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basics of economics

Contributors in Economics



Economy; Economics

A measure of the responsiveness of one variable to changes in another. Economists have identified four main types. * price elasticity measures how much the quantity of supply of a good, or demand for ...

efficient market hypothesis

Economy; Economics

You can’t beat the market. The efficient market hypothesis says that the price of a financial asset reflects all the information available and responds only to unexpected news. Thus prices can be ...

efficiency wages

Economy; Economics

Wages that are set at above the market clearing rate so as to encourage workers to increase their productivity.


Economy; Economics

Getting the most out of the resources used. For a particular sort of efficiency often favored by economists, see Pareto efficient.

economies of scale

Economy; Economics

Bigger is better. In many industries, as output increases, the average cost of each unit produced falls. One reason is that overheads and other fixed costs can be spread over more units of output. ...


Economy; Economics

The “dismal science”, according to Thomas Carlyle, a 19th-century Scottish writer. It has been described in many ways, few of them flattering. The most concise, non-abusive, definition is the study ...

economic sanctions

Economy; Economics

A way of punishing errant countries, which is currently more acceptable than bombing or invading them. One or more restrictions are imposed on international trade with the targeted country in order ...

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