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Questions tagged [terminology]

For questions about clarifications of economics terms. Use this tag to ask about unclear or ambiguous terms, and remember to show any research you've found already before asking about a definition.

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Why was the term 'Economic Rent' chosen? How does it relate to the ordinary meaning of 'rent'?

Pindyck, Rubinfeld. Microeconomics (2017 9 ed). pp. 314-315. Etymonline substantiates that 'rent' originally didn't mean the microeconomics meaning overhead: no surprise, as microeconomics is a ...
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Explain some All countries excluding residents in BIS Debt Securities Data

In the BIS Debt Securities statistics: In both column "issueresidence" and column "issuenationality" there is a category called "All countries excluding residents". I do not understand what it means. ...
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145 views

what is the difference between microeconomics and microfinance?

what is the difference between microeconomics and microfinance? I cannot understand the difference between the two terms
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45 views

Economics term for unfavorable goods

What are called goods, whose maintenance expenses are higher than initial price tag. There is a specific term for that, but I can't find it.
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Are the terms of conversion “rate” and conversion “ratio” interchangeably used?

Basically from a book "Lean Analytics", Conversion "rate" is defined as the percentage of people who buy something. From other book called "The Millionaire Fastlane", Conversion "ratio" is used, for ...
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Definition of capitalism

Does the discipline of economics have an accepted rigorous definition of capitalism? I.e. not something like "some economists would quote Hayek and say that so and so constitutes capitalism" but an ...
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1answer
32 views

Is there a term for the indirect sponsorship of large corporates by the state?

For example, unemployment welfare payments could be argued to be ameliorating the negative externalities of large corporates hiring newly arrived unskilled migrants. Is there a term that covers this?
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155 views

Who created the concept of “present value”?

I cannot find anything on this online. The wikipedia article is purely technical, except by a mention that such system was used in England in early 16th century. Do you know who was the first to come ...
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81 views

Is “management science” a subsection of economics?

Reading about the academic journal Management Science, one can read the following: Management Science is a scholarly journal that publishes scientific research on the practice of management. (...) ...
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674 views

What is the term for 'forgone cost' as 'opportunity cost' is for 'forgone profit'?

For example, suppose I made \$100 from an investment. If I'd had deposit the same amount of money in the bank I would have get \$60 of interest. Then the 'forgone profit' or 'opportunity cost' in this ...
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Is the arable land a mean of production?

Wikipedia claims that "capitalism is an economic system and an ideology based on private ownership of the means of production and their operation for profit". And then, the land used for agriculture ...
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Teaching changes in “demand” v. “quantity demanded”

I am always struggling with teaching this one. The terminology of standard intro textbooks is unfortunate, although it's so pervasive that we probably have to live with it. By a "Demand", intro ...
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Economic term for relation between drug and companion diagnositic

I'm looking for economic terminology which must exist, although I don't know what it is. (I want to look up articles on a particular situation involving two real-world companies.) Here is the ...
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Terminology for separability in price and value

Take an agent with mean-variance utility over something that is uncertain: $$ U(x) = \mu_x^\theta - \sigma_x^\lambda $$ $A\in \{0,1\}$ happens if $U(x)>0$, and $x$ is a random variable $$ A = \...
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Why is M0 higher than M1?

In my understanding, M2 includes M1 and M1 include M0. However, I checked the money supply here and used the "Compare" function to compare the money supply of m0 with money supply of m1, and found ...
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1answer
40 views

“Normal” vs “actual” variables in empirical work

In an early OECD study by Deppler and Ripley (1978), the authors distinguish between output per man hour, $OMH$, and what they call "Normal" output per man-hour, $NOMH$. (table 2, p152) At no point ...
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128 views

What is the correct economic term for beneficial “transaction frequency”?

I am not an economist but I am trying to track down and understand an economic principal (and/or theory) that I think is called "transaction frequency" but when I go searching on that term I find only ...
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2k views

Is cash(currency) a security and a debt instrument?

I know that cash is a financial asset and securities are defined as tradable financial assets, so cash is a security, right? Another thing I'm wondering is that whether cash/banknote is a debt ...
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Formal terminology for positive and negative correlation between ability of workers for different jobs?

Say there are two occupations - A and B, and plenty of workers. Let's pick occupation A, and order workers from lowest to highest ability/productivity. Which is the formal term to describe the ...
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A guide to hyphenation in economics?

In the econ literature, what is the convention when it comes to (not) hypenating some common terms like: first(-?)best, second(-?)best,... best(-?)response? ... The Economist suggests that "There is ...
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1k views

What is the “gross national saving” for?

I don't understand what the term Gross National Saving is for. According to the world factbook, it represents the following: Gross national saving is derived by ...
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2answers
54 views

What is Natural Capital?

"European movements for degrowth, decroissance, are rooted in the idea that the perpetual growth assumption built into modern economics fails to take into account the depletion of natural capital. ...
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115 views

How to calculate the average wage increase?

What is the average wage increase and how does one calculate it? Gottfries (2013, p. 166) refers to the following formula as the "average wage increase:" $$\frac{\Delta W_t}{W_{t-1}}$$ If the above ...
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What is an econometrician?

According to Wikipedia, Econometrics is the application of mathematics, statistical methods, and computer science to economic data and is described as the branch of economics that aims to give ...
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1answer
312 views

What does efficient and inefficient innovators mean?

I have been reading through this article about Innovation Indexes. In this, I have come across the terms: "Efficient Innovators" and "Inefficient Innovators" in this plot: So, what do they mean? ...
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Confused by the Term “Welfare Relative to Full Information Welfare”

This is a question comes from Field Exam in Advanced Economics Theory (Jan 2016) from UCB Econ Dept. In the first problem (Q1), it asks: b) How does welfare relative to the full information welfare ...
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Terminology for “part” of extensive form game

How should I call a "part" of an extensive form game which is neither (i) a subgame, nor (ii) a stage in a repeated game? For instance, consider the class of games constructed by "stacking" 2 ...
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245 views

Great “constants” of economics

Question What are the great "constants" of economics? Background In his Structural Slumps (Chapter 3, p.20), Phelps refers to the great "constants" of economics. He explains that the natural ...
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42 views

Best terminology for “inverse” preferences

This might be related to : Symmetric and asymmetric preferences. In your experience, what is the best terminology to denote a pair of preference relations $(R,R')$ over some set of alternatives $A$ ...
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Terminology and formalization for “anonymous” game forms

I have an intuitive notion of what an "anonymous" (extensive) game form $\Gamma$ is. In my mind an "anonymous" game is a game in which the players' identity does not matter. This includes the (again ...
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176 views

A term for utility functions based on the max operator

What is a standard term for utility functions of the type: $$ u(x_1,\dots,x_m) = \max(\frac{x_1}{w_1},\dots,\frac{x_m}{w_m}) $$ where $x_i$ is the amount of commodity type $i$, and $w_i$ is a ...
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1answer
3k views

“Competitive equilibrium” vs. “General equilibrium”

What is the difference between the term "competitive equilibrium" and the term "general equilibrium"? Here in econ.SE, they are two different tags, so there is probably a difference between them, but ...
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99 views

What is the difference between a Start-Up and a small company which is not a Start-Up?

What exactly makes a small and youg company a "Start-Up", among other small and young companies which are not necessarly start-ups?
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What term/theory describes more efficient utilization of a resource?

I may be asking the wrong question here, but I wonder if there is a term/theory that describes/studies the evolution of an economy that continually improves the utilization and allocation of certain ...
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135 views

What does 'intelligent money' mean?

Is 'intelligent money' or 'smart money' an economic term, and if yes, what does it refer to?
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511 views

Suitable terminology for the inverse elasticity?

In many microeconomic applications (e.g. monopoly price-setting) the inverse elasticity appears. Explaining such relations to laymen is often awkward because inverse proportionality is not as ...
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925 views

competitive equilibrium, Walrasian equilibrium, Walrasian auction

There are several sellers holding some indivisible goods, and several potential buyers with different valuations for these goods. I need to calculate the Walrasian equilibrium in this scenario, but ...
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Is there a name for this family of games (Binomial games?)?

I'm wondering if there's a name for a $n$-player symmetric game, such that the payoff for player $i$ playing strategy $j$ only depends on the number of other players which played $j$. Such family of ...
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Problem with defining liquidity

I have heard multiple times that a consistent definition of liquidity does not exist. The two wikipedia articles describing liquidity (Market liquidity and accounting liquidity) lack a discussion of ...