Economics Terms & Definitions
70 terms explained simply
What is Trickle Down Economics?
The theory that tax cuts and benefits for corporations and wealthy individuals will 'trickle down' to benefit everyone.
What is Keynesian Economics?
The theory that government spending and monetary policy can stabilize the economy during recessions.
What is Supply Side Economics?
The theory that lower taxes and less regulation increase production, benefiting the economy more than demand-side policies.
What is Study Of Economics?
The academic discipline examining how societies allocate scarce resources to satisfy unlimited wants.
What is Socio Economic Status?
A combined measure of a person's economic and social position based on income, education, and occupation.
What is Trade Off?
A situation where gaining one benefit requires giving up another—the core concept underlying all economic decisions.
What is Economic Surplus?
The total benefit to society from a transaction—the sum of consumer surplus and producer surplus.
What is Game Theory?
The study of strategic decision-making where each participant's outcome depends on others' choices.
What is Economic Growth?
An increase in the production of goods and services in an economy over time, typically measured by GDP growth.
What is Market Economics?
An economic system where prices and production are determined by supply and demand rather than central planning.
What is Meaning Of Equilibrium?
A state where opposing economic forces balance, creating stability in prices and quantities.
What is Economic System Of The Us?
A mixed economy combining free market capitalism with government regulation and social programs.
What is Economic Freedom?
The ability of individuals to engage in economic activities with minimal government interference.
What is Economic Value Addition?
The additional value created during production by transforming inputs into more valuable outputs.
What is Economic Impact Of Beef Cattle?
The total economic contribution of the beef cattle industry to local and national economies.
What is Basic Economic Problem?
The fundamental challenge of unlimited wants versus limited resources requiring choices.
What is Demand Economics?
The relationship between price and the quantity of a good consumers are willing to buy.
What is Economic Inequality?
The uneven distribution of income and wealth within a population.
What is Nudge Economics?
An economic concept or theory related to nudge economics.
What is Economic Imperialism?
An economic concept or theory related to economic imperialism.
What is Economic Profit?
An economic concept or theory related to economic profit.
What is Traditional Economy?
An economic concept or theory related to traditional economy.
What is Ppf Economics?
An economic concept or theory related to ppf economics.
What is Surplus Economics?
An economic concept or theory related to surplus economics.
What is Gross Economic Output Of Liechtenstein?
An economic concept or theory related to gross economic output of liechtenstein.
What is Special Economic Zone?
An economic concept or theory related to special economic zone.
What is Crowding Out?
An economic concept or theory related to crowding out.
What is Economic Model?
An economic concept or theory related to economic model.
What is Economic Utility?
An economic concept or theory related to economic utility.
What is Economic System In Us?
An economic concept or theory related to economic system in us.
What is Economic Interdependence?
An economic concept or theory related to economic interdependence.
What is Crowding Out Economics?
An economic concept or theory related to crowding out economics.
What is Externality?
A cost or benefit that affects parties not directly involved in a transaction.
What is Quota?
An economic concept or theory related to quota.
What is Socio Economic Background?
An economic concept or theory related to socio economic background.
What is Monopolistic?
An economic concept or theory related to monopolistic.
What is Economic Elasticity?
An economic concept or theory related to economic elasticity.
What is Economic Injustice?
An economic concept or theory related to economic injustice.
What is Economic Externality?
An economic concept or theory related to economic externality.
What is Market Economy?
An economic concept or theory related to market economy.
What is Consumer Surplus?
An economic concept or theory related to consumer surplus.
What is Trade Off Economics?
An economic concept or theory related to trade off economics.
What is Authorised Economic Operator?
An economic concept or theory related to authorised economic operator.
What is Labour Market?
An economic concept or theory related to labour market.
What is Economic System Of America?
An economic concept or theory related to economic system of america.
What is Ppc Economics?
An economic concept or theory related to ppc economics.
What is Economic Efficiency?
An economic concept or theory related to economic efficiency.
What is Economic Justice?
An economic concept or theory related to economic justice.
What is Externality Economics?
An economic concept or theory related to externality economics.
What is Factor Of Production?
An economic concept or theory related to factor of production.
What is Marginal Cost?
An economic concept or theory related to marginal cost.
What is Subsidy?
Financial assistance from government to support industries, businesses, or individuals.
What is Economic Activity?
An economic concept or theory related to economic activity.
What is Economic Equality?
An economic concept or theory related to economic equality.
What is Social Economic Zone?
An economic concept or theory related to social economic zone.
What is Absolute Advantage?
An economic concept or theory related to absolute advantage.
What is Price Index?
An economic concept or theory related to price index.
What is Salvage Value?
An economic concept or theory related to salvage value.
What is Deadweight Loss?
An economic concept or theory related to deadweight loss.
What is Model Economics?
An economic concept or theory related to model economics.
What is Economic Service?
An economic concept or theory related to economic service.
What is Ap Economics?
An economic concept or theory related to ap economics.
What is Law Of Demand?
An economic concept or theory related to law of demand.
What is Economic Disparity?
An economic concept or theory related to economic disparity.
What is Economic System In America?
An economic concept or theory related to economic system in america.
What is Specialisation?
An economic concept or theory related to specialisation.
What is Us Economic System?
An economic concept or theory related to us economic system.
What is Cartel?
An economic concept or theory related to cartel.
What is Business Economics?
An economic concept or theory related to business economics.
What is Normative Economics?
An economic concept or theory related to normative economics.