Archives: Terms

Definition of Head of Household The head of household refers to the person who is considered the primary financial provider and decision-maker for a household. This individual is typically responsible for the financial well-being and management of the household, including making important decisions related to budgets, expenses, and investments. The […]

Definition of Harmonized Index of Consumer Prices (HICP) The Harmonized Index of Consumer Prices (HICP) is an indicator used to measure inflation in the European Union. It provides a comparison of consumer price inflation rates between EU member states and allows for the analysis of price trends across the region. […]

Definition of Happiness Economics Happiness economics is a field of study that combines economics with psychology to understand and measure people’s happiness or well-being. It goes beyond traditional economic measures, such as income and GDP, and focuses on subjective well-being, life satisfaction, and overall happiness. Happiness economists argue that these […]

Definition of Haggle Haggling is the process of negotiating or bargaining with someone over the price or terms of a transaction. It is a common practice in many cultures, particularly in markets and informal settings, where the price of goods or services is not fixed. Haggling allows both parties to […]

Definition of Guns-and-Butter Curve The Guns-and-Butter Curve is a graphical representation that illustrates the relationship between a nation’s investment in defense (guns) and its investment in domestic goods and services (butter). It is a concept derived from the field of macroeconomics and refers to the trade-off a country faces when […]

Introduction to Gunnar Myrdal Gunnar Myrdal was a renowned Swedish economist, sociologist, and politician. He was born on December 6, 1898, in Sweden, and passed away on May 17, 1987. Myrdal made significant contributions to various fields, including economics, social sciences, and public policy. He played a crucial role in […]

Definition of Guanxi Guanxi is a cultural concept that is highly valued in Chinese society. It refers to the personal connections and relationships that an individual has, which can be used to gain social and business advantages. Guanxi is based on the idea of mutual trust, loyalty, and reciprocity, and […]

Definition of Growth Industry A growth industry refers to an industry sector that is experiencing significant expansion and growth in terms of sales, revenue, and market share. These industries typically have a higher rate of growth compared to the overall economy and are characterized by new opportunities, innovation, and high […]

Definition of Gross Value Added Gross Value Added (GVA) is a measure of the value of goods and services produced in an economy. It represents the net contribution a sector, industry, or enterprise makes to the overall economy. GVA is calculated by subtracting the cost of intermediate inputs, such as […]

Definition of Gross Sales Gross sales refers to the total revenue generated by a business through the sale of goods or services during a specific period of time before deducting any expenses. It represents the initial amount of money earned by a company from its core business activities before considering […]