Economics

Economics

basics of economics

Contributors in Economics

Economics

A comparatively homogeneous product that can typically be bought in bulk. It usually refers to a raw material – oil, cotton, cocoa, silver – but can also describe a manufactured product used to make ...

commoditization

Economy; Economics

The process of becoming a commodity. Micro¬chips, for example, started out as a specialized technical innovation, costing a lot and earning their makers a high profit on each chip. Now chips are ...

command economy

Economy; Economics

When a government controls all aspects of economic activity (see, for example, communism).

collateral

Economy; Economics

An asset pledged by a borrower that may be seized by a lender to recover the value of a loan if the borrower fails to meet the required interest charges or repayments.

closed economy

Economy; Economics

An economy that does not take part in inter¬national trade; the opposite of an open economy. At the turn of the century about the only notable example left of a closed economy is North Korea (see ...

classical economics

Economy; Economics

The dominant theory of economics from the 18th century to the 20th century, when it evolved into Neo-classical economics. Classical economists, who included Adam Smith, David Ricardo and John Stuart ...

Chicago school

Economy; Economics

A fervently free-market economic philosophy long associated with the University of Chicago. At times, especially when Keynesian economics was the orthodoxy in much of the world, the Chicago School ...