and in which the employer may match a portion of the employees contributions. Complete economics dictionary to earn in tax revenues over the financial year.
Economics the study of how a given society allocates scarce resources to meet or satisfy the unlimited wants and need of its members. A corporation can own property and borrow and can be sued in court. Risk represents an absence of or deviation from certainty probabil. Think of demand as your willingness to go out and buy a certain product. This is the simplest yardstick of economic performance. This glossary of economic terms has been put together by ken rea of the university of toronto, to support his teaching. The five fundamental principles of economics, basic terms we need to know in order to move on. Glossaries of economic terms in principles general the. For a definition of these terms, please click on the relevant group below. Economics glossary of terms for use with the crossword puzzle asset anything of value owned by an individual or a corporation i.
The terms supply and demand are two of the most basic and most often used terms in economics, according to the economist website. Economics deals with the choices that individuals, businesses and governments make regarding the use of the scarce resources available to them. This glossary of economics is a list of definitions of terms and concepts used in economics, its subdisciplines, and related fields. Private limited company a company jointly owned by the people who have invested in it, they buy shares and. The terms of trade and other wonders university of michigan. Budget surplus this financial situation occurs if a government plans to spend more than it forecasts to earn in tax revenues over the financial year. Holding all other factors constant, the price of a good or service increases as its demand increases and vice versa. It also lists creditors who have been owed money for the longest period. Glossary of important business, economic, and financial history terms by robert e. To merge temporary files containing a days or weeks worth of information with the main data base in order to update it. This az pocket guide to understanding financial terms is just one of the achievements of ebss partnership with nala.
The longrun propensity in a distributed lag model with the dependent and independent variables in logarithmic form. Assets anything of value owned by the business cash accounts receivable office equipment building real estate. Glossary of economic terms office for national statistics. Absolute advantage the advantage conferred on an individual in an activity if he or she can do it better than other people absolute value the value of a number without regard to a plus or minus sign accelerator principle the proposition that a higher rate of growth in real gdp results in a higher level of investment spending, and a lower growth rate in real gdp leads to lower. The edas main goals are to alleviate unemployment and diversify the economy as well as assist urban areas with planning and emergency public works programs. Supply and demand are market forces which determine the direction in which the economy moves. Circular flow the circular flow of income is a diagrammatic representation of economic activity in a given time period. The contributions are taxdeferred until retirement withdraws occur. Create custom, printable flashcards appropriate for your grade level. Illustrated glossary for transport statistics 4th edition. Pdf on jan 1, 2001, coskun can aktan and others published glossary of economics terms find, read and cite all the research you need on researchgate.
Stockholders own company, shares show fraction of company owned, one vote per share. Complete economics dictionary complete economics dictionary a. Employment a measure of those individuals in the labor force working, at least one hour per week, for pay. Economics is the basis of our daily lives, even if we do not always realise it. The economist offers authoritative insight and opinion on international news, politics, business, finance, science, technology and the connections between them. There are strange words, like oligopsony, and words that are familiar but have different meanings to economists, like elasticity. A glossary of macroeconomics terms digital economist. The guide is an important resource that will help to create a much greater understanding of. Twid, wikipedia this post was updated in august 2018 to. This is found by dividing the total revenue by quantity sold. It identifies the main sectors in the economy households, firms the government and overseas and linkages between sectors e. Terms defined are in bold and crossreferences to definitions elsewhere in the glossary. It has been compiled as an annotated text, building on material from a variety of sources and adapting it to the field of economics and finance of health services.
An actual budget deficit occurs if actual public spending exceeds actual tax revenues. Economic development administration eda created by the public works and economic act of 1965 as a part of the commerce department. Directors board of directors sets company policy, meets. Aged debtors report an aged debtors report lists amounts owed to a business by trade debtors and analyses how long the amounts have been due. A glossary of microeconomics terms abundance a physical or economic condition where the quantity available of a resource exceeds the quantity desired in the absence of a rationing system. Because wants are unlimited but resources are finite, choice is an unavoidable issue in economics. In a sense, every university class is a foreign language class.
A companys total earnings which includes explicit costs of doing business, such as taxes, depreciation, expenses. Glossary suddenly lose a lot of value 2 i,t if a computer crashes, or if you crash a computer, it suddenly and unexpectedly stops working crisis nplural crises c,u 1 a period or moment of great difficulty, danger, or uncertainty, especially in politics or. Glossary of economic terms these pages bring together a comprehensive list of economic terms related to and used within ons releases. Because my own specialty is international trade, the coverage will inevitably be much more thorough for that. A glossary for students to understand basic economic principles grades prekk, 12, 35, 68, 912. Click on a letter to go to the first item beginning with that letter of the alphabet or scroll down the list and. Disclaimer this information is disseminated under the sponsorship of the u.
Aggregate monetary resources broad money without time deposits of post office savings organisation m3. The terms in this glossary have been carefully selected from the myriad of terms one can encounter in the shipping business. Page orientation is longer than it is widelike the portrait of a person. Partnership a group or association of between 2 and 20 people who agree to own and run a business together. Whether it is an explanation of how firms work, or people vote, or customers buy, or governments subsidise, economists have examined evidence and produced theories which. The conference board of canadas dictionary of financial, economic, and business. Complete economics dictionary complete economics dictionary. Essential as economics glossary sukromne gymnazium. Dictionary of financial, economic, and business terms. This glossary contains nontechnical descriptions of all the terms in economics for everyone highlighted in small capitals. Browse our glossary of economics and personal finance terms.
An actual budget deficit occurs if actual public spending. Glossary adam smith 1723 1790 regarded as the father of modern economics. Absolute advantage this is the simplest yardstick of economic performance. The page below contains most of the key terms from an introductory economics course. Having launched it originally in 2004 we have now updated it with modern terminology to meet with the increasing demand for the book. Wright, director of the thomas willing institute for the study of financial markets, institutions, and regulations and the nef family chair of political economy, augustana college sd this work is. If one person, firm or country can produce more of something with the same amount of effort and resources, they have an absolute advantage over other producers.
Fixed assets also known as longterm assets are things that have a useful life of more than one year, for example buildings and machinery. Italicized terms within the definitions are themselves defined. The economic concepts you often hear or read about are easier to comprehend when you have an understanding of. Dictionary of economic terms edited by edward robert raupp and danna. Budget set different bundles of goods and services that are attainable to the consumer at given market prices and the consumers fixed level of income. Terms of trade and other wonders this is a glossary for terms used in international economics, maintained by alan deardorff. This glossary will eventually attempt to cover all of the terms and concepts from international economics, including both international trade and international finance, at least at the introductory level. Oecd economics object oriented database objectives of. Glossary of economic terms administrative regulations. It gave birth to the definition of economics as the science of studying human behaviour as a. Method of reporting financial activity of a business financial transactions recorded in an orderly fashion. Whether you are looking at lakes or economics, the micro and the macro insights should blend with each other. Business structure, organisation and control term concise definition sole trader a business owned and operated by one person, has unlimited liabil ity.
This glossary provides in one place a list of key terms with simple explanations of the ways in which they are technically used. Data governance line define building a framework for a data dictionarybusiness glossary including. Glossary of terms credit union notforprofit cooperatives of members with some type of common bond e. Learn and know the meaning of these economy terms by their definitions here at the economic times. Assets things that have earning power or some other value to their owner. As such, they provide a valuable resource to aid users understanding and interpretation of important statistics on the economy.