Cost of Living

The amount of money required to maintain a certain standard of living, including expenses for housing, food, transportation, healthcare, and other essential goods and services.

Technological Innovation

The process of developing and applying new or improved technologies, methods, or ideas that lead to the creation of new products, services, or processes.

Public Debt

The total amount of money owed by the government or public sector to domestic or foreign creditors.

Poverty Line

A threshold or minimum level of income or consumption below which individuals or households are considered to be in poverty.

Financial Crisis

A severe disruption of the financial system characterized by a widespread collapse of financial institutions, sharp declines in asset prices, and a severe contraction in economic activity.

Trade Liberalization

The removal or reduction of barriers to international trade, such as tariffs, quotas, and restrictions, to promote free and open trade between countries.

Market Power

The ability of a firm or a group of firms to influence the market price, output, or other market conditions.

Public Goods

Goods or services that are non-excludable and non-rivalrous, meaning that they are available to all individuals and their consumption by one person does not diminish their availability for others.

Labor Market

The market where individuals supply their labor and employers demand labor, determining wage rates and employment levels.

Economic Surplus

The difference between the total benefits received and the total costs incurred in an economic transaction or activity.

Multiplier Effect

The phenomenon whereby an initial change in spending or investment results in a larger impact on overall economic activity.

Inflation Rate

The rate at which the general level of prices for goods and services is increasing, resulting in a decrease in purchasing power.

Economic Externalities

The unintended spillover effects of economic activities on third parties, which are not reflected in market prices.

Economic Inequality

The unequal distribution of income, wealth, or opportunities among individuals or groups within a society.

Economic Development

The process of improving the economic well-being and quality of life in a society through sustained growth, structural transformation, and reduction of poverty.

Financial Markets

Markets where financial instruments, such as stocks, bonds, currencies, and derivatives, are traded, facilitating the transfer of funds between investors and borrowers.

Monopolistic Competition

A market structure characterized by a large number of firms selling differentiated products, with each firm having some degree of market power.

Price Elasticity of Demand

A measure of the responsiveness of quantity demanded to changes in price, indicating the percentage change in quantity demanded resulting from a 1% change in price.

Economic Efficiency

The optimal allocation of resources to maximize the production of goods and services and achieve the highest possible level of economic welfare.

Income Tax

A tax levied by the government on the income earned by individuals and businesses, based on a progressive tax rate structure.

Quantitative Easing

A monetary policy tool used by central banks to stimulate the economy by purchasing government securities or other financial assets.

Human Capital

The knowledge, skills, education, and experience possessed by individuals, which contribute to their productive capacity and economic value.

Market Equilibrium

The state in which the quantity demanded by consumers is equal to the quantity supplied by producers, resulting in a stable price and quantity in a market.

Economic Forecasting

The process of making predictions about future economic conditions, such as GDP growth, inflation, and employment, based on historical data and economic models.

Supply Curve

A graphical representation of the relationship between the price of a good or service and the quantity supplied by producers.

Demand Curve

A graphical representation of the relationship between the price of a good or service and the quantity demanded by consumers.