Definition of Duopoly Duopoly refers to a market structure in which only two firms dominate the market for a particular product or service. That means that these two firms have significant control over the supply, demand, and pricing of the product, often leading to a highly competitive market. Thus, it […]
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Economic Depreciation
Definition of Economic Depreciation Economic depreciation is a decrease in the value of an asset over time due to wear and tear, obsolescence, or other factors that make it less productive or useful as it ages. It is a measure that reflects the true cost of using or owning an […]
Read moreEconomic Cycle
Definition of Economic Cycle An Economic Cycle is a recurring pattern of prosperity and recession in the economy. This pattern usually includes several stages: expansion or growth, peak, contraction or recession, and trough. These stages usually occur in that order, but they can last different amounts of time and have […]
Read moreEconomic Conditions
Definition of Economic Conditions Economic conditions are the state of an economy in terms of the production, distribution, and consumption of goods and services. It includes various factors that determine the level of economic activity, such as Gross Domestic Product (GDP), inflation rate, employment rate, and interest rates. These conditions […]
Read moreEconomic Collapse
Definition of Economic Collapse An economic collapse is a severe and sudden decline in economic activity that typically leads to a depression or a recession. It can be caused by a variety of factors, such as financial crises, political instability, natural disasters, or even pandemics. It is important to note […]
Read moreEconomic Justice
Definition of Economic Justice Economic justice is a concept that describes fairness in the distribution of economic benefits and burdens within a society. Essentially, it argues that people should receive a fair share of the benefits generated by economic activity while also accepting their fair share of responsibilities. Economic justice […]
Read moreEconomic Integration
Definition of Economic Integration Economic integration refers to the process of countries and regions coming together to promote economic cooperation by reducing trade barriers and increasing the flow of goods, services, people, and capital across borders. This process may involve the formation of trade blocs, customs unions, or even a […]
Read moreEconomic Profit (Or Loss)
Definition of Economic Profit (or Loss) Economic profit (or loss) is the difference between the revenue earned by a firm and the total opportunity costs of all inputs used in production. Opportunity costs refer to the cost of the best alternative forgone, such as the highest-valued alternative use of a […]
Read moreEconomic Indicator
Definition of Economic Indicator An economic indicator is a statistic that provides information about the overall health and performance of a country’s economy. These indicators can be used to track changes in economic activity, predict future trends, and inform policy decisions. Example Gross Domestic Product (GDP) is one of the […]
Read moreEconomic Growth Rate
Definition of Economic Growth Rate The Economic Growth Rate is the percentage change in the real output of an economy over time. It is a measure of how fast an economy is growing or shrinking. The growth rate is usually calculated on an annual basis and is expressed as a […]
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