Subject dictionary

Economics

Scarcity, markets, incentives, production, policy and economic systems.

Core vocabulary

120 featured terms

The database can contain more terms than shown here; this page prioritises the strongest mappings.

Capital accountnoun

(economics) that part of the balance of payments recording a nation's outflow and inflow of financial securities

Consumptionnoun

(economics) the utilization of economic goods to satisfy needs or in manufacturing; "the consumption of energy has increased steadily"

Economic consumptionnoun

(economics) the utilization of economic goods to satisfy needs or in manufacturing; "the consumption of energy has increased steadily"

Economic sciencenoun

the branch of social science that deals with the production and distribution and consumption of goods and services and their management

Economic theorynoun

(economics) a theory of commercial activities (such as the production and consumption of goods)

Economicsnoun

the branch of social science that deals with the production and distribution and consumption of goods and services and their management

Game theorynoun

(economics) a theory of competition stated in terms of gains and losses among opposing players

Gresham's Lawnoun

(economics) the principle that when two kinds of money having the same denominational value are in circulation the intrinsically more valuable m…

Macroeconomicsnoun

the branch of economics that studies the overall working of a national economy

marginal utilitynoun

(economics) the amount that utility increases with an increase of one unit of an economic good or service

Microeconomicsnoun

the branch of economics that studies the economy of consumers or households or individual firms

Monopolynoun

(economics) a market in which there are many buyers but only one seller; "a monopoly on silver"; "when you have a monopoly you can ask any price…

Monopsonynoun

(economics) a market in which goods or services are offered by several sellers but there is only one buyer

Moral hazardnoun

(economics) the lack of any incentive to guard against a risk when you are protected against it (as by insurance); "insurance companies are expo…

oligopolynoun

(economics) a market in which control over the supply of a commodity is in the hands of a small number of producers and each one can influence p…

Political economynoun

the branch of social science that deals with the production and distribution and consumption of goods and services and their management

Productionnoun

(economics) manufacturing or mining or growing something (usually in large quantities) for sale; "he introduced more efficient methods of produc…

Productivitynoun

(economics) the ratio of the quantity and quality of units produced to the labor per unit of time

Rent seekingnoun

(economics) the theory that a person or firm seeks to make money by manipulating the economic environment rather than by making a profit through…

Rent-seekingnoun

(economics) the theory that a person or firm seeks to make money by manipulating the economic environment rather than by making a profit through…

Spillovernoun

(economics) any indirect effect of public expenditure

Theory of gamesnoun

(economics) a theory of competition stated in terms of gains and losses among opposing players

Usancenoun

(economics) the utilization of economic goods to satisfy needs or in manufacturing; "the consumption of energy has increased steadily"

Usenoun

(economics) the utilization of economic goods to satisfy needs or in manufacturing; "the consumption of energy has increased steadily"

Use of goods and servicesnoun

(economics) the utilization of economic goods to satisfy needs or in manufacturing; "the consumption of energy has increased steadily"

Utilitynoun

(economics) a measure that is to be maximized in any situation involving choice

Accountnoun

an itemized statement of money owed for goods shipped or services rendered; "he paid his bill and left"; "send me an account of what I owe"

Advantagenoun

benefit resulting from some event or action; "it turned out to my advantage"; "reaping the rewards of generosity"

Aggregatenoun

material such as sand or gravel used with cement and water to make concrete, mortar, or plaster

aggregate demandnoun

In macroeconomics, the total demand for final goods and services in the economy at a given time and price level.; "The decline in Japan has been…

Aidnoun

gift of money or other material help to support a person or cause; "economic assistance to depressed areas"

Alienadjective

not contained in or deriving from the essential nature of something; "an economic theory alien to the spirit of capitalism"; "the mysticism so f…

Architecturenoun

(computer science) the structure and organization of a computer's hardware or system software; "the architecture of a computer's system software"

Assistancenoun

gift of money or other material help to support a person or cause; "economic assistance to depressed areas"

Aversionnoun

the act of turning yourself (or your gaze) away; "averting her gaze meant that she was angry"

Avertingnoun

the act of turning yourself (or your gaze) away; "averting her gaze meant that she was angry"

Balancenoun

harmonious arrangement or relation of parts or elements within a whole (as in a design); "in all perfectly beautiful objects there is found the…

Balance of international paymentsnoun

a system of recording all of a country's economic transactions with the rest of the world over a period of one year; "a favorable balance of pay…

Balance of paymentsnoun

a system of recording all of a country's economic transactions with the rest of the world over a period of one year; "a favorable balance of pay…

Bargainingnoun

the negotiation of the terms of a transaction or agreement

Behavioraladjective

of or relating to behavior; "behavioral sciences"

Behaviouraladjective

of or relating to behavior; "behavioral sciences"

Biasverb

cause to be biased

Billnoun

an itemized statement of money owed for goods shipped or services rendered; "he paid his bill and left"; "send me an account of what I owe"

Boardnoun

electrical device consisting of a flat insulated surface that contains switches and dials and meters for controlling other electrical devices; "…

Boundedadjective

having the limits or boundaries established; "a delimited frontier through the disputed region"

Brotherhoodnoun

an organization of employees formed to bargain with the employer; "you have to join the union in order to get a job"

Businessnoun

the principal activity in your life that you do to earn money; "he's not in my line of business"

Business cyclenoun

recurring fluctuations in economic activity consisting of recession and recovery and growth and decline

Calculatornoun

an expert at calculation (or at operating calculating machines)

Capitalnoun

wealth in the form of money or property owned by a person or business and human resources of economic value

Causaladjective

involving or constituting a cause; causing; "a causal relationship between scarcity and higher prices"

Challengernoun

the contestant you hope to defeat; "he had respect for his rivals"; "he wanted to know what the competition was doing"

Chancenoun

the possibility of future success; "his prospects as a writer are excellent"

chemical equilibriumnoun

a chemical reaction and its reverse proceed at equal rates

Choicenoun

the act of choosing or selecting; "your choice of colors was unfortunate"; "you can take your pick"

Coefficientnoun

a constant number that serves as a measure of some property or characteristic

Collectiveadjective

set up on the principle of collectivism or ownership and production by the workers involved usually under the supervision of a government; "coll…

Collective bargainingnoun

negotiation between an employer and trade union

Comparativenoun

the comparative form of an adjective or adverb; "‘faster’ is the comparative of the adjective ‘fast’"; "‘less famous’ is the comparative degree…

Comparative degreenoun

the comparative form of an adjective or adverb; "‘faster’ is the comparative of the adjective ‘fast’"; "‘less famous’ is the comparative degree…

Competitionnoun

the contestant you hope to defeat; "he had respect for his rivals"; "he wanted to know what the competition was doing"

Competitornoun

the contestant you hope to defeat; "he had respect for his rivals"; "he wanted to know what the competition was doing"

Computernoun

an expert at calculation (or at operating calculating machines)

Computer architecturenoun

(computer science) the structure and organization of a computer's hardware or system software; "the architecture of a computer's system software"

Consumernoun

a person who uses goods or services

Contendernoun

the contestant you hope to defeat; "he had respect for his rivals"; "he wanted to know what the competition was doing"

Control boardnoun

electrical device consisting of a flat insulated surface that contains switches and dials and meters for controlling other electrical devices; "…

Control panelnoun

electrical device consisting of a flat insulated surface that contains switches and dials and meters for controlling other electrical devices; "…

Costnoun

the property of having material worth (often indicated by the amount of money something would bring if sold); "the fluctuating monetary value of…

Cryingadjective

conspicuously and outrageously bad or reprehensible; "a crying shame"; "an egregious lie"; "flagrant violation of human rights"; "a glaring erro…

Currentnoun

a steady flow of a fluid (usually from natural causes); "the raft floated downstream on the current"; "he felt a stream of air"; "the hose eject…

Current accountnoun

that part of the balance of payments recording a nation's exports and imports of goods and services and transfer payments

Cyclenoun

a periodically repeated sequence of events; "a cycle of reprisal and retaliation"

Datanoun

a collection of facts from which conclusions may be drawn; "statistical data"

Defrayalnoun

the act of paying money

Defraymentnoun

the act of paying money

Delimitedadjective

having the limits or boundaries established; "a delimited frontier through the disputed region"

Demandnoun

the act of demanding; "the kidnapper's exorbitant demands for money"

Depressionnoun

a long-term economic state characterized by unemployment and low prices and low levels of trade and investment

Developmentnoun

(biology) the process of an individual organism growing organically; a purely biological unfolding of events involved in an organism changing gr…

Developmentnoun

act of improving by expanding or enlarging or refining; "he congratulated them on their development of a plan to meet the emergency"; "they fund…

Directverb

plan and direct (a complex undertaking); "he masterminded the robbery"

Disbursalnoun

the act of spending or disbursing money

Disbursementnoun

the act of spending or disbursing money

Domesticadjective

of concern to or concerning the internal affairs of a nation; "domestic issues such as tax rate and highway construction"

Dutynoun

a government tax on imports or exports; "they signed a treaty to lower duties on trade between their countries"

Earningsnoun

something that remunerates; "wages were paid by cash"; "he wasted his pay on drink"; "they saved a quarter of all their earnings"

Econometricsnoun

the application of mathematics and statistics to the study of economic and financial data

Economicadjective

of or relating to an economy, the system of production and management of material wealth; "economic growth"; "aspects of social, political, and…

Economic aidnoun

gift of money or other material help to support a person or cause; "economic assistance to depressed areas"

Economic assistancenoun

gift of money or other material help to support a person or cause; "economic assistance to depressed areas"

Economic crisisnoun

a long-term economic state characterized by unemployment and low prices and low levels of trade and investment

Economic developmentnoun

the sustained, concerted actions of policy makers and communities that promote the standard of living and economic health of a specific area.; "…

Economic growthnoun

steady growth in the productive capacity of the economy (and so a growth of national income)

Economic systemnoun

the system of production and distribution and consumption

Economicaladjective

of or relating to an economy, the system of production and management of material wealth; "economic growth"; "aspects of social, political, and…

Economynoun

the system of production and distribution and consumption

Egregiousadjective

conspicuously and outrageously bad or reprehensible; "a crying shame"; "an egregious lie"; "flagrant violation of human rights"; "a glaring erro…

Elasticitynoun

the tendency of a body to return to its original shape after it has been stretched or compressed; "the waistband had lost its snap"

Employmentnoun

the occupation for which you are paid; "he is looking for employment"; "a lot of people are out of work"

Engagementnoun

the act of sharing in the activities of a group; "the teacher tried to increase his students' engagement in class activities"

Engineerverb

plan and direct (a complex undertaking); "he masterminded the robbery"

Equilibriumnoun

a chemical reaction and its reverse proceed at equal rates

Estimatenoun

a judgment of the qualities of something or somebody; "many factors are involved in any estimate of human life"; "in my estimation the boy is in…

Estimationnoun

a judgment of the qualities of something or somebody; "many factors are involved in any estimate of human life"; "in my estimation the boy is in…

Estimatornoun

an expert at calculation (or at operating calculating machines)

Exchangeverb

hand over one and receive another, approximately equivalent; "exchange prisoners"; "exchange employees between branches of the company"

exchange ratenoun

the charge for exchanging currency of one country for currency of another

Expendingnoun

the act of spending money for goods or services

Expenditurenoun

the act of spending money for goods or services

Exportverb

sell or transfer abroad; "we export less than we import and have a negative trade balance"

Externaladjective

from or between other countries; "external commerce"; "international trade"; "developing nations need outside help"

Externalitynoun

the quality or state of being outside or directed toward or relating to the outside or exterior; "the outwardness of the world"

Figurernoun

an expert at calculation (or at operating calculating machines)

Financialadjective

involving financial matters; "fiscal responsibility"

Financial aidnoun

gift of money or other material help to support a person or cause; "economic assistance to depressed areas"

Financial assistancenoun

gift of money or other material help to support a person or cause; "economic assistance to depressed areas"

Firmadjective

strong and sure; "a firm grasp"; "gave a strong pull on the rope"

Fiscaladjective

involving financial matters; "fiscal responsibility"