Archives: Terms

Definition of the Job Market The job market refers to the supply and demand for labor, where individuals are seeking employment and employers are looking to hire workers. It is a dynamic system influenced by factors such as economic conditions, industry trends, and changes in technology. Example Let’s consider a […]

Definition of Job Lot A job lot refers to a large quantity of goods or products that are sold together as a single unit. These goods are usually sold as a bundle or package, and they may be discounted compared to purchasing each item individually. Job lots are commonly used […]

Who is Jean-Baptiste Say? Jean-Baptiste Say was a prominent French economist and businessman who lived from 1767 to 1832. He is best known for his contributions to classical economics and his formulation of Say’s Law. Say’s Law states that “supply creates its own demand,” meaning that the production of goods […]

Definition of Japanese Housewives Japanese Housewives is a term used to describe married women in Japan who are primarily responsible for managing the household finances and making financial decisions on behalf of the family. This term originated in the 1980s when there was a rise in the number of women […]

Definition of Japan Inc. Japan Inc. refers to the unique economic structure and business practice prevalent in Japan. It is characterized by close cooperation between government, corporations, banks, and other economic institutions to promote economic growth and development. Example One example of Japan Inc. in action is Keiretsu, a network […]

Jan Tinbergen: The Father of Econometrics Early Life and Education Jan Tinbergen, born on April 12, 1903, in The Hague, Netherlands, was a renowned economist known for his significant contributions to the field of econometrics. He completed his undergraduate studies in mathematics and physics at Leiden University before pursuing his […]

Who is James Tobin? Known as an influential economist, James Tobin was born on March 5, 1918, in Champaign, Illinois, and passed away on March 11, 2002. He is best known for his work on monetary economics and financial markets. Contributions to Economics Tobin made significant contributions to various fields […]

Definition of Isoquant Curve An isoquant curve is a graphical representation that shows all the combinations of inputs that can produce a certain level of output. In other words, it represents all the different ways to produce a specific level of output using varying combinations of inputs, such as labor […]

Definition of IS-LM Model The IS-LM model is an economic framework used to analyze the interaction between real output in the economy (IS curve) and interest rates (LM curve). It illustrates the relationship between aggregate demand, investment, savings, and the money market. The model is a graphical representation that helps […]

Definition of Invisible Hand The concept of the invisible hand is a metaphor that describes the self-regulating nature of the marketplace. It suggests that, without any external intervention, the pursuit of individual self-interest in free markets can lead to overall societal benefits. The term was introduced by the economist Adam […]