Economics Terms Lexicon - Authoritative Dictionary and Knowledge Tests
About Economics Terms Lexicon
Welcome to EconomicsTermsLexicon.com! Our site offers a comprehensive and authoritative dictionary of economic terms, providing detailed definitions and explanations. Each dictionary entry references books, official publications, and government websites to ensure accuracy and reliability.
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1--- 2meta: 3 date: false 4 reading_time: false 5title: "Economic Geography" 6date: 2023-10-05 7description: "A discipline that studies spatial aspects of economic activities." 8tags: ["Economics", "Geography", "Globalization", "Economic Activities"] 9--- 10 11## Background 12 13Economic geography is an interdisciplinary field at the intersection of economics and geography that examines the spatial dimensions of economic activity. It investigates how economic processes and systems are influenced by and, in turn, influence geographical locations and distributions.
1--- 2meta: 3 date: false 4 reading_time: false 5title: "Edgeworth Price Index" 6date: 2023-10-05 7description: "An explanation of the Edgeworth Price Index, also known as the Marshall–Edgeworth Price Index." 8tags: ["Edgeworth Price Index", "Marshall–Edgeworth Index", "Price Index", "Economics"] 9--- 10 11## Background 12 13The Edgeworth Price Index, often referred to as the Marshall–Edgeworth Price Index, represents a dual approach to measuring cost changes over time. It considers both quantities from the base period and the comparison period to gauge how prices have changed.
--- meta: date: false reading_time: false title: "Environmental Protection Agency" date: 2023-10-13 description: "A comprehensive entry on the Environmental Protection Agency (EPA) focusing on its definition, historical context, and analytical frameworks within economics." tags: ["EPA", "environment", "pollution", "policy", "federal agency"] --- ## Background The Environmental Protection Agency (EPA) is a pivotal US federal agency established to promote human health and the environment by conducting research, providing education, and enforcing regulations centered on pollution control and environmental preservation.
1--- 2meta: 3 date: false 4 reading_time: false 5title: "Equity" 6date: 2023-10-05 7description: "The concept of distributive justice in welfare economics" 8tags: ["Economics", "Welfare Economics", "Distributive Justice", "Equity"] 9--- 10 11## Background 12 13Equity is a principle central to the field of welfare economics, encompassing the ideals of fairness and justice in the distribution of economic resources and welfare among individuals in a society. In economic terms, equity addresses how income and wealth are distributed and aims to identify policies that ensure fair inequalities.
1--- 2meta: 3 date: false 4 reading_time: false 5title: "Equivalence Scale" 6date: 2023-10-05 7description: "A method of adjusting household incomes to account for differences in demographic composition." 8tags: ["equivalence scale", "household incomes", "welfare comparisons"] 9--- 10 11## Background 12 13The concept of "Equivalence Scale" plays a critical role in economic analyses, especially in the context of household income comparisons. Understanding how varying household sizes and compositions impact welfare is a fundamental aspect of economics to ensure fair and accurate comparisons.
1--- 2meta: 3 date: false 4 reading_time: false 5title: "Estate Duty" 6date: 2023-10-05 7description: "An examination of the defunct UK tax on the estate of a deceased person, replaced first by capital transfer tax and later by inheritance tax." 8tags: ["Taxation", "Public Finance", "UK Tax Law", "Estate Planning"] 9--- 10 11## Background 12 13Estate duty was a tax in the United Kingdom imposed on the total value of a deceased person's estate.
1--- 2meta: 3 date: false 4 reading_time: false 5title: "European Monetary Union" 6date: 2023-10-05 7description: "The common monetary system for Europe including coordination of monetary policies, the creation of the European Central Bank, and the adoption of the single European currency." 8tags: ["European Monetary Union", "EMU", "monetary policy", "European Central Bank", "eurozone"] 9--- 10 11## Background 12 13The European Monetary Union (EMU) refers to the unified monetary framework adopted by European Union (EU) member states.
1--- 2meta: 3 date: false 4 reading_time: false 5title: "Export Surplus" 6date: 2023-10-05 7description: "An analysis and definition of 'export surplus,' including its historical context, various analytical frameworks, and related economic concepts." 8tags: ["Trade Balance", "Economics", "International Trade", "Export Surplus"] 9--- 10 11## Background 12 13Export surplus, often referred to in economic literature as a trade surplus, occurs when a country's exports exceed its imports. This is a key indicator of a nation’s economic health, affecting variables such as employment, GDP, and currency valuation.
1--- 2meta: 3 date: false 4 reading_time: false 5title: "F-distribution" 6date: 2023-10-05 7description: "A continuous probability distribution used primarily in analysis of variance (ANOVA) and regression analysis, also known as Snedecor’s F-distribution." 8tags: ["Economics", "Statistics", "Probability Distribution", "Analysis of Variance"] 9--- 10 11## Background 12 13The F-distribution, named after Sir Ronald Fisher and also known as Snedecor’s F-distribution, is a continuous probability distribution that arises frequently in the context of statistical hypothesis testing, particularly ANOVA (Analysis of Variance) and regression analysis.
1--- 2meta: 3 date: false 4 reading_time: false 5title: "Financial Innovation" 6date: 2023-10-10 7description: "Changes in financial institutions, financial instruments, or business practices in the financial sector." 8tags: ["financial innovation", "financial instruments", "business practices"] 9--- 10 11## Background 12 13Financial innovation refers to the development and application of new financial instruments, technologies, institutions, and processes. It represents a dynamic shift in how financial markets operate and interact with the broader economy.
1--- 2meta: 3 date: false 4 reading_time: false 5title: "Flag Carrier" 6date: 2023-10-05 7description: "A business considered essential for national security and prestige, often supported by governments irrespective of economic viability." 8tags: ["economics", "national security", "prestige"] 9--- 10 11## Background 12 13A flag carrier refers to a business, often a national airline, regarded by a state as symbolic of the nation's presence and reputation on the global stage. This concept transcends mere financial performance, incorporating national pride and strategic importance.
1--- 2meta: 3 date: false 4 reading_time: false 5title: "Flexible Wages" 6date: 2023-10-05 7description: "A thorough explanation of flexible wages and their role in balancing labour supply and demand." 8tags: ["Flexible Wages", "Labour Market", "Economics", "Wage Rigidity"] 9--- 10 11## Background 12 13Flexibility in wages refers to the adjustment of hourly, daily, or monthly pay rates according to the economic conditions to achieve equilibrium in the labour market. This concept implies that wages adapt quickly to changes, such as shifts in demand or supply for labour.
