Archives: Terms

Definition of the Cobweb Model The cobweb model is an economic theory used to explain fluctuations in prices and quantities in markets with supply time lags. It suggests that producers base their supply decisions on prices prevailing in the market in the previous period (or periods), leading to a cyclical […]

Definition of Coase Conjecture The Coase Conjecture, named after Nobel Prize-winning economist Ronald Coase, addresses the dynamics of pricing and monopolies within the context of durable goods. It posits that a monopolist selling a durable good—whose utility does not diminish over time—will not be able to maintain monopoly pricing over […]

Definition of Club Good A club good is a type of good that is excludable but non-rivalrous, at least up to a certain point. This means that while access to the good can be limited to those who have paid for it or are part of a specific group (excludable), […]

Definition of Classical General Equilibrium Model The classical general equilibrium model represents a framework within economics that describes how the prices of goods and services are determined within a given market system. It posits that in a perfectly competitive market, under certain conditions, there exists a set of prices that […]

Definition of Citizen’s Dividend A Citizen’s Dividend is a concept in economics where a governmental structure or public organization provides a regular, unconditional sum of money to each of its citizens, typically funded by the profits from national resources or from taxes on activities that are deemed to detract from […]

Unfortunately, the third title “circulation” doesn’t contain any additional detail for me to create content around. If you’re looking for information on “Economic Circulation” or another specific aspect related to “circulation” within economics, feel free to provide more details!

Definition of Choice Modelling Choice Modelling represents a method in economics and marketing used to understand how individuals make decisions from a set of alternatives. It aids in predicting the decision an individual will make by considering the attributes of the choices available and how these attributes impact the individual’s […]

Definition of Choice Choice in economics refers to the decision made by individuals or organizations regarding which goods or services to purchase or consume, given the limitations of resources and budget constraints. It encompasses the concept of opportunity cost, which is the value of the best alternative foregone when a […]

Definition of the Chicago School The Chicago School refers to a specific approach to economics that originated from the University of Chicago in the 20th century. It emphasizes free-market principles, minimal government intervention in the economy, and a strong belief in the efficiency of capital markets. Proponents of this school […]

Definition of Chartalism Chartalism is a monetary theory that emphasizes the role of the state in the provision and regulation of money. According to chartalist theory, money’s value is not derived from its material worth (such as gold or silver) but from the state’s power to enforce its use as […]