Archives: Terms

Definition of Social Security Social Security is a government program designed to provide financial support and assistance to individuals and families in times of need. It is meant to provide a safety net for those who are unable to work or have limited income, such as retirees, disabled individuals, and […]

Definition of Social Sciences Social sciences refer to a group of academic disciplines that study various aspects of human society. These disciplines include sociology, psychology, anthropology, economics, political science, geography, and history. Unlike natural sciences, which focus on the physical world, social sciences examine human behavior, social interactions, societal structures, […]

Definition of Social Responsibility Social responsibility refers to the ethical framework that suggests that individuals and organizations have an obligation to act in ways that benefit society at large. It is the idea that businesses and individuals should not only focus on maximizing profits or personal gain but also consider […]

Definition of Social Economics Social economics is an interdisciplinary field that combines concepts and theories from both economics and sociology to study the social and economic behavior of individuals and societies. It focuses on understanding how social factors, such as culture, norms, institutions, and social relationships, influence economic outcomes. Social […]

Definition of Smoot-Hawley Tariff Act The Smoot-Hawley Tariff Act, also known as the Tariff Act of 1930, was a U.S. legislation that raised import duties on a wide range of goods. It was named after the Congressmen who sponsored the bill, Reed Smoot and Willis C. Hawley. The act was […]

Definition of Shutdown Points Shutdown points are the minimum levels of production or output at which a company chooses to temporarily or permanently suspend its operations. These points are usually determined based on the analysis of the company’s variable costs and revenues. When a company’s variable costs exceed their corresponding […]

Definition of Short Run The short run refers to a period of time in economics during which certain factors of production are fixed, while others can be varied. In the short run, businesses are unable to change their physical capital (e.g., buildings and machinery) and often their level of technology. […]

Definition of Sherman Antitrust Act The Sherman Antitrust Act is a landmark federal law in the United States that prohibits certain business practices considered to be anticompetitive. It was enacted in 1890 and remains one of the most important pieces of legislation in competition law history. The Act is named […]

Definition of Sharing Economy The sharing economy refers to an economic system in which individuals and companies share resources, goods, and services with one another through online platforms. This concept allows individuals to access and utilize assets and services without having to own them outright. It is driven by technology […]

Definition of Service Sector The service sector refers to a category of the economy that consists of intangible goods and services rather than physical products. It includes a wide range of industries such as hospitality, finance, healthcare, education, transportation, and entertainment. The service sector is typically characterized by a high […]