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This article throws light upon the seventeen economic terms and their basic concepts. “Every science frames its concepts in unique terminology and develops its own vocabulary. Economics too has its unique vocabulary.
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Below, you’ll find 20 introductory terms that are used frequently in the field of economics - which, if you pursue the subject at A-Level, university, or even on a summer course - you’ll be expected to understand and use too.
The term ‘financial markets,’ is a fairly broad one, referring to a marketplace where financial assets can be bought and sold. For example, the selling of equities, bonds and currencies. Financial markets are the lifeline behind capitalist economies, allowing businesses and entrepreneurs to buy and sell their financial holdings. As such, they creat...
To measure a nation’s economic performance and activity from a very broad sense, experts usually look at their gross domestic product (GDP). Essentially, GDP refers to the total monetary value of all the completed goods and services that have been produced within a country’s borders in a set period of time. Looking at the overall productivity of a ...
Related to GDP, gross national product (GNP) is another important economic measure used to assess a country’s growth or depreciation. It’s an estimate of the total value of all the final goods and services produced by a country’s residents. Usually, it’s calculated by taking the sum of all personal consumption expenditures: private domestic investm...
When an individual, organisation or country borrows money, goods, or property, the lender will usually want to make financial gain from giving them the money for that period, especially because they’re offering it as support to others, rather than investing it to generate income. That is, they charge the borrower for the use of an asset. And so, th...
When studying Economics, ‘inflation,’ is a term you’ll often stumble across. It refers to the decline of the purchasing power of a given currency over time, leading to a rise of the cost of living. In its simplest form, when there is inflation, there is a rise in the price we pay for goods and services. A good way to think about it is to imagine a ...
As the name suggests, economic growth is an increase in the production of economic goods and services, compared between one period of time and another. Economic growth can be measured by physical capital (actual goods), human capital (a larger working population than before), labour productivity (a better working-age population) or technology (the ...
In Economics, the term ‘security’ refers to a financial asset or instrument that has economic value and can be purchased, sold or traded. That is, it’s a fungible asset which holds some form of monetary value. There are three primary types of securities on the market: 1. Equity: Provides ownership rights to holders 2. Debt: Usually loans are repaid...
In stock markets, the price of stock is generally a reflection of future prospects of cash flow and profit for companies. But when prospects begin to wane and expectations fall, prices of stock can start to decline. In these instances, the term ‘bear market’ is used to describe this negativity or pessimistic outlook on a stock market’s performance,...
- Goods: Meaning: ADVERTISEMENTS: We know that human wants are the starting point of all economic activity. Man has wants which he must satisfy. There are two things with which he can satisfy these wants—goods and services.
- Utility: Definition of Utility: We have seen that goods satisfy human wants. This want-satisfying quality in a good is called Utility. Hence utility means the power to satisfy a human want.
- Value: Meaning of Value: ‘Value’ is another term which has to be frequently used in Economics, but which creates a lot of confusion. In Economics, we do not use it in the same sense as we use it in our ordinary speech.
- Wealth: Meaning of Wealth: Wealth is another term Used in Economics which requires clear understanding. The term ‘Wealth’ causes a lot of confusion in the mind of a beginner in the study of Economics.
Jul 5, 2023 · 100+ Economics Terms. John Spacey, updated on July 05, 2023. Economics is the study of wealth, production and consumption. This includes a variety of models, principles and techniques that can be used to describe business and society. The following are common terms related to economics.
May 5, 2022 · You don’t have to be an economist-in-training to benefit from knowing some economic terms and concepts. Explore this laypersons’ list of basic economic terms and definitions to expand your vocabulary and deepen your understanding of key economic indicators.
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Oct 29, 2018 · A simple guide to what some key economic terms - like GDP, inflation, debt and deficit - mean.
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Economic terms, from “absolute advantage” to “zero-sum game”, explained to you in plain English
