Economics

Economics

basics of economics

Contributors in Economics

Economics

A market dominated by a single buyer. A monopsonist has the market power to set the price of whatever it is buying (from raw materials to labor). Under perfect competition, by contrast, no individual ...

Marshall plan

Economy; Economics

Probably the most successful programme of international aid and nation building in history. It was named after General George Marshall, an American secretary of state, who at the end of the second ...

Market power

Economy; Economics

When one buyer or seller in a market has the ability to exert significant influence over the quantity of goods and services traded or the price at which they are sold. Market power does not exist ...

Market forces

Economy; Economics

Shorthand for the pressures from buyers and sellers in a market, rather than those coming from a government planner or from regulation.

Market failure

Economy; Economics

When a market left to itself does not allocate resources efficiently. Interventionist politicians usually allege market failure to justify their interventions. Economists have identified four main ...

Market capitalization

Economy; Economics

The market value of a company's shares: the quoted share price multiplied by the total number of shares that the company has issued.

Marginal

Economy; Economics

The difference made by one extra unit of something. Marginal revenue is the extra revenue earned by selling one more unit of something. The marginal price is how much extra a consumer must pay to buy ...