6 Terms
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Economics
basics of economics
Industry: Economy
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Economics
Producer surplus
Economy; Economics
The difference between what a supplier is paid for a good or service and what it cost to supply. Added to consumer surplus, it provides a measure of the total economic benefit of a sale.
Perfect competition
Economy; Economics
The most competitive market imaginable. Perfect competition is rare and may not even exist. It is so competitive that any individual buyer or seller has a negligible impact on the market price. ...
Percentile
Economy; Economics
Part of the "ile" family that signposts positions on a scale of numbers (see also quartile). The top percentile on, say, the distribution of income, is the richest 1% of the population.
Percentage point
Economy; Economics
A unit of size, a one-hundredth of the total. Not to be confused with percentage change. When something increases by 1 percentage point this may be quite different from a 1% increase. For instance, ...
Peak pricing
Economy; Economics
When capacity is fixed and demand varies during a time period, it may make sense to charge above-average prices when demand peaks. Because this will divert some peak demand to cheaper off-peak ...
Path dependence
Economy; Economics
History matters. Where you have been in the past determines where you are now and where you can go in future. Indeed, even small, apparently trivial, differences in the path you have taken can have ...
