Economics

Economics

basics of economics

Industry: Economy

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Economics

Inferior goods

Economy; Economics

Products that are less in demand as consumers get richer. For normal goods, demand increases as consumers have more to spend.

Inequality

Economy; Economics

Does economic growth create more or less equality? Do unequal societies grow more or less slowly than equal ones? Economists have debated these questions for as long as anyone can remember. One ...

Inelastic

Economy; Economics

When the supply or demand for something is insensitive to changes in another variable, such as price. (See elasticity. )

Taxes that do not come straight out of a person's pay packet or assets, or out of company profit. For example, a consumption tax, such as value-added tax (see expenditure tax). Contrast with direct ...

Indifference curve

Economy; Economics

A curve that joins together different combinations of goods and services that would each give the consumer the same amount of satisfaction (utility). In other words, consumers are indifferent to ...

Indexation

Economy; Economics

Keeping pace with inflation. In many countries, wages, pensions, unemployment benefits and some other sorts of income are automatically raised according to recent movements in the consumer price ...

Macroeconomics

Economy; Economics

The big picture: analysing economy-wide phenomena such as growth, inflation and unemployment. Contrast with microeconomics, the study of the behaviour of individual markets, workers, households and ...