This glossary of economics is a list of definitions of terms and concepts used in economics, its sub-disciplines, and related fields.
This is the sum of the demand for all final goods and services in the economy. It can also be seen as the quantity of real GDP demanded at different price levels.
[...] recent work of the OECD Economics and Statistics Department to construct an international Business Sector Data Base (BSDB) for use in a wide variety of analyses of production and supply issues [...].
An economic theory prevalent in 18th-cent. Germany, which advocated a strong public administration managing a centralized economy primarily for the benefit of the state.
Market-based instruments are regulations that encourage behavior through market signals rather than through explicit directives regarding pollution control levels or methods
Pure capitalism is defined as a system wherein all of the means of production (physical capital) are privately owned and run by the capitalist class for a profit, while most other people are workers who work for a salary or wage (and who do not own the capital or the product).
In capitalist economies, land and produced means of production (the capital stock) are owned by private individuals or groups of private individuals organized as firms.
Capitalism, as a mode of production, is an economic system of manufacture and exchange which is geared toward the production and sale of commodities within a market for profit, where the manufacture of commodities consists of the use of the formally free labor of workers in exchange for a wage to create commodities in which the manufacturer extracts surplus value from the labor of the workers in terms of the difference between the wages paid to the worker and the value of the commodity produced by him/her to generate that profit.
1 The activity of buying and selling, especially on a large scale.
All communists without exception propose that the people as a whole, or some particular division of the people, as a village or commune, should own all the means of production—land, houses, factories, railroads, canals, etc.; that production should be carried on in common; and that officers, selected in one way or another, should distribute among the inhabitants the fruits of their labor.
One widespread distinction was that socialism socialised production only while communism socialised production and consumption.
Economic system – A set of institutions for decision making and for the implementation of decisions concerning production, income, and consumption within a given geographic area.