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basics of economics

Contributors in Economics



Economy; Economics

Since 1930 it has been the norm in most developed countries for average prices to rise year after year. However, before 1930 deflation (falling prices) was as likely as inflation. On the eve of the ...


Economy; Economics

In the red – when more money goes out than comes in. A budget deficit occurs when public spending exceeds government revenue. A current account deficit occurs when exports and inflows from private ...


Economy; Economics

Failure to fulfill the terms of a loan agreement. For example, a borrower is in default if he or she does not make scheduled interest payments on a loan or fails to pay off the loan at the agreed ...

debt forgiveness

Economy; Economics

Cancelling or rescheduling a borrower’s debts to lessen the pain of the debt burden. Debt forgiveness is increasingly viewed as the best way to relieve the financial problems facing poorer countries. ...


Economy; Economics

“Neither a borrower nor a lender be,” wrote Shakespeare in “Hamlet”. Actually, the availability of debt, and the willingness to take it on, is a crucial ingredient of economic growth, because it ...

deadweight cost

Economy; Economics

The extent to which the value and impact of a tax, tax relief or subsidy is reduced because of its side-effects. For instance, increasing the amount of tax levied on workers’ pay will lead some ...

underground economy

Economy; Economics

If you pay your cleaner or builder in cash, or for some reason neglect to tell the taxman that you were paid for a service rendered, you participate in the black or underground economy. Such ...

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