Economics

Economics

basics of economics

Contributors in Economics

Economics

One of the most valuable economic assets, hard to create but easy to destroy - a crucial ingredient of a country's social capital. People are more likely to do business together when they trust each ...

Unemployment

Economy; Economics

The number of people of working age without a job is usually expressed as an unemployment rate, a percentage of the workforce. This rate generally rises and falls in step with the business ...

Unemployment trap

Economy; Economics

When unemployed people who receive benefits, either from the government or from private charity, are deterred from taking a new job because the reduction or removal of benefit if they do will make ...

Unions

Economy; Economics

In developed countries, at least, trade union membership and influence has declined over the past three decades. Fewer wages are now set by collective bargaining, and far fewer working days are lost ...

Usury

Economy; Economics

Charging interest, or, at least, an exorbitant rate of interest. Plato and Aristotle reckoned that charging interest was "contrary to the nature of things"; Cato considered it on a par with homicide. ...

Utility

Economy; Economics

Economist-speak for a good thing; a measure of satisfaction. (See also welfare. ) Underlying most economic theory is the assumption that people do things because doing so gives them utility. People ...

Value added

Economy; Economics

This usually refers to firms, where it is defined as the value of the firm's output minus the value of all its inputs purchased from other firms. It is therefore a measure of the profit earned by a ...