Cartel
A cartel is a formal (explicit) agreement between two or more producers of a good or service to control prices or exclude competition. In economics, car…
Chicago School of Economics
The Chicago School of Economics is a school of thought within economics that stresses the study of economic phenomena through observation and experiment…
Cash Crop
A cash crop is a crop that is grown for sale, rather than for personal or family use. Cash crops are typically processed into other products, such as fo…
Capital Intensity
Capital intensity refers to the amount of capital required to produce a unit of output. It is usually measured as the ratio of capital to labor, and is …
Chartalism
Chartalism is a school of economics that holds that money creation and taxation are inseparable parts of the state’s monopoly on violence. In other word…
Capital Asset
A capital asset is an economic resource that provides benefits or advantages for a period of time greater than one year. The term “capital assets” is ge…
Catch-Up Effect
The catch-up effect is the economic phenomenon whereby a country which is behind in terms of its per capita income (GDP) will tend to grow at a faster r…
Ceteris Paribus
Ceteris paribus is a Latin phrase that means “other things being equal.” It’s often used in economics to make theoretical assumptions about how one vari…
Celtic Tiger
The Celtic Tiger is a term used to describe the rapid economic growth in Ireland during the 1990s and early 2000s. The country’s strong performance led …
Capital Flight
Capital flight is the sudden and large-scale movement of capital away from a country. It usually refers to the flight of money or other assets held by i…
Business Cycle
The business cycle is the natural rise and fall in economic activity that occurs over time. The cycle is measured by considering the growth rate of real…
Capacity Utilization
Capacity utilization is a measure of the extent to which an organization or economy is using its available resources. It is calculated as a ratio of act…
Black Market
A black market is a thriving illegal marketplace where goods or services are traded without the consent of the authorities. It may be clandestine, opera…
Budget Set Economics
The budget set economics is the study of economic choices that people make in order to allocate resources efficiently. It encompasses both microeconomic…
Bullionism Economics
Bullionism economics is a theory that suggests that the value of a nation’s currency is linked to the country’s gold and silver reserves. The theory aro…
Buddhist Economics
Buddhist economics is a spiritual approach to economics that emphasizes the importance of compassion, interdependence, and moderation. It is based on th…
Bioeconomics
The term “bioeconomics” is relatively new, and it is still being defined by economists and policy-makers. As the bioeconomy grows, it is likely that the…
Bilateral Economics
Bilateral economics is the study of economic activity between two countries. It examines trade flows, investment flows, and other economic transactions …
Bretton Woods System
The Bretton Woods system was the first global monetary system that was established after World War II. It was named after the location of the conference…
Bellman Equation
The Bellman equation is a fundamental equation in economics that describes the optimal way to make decisions over time. The equation is named after Amer…
Big Mac Index
The Big Mac Index is a popular measure of purchasing power parity (PPP) between nations. It was created by The Economist in 1986 as a way to measure whe…
Big Push Model
The Big Push model is a theory that suggests that economic development requires a coordinated effort in order to be successful. This means that all sect…
Balance of Payments
The balance of payments (BOP) is an accounting statement that records all money flowing in and out of a country during a specified period. The purpose o…
Backward Induction
Backward induction is a process of reasoning in which one works backwards in time to infer what a player will do in the present. It is important in econ…
Bequest Motive
The bequest motive is the desire to leave an inheritance for one’s heirs. This motive is important in economics because it can help explain why people s…
Austrian Economics
Austrian economics is a school of economic thought that emphasizes the importance of individual human action, telesemantics, and the subjective nature o…
Balance of Trade
The balance of trade is the difference between a country’s imports and exports. A country with a surplus of exports over imports is said to have a favor…
Austrian School
The Austrian School of economics is a school of thought that stresses the importance of individual freedom and market forces in shaping economic outcome…
Bank Reserves
Bank reserves are the funds that a bank keeps on hand to meet its customers’ demands for withdrawals. They also serve as a buffer against unexpected dep…
Behavioral
Behavioral economics is the study of how people make decisions. It is a relatively new field that combines economics and psychology to understand why pe…
Arrow’s Impossibility Theorem
In economics, Arrow’s impossibility theorem is a statement about the inefficiency of certain voting systems. The theorem is named after economist Kennet…
Appropriate Technology
Appropriate technology is a term used to describe technologies that are designed with specific local contexts in mind. This includes factors such as the…
Asymmetric Information
Asymmetric information is a term used in economics to describe a situation in which one party in a transaction has access to information that the other …
Asia-Pacific Economic Cooperation
The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacifi…
Applied Fields
Applied economics is a field of economics that uses economic principles and methods to solve real-world problems. It is distinct from pure economics, wh…
Applied Economics
Applied Economics is the application of economic analysis and econometrics to solve real-world problems. It often involves the use of data and economic …
Aggregate Supply
Aggregate supply is the total supply of goods and services produced by an economy at a given overall price level in a given period of time. It is repres…
Anarchist
Anarchist economics is a set of theories and practices that focuses on the voluntary interactions between people, without interference from the state or…
Ancient Thought
There is no definitive answer to this question, as the term “ancient thought” can refer to a wide variety of ideas and concepts from different cultures …
Agricultural
Agricultural economists study how to produce food and fiber crops efficiently and how to allocate resources among competing uses. They also develop ways…