Economics
Question Archives

Bilateral economics is the study of economic activity between two countries. It examines trade flows, investment flows, and other economic transactions …

The Bretton Woods system was the first global monetary system that was established after World War II. It was named after the location of the conference…

A costermonger is a person who sells fruit, vegetables, or other goods from a handcart or stall in the street. The word “costermonger” has been used sin…

Cost per mille (CPM), also called cost per thousand, is a marketing term used to denote the price of 1,000 advertisement impressions on one web page. If…

Cost-plus pricing with elasticity considerations is a marketing strategy that takes into account the price elasticity of demand when setting prices for …

Cost The Limit of Price marketing strategy is a marketing technique that defines the maximum amount that a company is willing to spend on marketing and …

The Big Mac Index is a popular measure of purchasing power parity (PPP) between nations. It was created by The Economist in 1986 as a way to measure whe…

The Big Push model is a theory that suggests that economic development requires a coordinated effort in order to be successful. This means that all sect…

The balance of payments (BOP) is an accounting statement that records all money flowing in and out of a country during a specified period. The purpose o…

Backward induction is a process of reasoning in which one works backwards in time to infer what a player will do in the present. It is important in econ…

The bequest motive is the desire to leave an inheritance for one’s heirs. This motive is important in economics because it can help explain why people s…

Austrian economics is a school of economic thought that emphasizes the importance of individual human action, telesemantics, and the subjective nature o…

The balance of trade is the difference between a country’s imports and exports. A country with a surplus of exports over imports is said to have a favor…

The Austrian School of economics is a school of thought that stresses the importance of individual freedom and market forces in shaping economic outcome…

Asymmetric information is a term used in economics to describe a situation in which one party in a transaction has access to information that the other …

The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacifi…

A consumer is an individual who purchases goods or services for personal use. The term “consumer” can also refer to a person who uses something, such as…

A deficit is an accounting term that refers to the amount by which a company’s liabilities exceed its assets. In other words, a deficit occurs when a co…

Consumer demand is an important marketing concept that refers to how much of a product or service consumers are willing and able to purchase. It’s impor…

Consumerism is an economic theory which states that a progressively greater level of consumption is beneficial to the consumers. The theory is based on …

Applied Economics is the application of economic analysis and econometrics to solve real-world problems. It often involves the use of data and economic …

Aggregate supply is the total supply of goods and services produced by an economy at a given overall price level in a given period of time. It is repres…

The 1979 Energy Crisis refers to the sudden increase in oil prices that occurred after the Iranian Revolution. This event led to an oil embargo by sever…

Aggregate demand is an economic term used to describe the total demand for goods and services in an economy. It is often represented by a graph that sho…

Agent-based computational economics (ACE) is a form of computational economics that uses autonomous agents to model economic processes. These agents can…

Adaptive expectations is an economic theory that posits that people form their expectations based on past experience and learning. The theory is used to…

Adverse selection is a type of market failure that can occur when people with better knowledge about a good or service are able to buy it while those wh…

Congestion pricing is a type of demand-based pricing used to manage traffic congestion. The price of using a congested road or other scarce resource i…

The 1973 oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed an oil embargo on…

Comparative advantages refer to the economic concept of determining what a company does best in comparison to others in its industry. This can be used…

In economics, the break-even point (BEP) is the point at which total revenue and total costs of production are equal. In other words, it is the point …

A capitalist economy is one in which private individuals own and operate businesses for profit, and prices and production are determined by market for…

The Category Development Index (CDI) is a marketing tool used to measure how well a product category is performing in the marketplace. It is calculate…

In marketing, the barriers to entry are factors that make it difficult or expensive for new businesses to enter a market. The existence of high barrie…

Barter is the process of trading goods or services for other goods or services without the use of money. Bartering is often done in order to get what …

The barriers to exit are the factors that make it difficult for a company to leave a particular market. They can be classified into three types: finan…

Base point pricing is a marketing technique in which a company prices its products or services according to a set price per unit area. The base point …

Bazaari is a marketing term used to describe a marketplaces or an environment where people buy and sell goods. The word “bazaar” is derived from the P…

Behavioral economics is the study of how people actually make decisions, as opposed to the traditional economic model which assumes that people are ra…

Bait pricing is a marketing technique in which a company offers a product or service at an artificially low price in order to lure customers into its …