Archives: Terms

Definition of Community Charge The Community Charge, commonly referred to as the “poll tax,” was a system of taxation that was introduced in Scotland in 1989 and in England and Wales in 1990. It was designed to fund local government services and replaced the previous local tax system, which was […]

Definition of Commonwealth A Commonwealth refers to a political community founded for the common good. Historically, the term has been used to describe self-governing territories associated with a central government. In modern contexts, it is often associated with republics or federations of states that manage their affairs while sharing certain […]

Definition of Commons Commons refer to resources that are accessible to all members of a society. These include natural resources like air, water, and a shared environment, as well as man-made resources such as public parks, libraries, and the internet. The defining feature of commons is that they are not […]

Definition of Common Stock Common stock represents ownership interests in corporations. When individuals purchase common stock, they essentially buy a piece of the company, making them shareholders. These shares grant them certain rights, including the right to vote on company matters, such as electing the board of directors, and the […]

Definition of Common Market A common market is a type of trade agreement where member countries remove all tariffs and quotas on trade with each other, but maintain a unified external trade policy. This means that goods and services can move freely across borders within the common market, similar to […]

Definition of Common External Tariff (CET) A Common External Tariff (CET) refers to a uniform tariff rate adopted by a group of countries on imports from non-member countries. This is one of the key features of a customs union, a type of trade bloc which is formed through a trade […]

Definition of Common Agricultural Policy The Common Agricultural Policy (CAP) is a cornerstone of the European Union’s agricultural policy, aimed at supporting farmers, ensuring food security, and promoting sustainable agriculture across its member states. Established in 1962, the CAP has evolved over the years to address challenges such as environmental […]

Definition of Common Access Resource A common access resource (often called a common-pool resource) is a type of good that provides users with benefits and is available to all members of a certain community or the public at large. These resources are characterized by their difficulty in excluding individuals from […]

Definition of Commodity Price Index A Commodity Price Index is a fixed-weight index that tracks the price movement of a basket of goods over time. These goods can include raw materials such as metals, agricultural products, and energy commodities. The changes in the index reflect the average price changes of […]

Definition of Commodity Market A commodity market is a financial market that trades in raw or primary products rather than manufactured products. These commodities are divided into two main types: hard commodities, which are natural resources that must be mined or extracted (such as gold, rubber, oil), and soft commodities, […]