Specialist dictionary

Microeconomics

Consumers, firms, prices, incentives and market structure.

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 theorynoun

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

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…

marginal utilitynoun

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

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…

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

Challengernoun

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

chemical equilibriumnoun

a chemical reaction and its reverse proceed at equal rates

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"

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"

Costnoun

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

Demandnoun

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

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"

Equilibriumnoun

a chemical reaction and its reverse proceed at equal rates

Externalitynoun

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

Firmadjective

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

Marginaladjective

producing at a rate that barely covers production costs; "marginal industries"

Marketnoun

the world of commercial activity where goods and services are bought and sold; "without competition there would be no market"; "they were driven…

Market placenoun

the world of commercial activity where goods and services are bought and sold; "without competition there would be no market"; "they were driven…

Marketplacenoun

the world of commercial activity where goods and services are bought and sold; "without competition there would be no market"; "they were driven…

Microeconomicsnoun

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

Monetary valuenoun

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

Orientationnoun

a predisposition in favor of something; "a predilection for expensive cars"; "his sexual preferences"; "showed a Marxist orientation"

Outwardnessnoun

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

Predilectionnoun

a predisposition in favor of something; "a predilection for expensive cars"; "his sexual preferences"; "showed a Marxist orientation"

Preferencenoun

a predisposition in favor of something; "a predilection for expensive cars"; "his sexual preferences"; "showed a Marxist orientation"

Pricenoun

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

Rivalnoun

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

Snapnoun

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

Strongadjective

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

Supplynoun

offering goods and services for sale

Acid-base balancenoun

(physiology) the normal equilibrium between acids and alkalis in the body; "with a normal acid-base balance in the body the blood is slightly al…

Acid-base equilibriumnoun

(physiology) the normal equilibrium between acids and alkalis in the body; "with a normal acid-base balance in the body the blood is slightly al…

Assessmentnoun

the market value set on assets

Boringnoun

the act of drilling a hole in the earth in the hope of producing petroleum

Bouncenoun

the quality of a substance that is able to rebound

Breedingnoun

the production of animals or plants by inbreeding or hybridization

Brewingnoun

the production of malt beverages (as beer or ale) from malt and hops by grinding and boiling them and fermenting the result with yeast

Capacitynoun

the maximum production possible; "the plant is working at 80 per cent capacity"

Champnoun

someone who has won first place in a competition

Championnoun

someone who has won first place in a competition

Chewernoun

someone who chews (especially someone who chews tobacco)

Claimnoun

demand for something as rightful or due; "they struck in support of their claim for a shorter work day"

Clientnoun

someone who pays for goods or services

Comernoun

someone with a promising future

Cornernoun

a temporary monopoly on a kind of commercial trade; "a corner on the silver market"

Cultivationnoun

(agriculture) production of food by preparing the land to grow crops (especially on a large scale)

Cultivationnoun

the act of raising or growing plants (especially on a large scale)

Customernoun

someone who pays for goods or services

Drillingnoun

the act of drilling a hole in the earth in the hope of producing petroleum

Drinkernoun

a person who drinks alcoholic beverages (especially to excess)

Drinkernoun

a person who drinks liquids

Eaternoun

someone who consumes food for nourishment

Enemynoun

a personal enemy; "they had been political foes for years"

Exactionnoun

act of demanding or levying by force or authority; "exaction of tribute"; "exaction of various dues and fees"

Excavationnoun

the act of extracting ores or coal etc. from the earth

Favoritenoun

a competitor thought likely to win

Favouritenoun

a competitor thought likely to win

Feedernoun

someone who consumes food for nourishment

Foenoun

a personal enemy; "they had been political foes for years"

Generationnoun

the production of heat or electricity; "dams were built for the generation of electricity"

Givenoun

the elasticity of something that can be stretched and returns to its original length

Imbibernoun

a person who drinks alcoholic beverages (especially to excess)

Labor marketnoun

the market in which workers compete for jobs and employers compete for workers

marginal costnoun

the increase or decrease in costs as a result of one more or one less unit of output

Mass productionnoun

the production of large quantities of a standardized article (often using assembly line techniques)

Miningnoun

the act of extracting ores or coal etc. from the earth

Oil productionnoun

the act of drilling a hole in the earth in the hope of producing petroleum

Outputnoun

production of a certain amount

Overproductionnoun

too much production or more than expected

Overrunnoun

too much production or more than expected

Prodigalnoun

a recklessly extravagant consumer

Profligatenoun

a recklessly extravagant consumer

Quarryingnoun

the extraction of building stone or slate from an open surface quarry

Resiliencenoun

the physical property of a material that can return to its original shape or position after deformation that does not exceed its elastic limit

Resiliencynoun

the physical property of a material that can return to its original shape or position after deformation that does not exceed its elastic limit

Scratchnoun

a competitor who has withdrawn from competition

Sericulturenoun

the production of raw silk by raising silkworms

Smokernoun

a person who smokes tobacco

Snuffernoun

a person who uses snuff

Springnoun

the elasticity of something that can be stretched and returns to its original length

Springinessnoun

the elasticity of something that can be stretched and returns to its original length

Squanderernoun

a recklessly extravagant consumer

Stretchnoun

the capacity for being stretched

Tempernoun

the elasticity and hardness of a metal object; its ability to absorb considerable energy before cracking

Tiernoun

any one of two or more competitors who tie one another

Tilternoun

someone who engages in a tilt or joust

Topernoun

a person who drinks alcoholic beverages (especially to excess)

Toughnessnoun

the elasticity and hardness of a metal object; its ability to absorb considerable energy before cracking

Underproductionnoun

inadequate production or less than expected

Worldlinessnoun

concern with worldly affairs to the neglect of spiritual needs; "he disliked the worldliness of many bishops around him"

Yieldnoun

production of a certain amount

Agriculturenoun

the practice of cultivating the land or raising stock

Apiculturenoun

the cultivation of bees on a commercial scale for the production of honey

Bacchanalnoun

someone who engages in drinking bouts

Bacchantnoun

someone who engages in drinking bouts

Buyernoun

a person who buys

Carousernoun

someone who enjoys riotous drinking

Cheapnessnoun

a price below the standard price

Costlinessnoun

the quality possessed by something with a great price or value

Cropnoun

the yield from plants in a single growing season

Culturenoun

the raising of plants or animals; "the culture of oysters"

Dearnessnoun

the quality possessed by something with a great price or value