Archives: Terms

Definition of Treasury The term “Treasury” refers to the government department responsible for managing a country’s public finances, including managing government revenue, expenditures, and the national debt. It plays a critical role in formulating fiscal policy and implementing government economic strategies. In the U.S., this role is performed by the […]

Definition of Poverty Trap A poverty trap is a mechanism that makes it very difficult for people to escape poverty. It represents a cycle where poverty itself creates conditions that reinforce continued poverty, both for individuals and generations to come. Factors contributing to a poverty trap may include lack of […]

Definition of Transport Costs Transport costs refer to the expenses involved in moving goods or passengers from one location to another. These costs are often a critical component of logistics and supply chain management and can significantly influence the overall price of goods and services. Transport costs include a range […]

Definition of Transplant A transplant involves the removal and replanting of tissue or organs from one part of the body to another, or from one individual (the donor) to another individual (the recipient). This medical procedure is performed to replace damaged or failing tissues or organs to restore function and […]

Definition of Transparent Policy Measures Transparent policy measures refer to the openness and clarity with which government bodies and institutions design, communicate, and implement their policies and regulations. Such measures aim to ensure that all stakeholders, including the public, have access to accurate information regarding policy objectives, processes, and outcomes. […]

Definition of Transnational Corporation A transnational corporation (TNC) is a large business entity that operates in several countries but manages its operations from a home country. Unlike simple multinational corporations (MNCs) that might have operations in various countries, TNCs are more integrated into the global economy as they do not […]

Definition of Transmission Mechanism The transmission mechanism, in economics, refers to the process through which monetary policy actions or shocks affect the real economy. This includes the pathways that influence variables such as output, employment, inflation, and interest rates. When central banks make policy changes—such as altering interest rates or […]

Definition of Transitory Income Transitory income refers to the temporary fluctuations in an individual’s or household’s income that occur due to unexpected or non-recurring events. Unlike permanent income, which represents the long-term average income level an individual expects, transitory income is unpredictable and can significantly vary within short time periods. […]

Definition of Transitive Relation A transitive relation is a fundamental concept in mathematics, specifically in the field of set theory and relations. Formally, a relation \( R \) on a set \( A \) is said to be transitive if, whenever an element \( a \) is related to an […]

Definition of Transitional Unemployment Transitional unemployment, also known as frictional unemployment, refers to the short-term and temporary period of unemployment that occurs when individuals are transitioning from one job to another. This type of unemployment is a natural part of the job market and reflects the time it takes for […]