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basics of economics

Contributors in Economics


economic man

Economy; Economics

At the heart of economic theory is homo economicus, the economist’s model of human behavior. In traditional classical economics and in Neo-classical economics it was assumed that people acted in ...

economic indicator

Economy; Economics

A statistic used for judging the health of an economy, such as GDP per head, the rate of unemployment or the rate of inflation. Such statistics are often subject to huge revisions in the months and ...

Economic and Monetary Union

Economy; Economics

In January 1999, 11 of the 15 countries in the European union merged their national currencies into a single European currency, the Euro. This decision was motivated partly by politics and partly by ...


Economy; Economics

A branch of Economics that uses quanitative methods to analyze Economic Theories through the statistical relationships between independant and dependant variables. Econometrics combines the fields ...


Economy; Economics

Selling something for less than the cost of producing it. This may be used by a dominant firm to attack rivals, a strategy known to antitrust authorities as predatory pricing. Participants in ...

dominant firm

Economy; Economics

A firm with the ability to set prices in its market (see monopoly, oligopoly and antitrust).


Economy; Economics

When a country’s own money is replaced as its citizens’ preferred currency by the US dollar. This can be a deliberate government policy or the result of many private choices by buyers and sellers ...

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