- Industry: Education
- Number of terms: 31274
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1. The edge. In economics it usually refers to the last (in terms of quantity, not of time) unit consumed or produced by a consumer or firm. 2. A gap between one number and another, such as a dumping margin or injury margin.
Industry:Economy
1. Loosely, the extra that you get in return for doing more of something. 2. Marginal product.
Industry:Economy
1. The belief that marginal analysis provides a useful theory of economic behavior. 2. The belief that economic value reflects marginal utility.
Industry:Economy
1. The interaction between supply and demand to determine the market price and corresponding quantity bought and sold. 2. The determination of economic allocations by decentralized, voluntary interactions among those who wish to buy and sell, responding to freely determined market prices.
Industry:Economy
A country in which most economic decisions are left up to individual consumers and firms interacting through markets. Contrasts with central planning and non-market economy.
Industry:Economy
1. Ability of a firm or other market participant to influence price by varying the amount that it chooses to buy or sell. 2. Ability of a country to influence world prices by altering its trade policies.
Industry:Economy
1. The price at which a market clears. 2. Alternative to factor cost.
Industry:Economy
A stylized simplification of reality in which behavior is represented by variables and by assumptions about how they are determined and interact. Models enable one to think consistently and logically about complex issues, to work out how changes in an economic system matter, and (sometimes) to make predictions about economic performance.
Industry:Economy
1. Anything that serves the three basic purposes of money: medium of exchange; store of value; unit of account. 2. In modern economies, a currency issued by an agency of government. 3. As an adjective, "money" refers to the value of something denominated in the prevailing currency and not corrected for inflation; contrasts with real.
Industry:Economy
