Archives: Terms

Definition of Social Charges Social charges, often referred to as payroll taxes or social security contributions, are mandatory contributions paid by employers, employees, or both to finance social security programs. These programs provide benefits such as healthcare, pensions, unemployment insurance, and other social welfare services. Social charges serve as a […]

Definition of Social Chapter The Social Chapter, also known as the Social Policy Chapter, refers to the provisions and regulations associated with social policy within the framework of the European Union. It includes a range of directives aimed at promoting social welfare and improving working conditions across member states. The […]

Definition of Social Capital Social capital refers to the networks, relationships, and norms that facilitate collective action within a community. It embodies the value created from social networks and the reciprocal trust that enables individuals and groups to work together effectively. Social capital can exist on both interpersonal and community […]

Definition of Social Benefit Social benefit refers to the total benefit to society resulting from a particular action, decision, or policy. It includes not only the direct benefits received by individuals or organizations directly involved but also the indirect benefits experienced by others in the community or society at large. […]

Definition of Snake in the Tunnel The term “Snake in the Tunnel” refers to a concept used in the negotiation of the European Monetary System (EMS) during the 1970s. It describes an exchange rate mechanism where member countries agreed to keep their currencies within narrow margins of a central parity. […]

Definition of Smog Smog is a type of intense air pollution, often characterized by a thick, hazy, and murky appearance, which is detrimental to both environmental and human health. The term “smog” is a portmanteau of the words “smoke” and “fog,” reflecting its composition that often includes smoke, sulfur dioxide, […]

### Smithsonian Parities Definition of Smithsonian Parities Smithsonian Parities refer to the exchange rate adjustments and economic policies set forth during the Smithsonian Agreement in December 1971. This agreement aimed to realign and stabilize the international monetary system after the collapse of the Bretton Woods system. The Smithsonian Agreement included […]

Definition of Smithsonian Agreement The Smithsonian Agreement was a landmark accord reached in December 1971 that sought to recalibrate the global monetary system, which was under strain due to the inadequacies of the Bretton Woods system. Named after the Smithsonian Institution in Washington, D.C., where the discussions were held, the […]

Definition of the Slutsky Equation The Slutsky equation is an important result in consumer theory that decomposes the effect of a price change into two distinct components: the substitution effect and the income effect. The substitution effect relates to the change in consumption that results from the change in the […]

Definition of Slump A slump in economics refers to a period characterized by a significant decline in economic activity across the economy. This downturn typically manifests in reduced industrial production, lower consumer and business spending, increased unemployment, and a general slowdown in economic growth. Slumps can vary in duration and […]