Archives: Terms

Definition of Income Income refers to the money or earnings that individuals or households receive from various sources, such as employment, investments, or government assistance. It represents the flow of money into a person’s or household’s bank account or pocket, and it provides individuals or households with the means to […]

Definition of Incidence Rate Incidence rate refers to the measure of the occurrence or frequency of a particular event or phenomenon within a specific population over a given period of time. It is commonly used in epidemiology and public health to understand the prevalence of diseases, injuries, or other health-related […]

Definition of Import Substitution Industrialization Import Substitution Industrialization (ISI) is an economic strategy that aims to promote domestic industries by substituting imported goods with domestically produced goods. This approach is typically adopted by developing countries in order to reduce dependence on foreign imports and promote self-sufficiency. Example To illustrate import […]

Definition of Import Import refers to the act of bringing goods or services into a country from abroad for the purpose of selling or using them domestically. It is a key component of international trade and enables countries to access products that may not be available or produced domestically. Imports […]

Definition of Implicit Cost Implicit cost refers to the opportunity cost of using a resource for one purpose instead of its next best alternative. It is often associated with using resources that the firm already owns, such as the owner’s time or a building that the firm owns. Implicit costs […]

Definition of Imperfect Competition Imperfect competition refers to a market structure in which there are a few firms that dominate the market, and each firm has some degree of market power to influence prices. In contrast to perfect competition, where there are many small firms with no market power, imperfect […]

Definition of Hysteresis Hysteresis refers to a phenomenon in which the effects of past events or conditions persist and have a lasting impact on the present and future state of a system. In economics, it is often used to describe the situation where the current state of the economy is […]

Definition of Hyperinflation Hyperinflation refers to a rapid and excessive increase in the general price level within an economy. It is characterized by extremely high and accelerating inflation rates, often leading to a loss of confidence in the currency and a breakdown of the economy. Hyperinflation can have severe consequences, […]

Definition of Hyperdeflation Hyperdeflation is an extreme and rapid decline in general price levels within an economy. It is the opposite of inflation, where prices rise over time. Hyperdeflation is characterized by a significant drop in consumer demand, leading to a downward spiral in prices. This can result in a […]

Definition of Hundredweight (Cwt) Hundredweight (Cwt) is a unit of measurement used in commerce and trade to measure weight. It is most commonly used in the United States to measure agricultural and industrial commodities. One hundredweight is equal to 100 pounds, or approximately 45.36 kilograms. The term “hundredweight” may also […]