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A dictionary full of definitions for every key term, theory and concept in economics.
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Say’s Law is a theory developed by the French economist Jean-Baptiste Say in 1803, and has become one of the main assumptions in classical economics.
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A market failure is when the free market fails to allocate resources in the most efficient way. What that means is resources are being used to produce goods that could instead be used to produce something that is more beneficial to society.
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A mixed economy is an economic system in which economic activity is directed by a mixture of private firms and the government.
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Quick Definition: Classical unemployment is a type of unemployment caused by real wages being ...
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Quick Definition: Frictional unemployment is the unemployment created with the movement between jobs in ...
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What is the Big Mac Index? The Big Mac index was first used by ..
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The price of watching football in the UK has been the topic of much ...
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This old argument of Qualitative Economics versus Quantitative Economics has always been controversial (we ..
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By 1943, it became increasingly clear that WW2 was going to end in success ...
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Not nearly as famous as pirates, or as infamous as mercenaries, privateers have become ...
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The Hamiltonian banks The United States’ Federal Reserve is undoubtedly one of the most ...
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John Forbes Nash Jr. is an American mathematician and co-recipient of the 1994 Nobel ...
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John Maynard Keynes (1883-1946) was a British economist most famous for a set of ...
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Milton Friedman (1912-2006) was an American economist, famous for his writings that formed the ...
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