Economics

Economics

basics of economics

Industry: Economy

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Economics

Gross national income (GNI)

Economy; Economics

Gross national income is a term now used instead of GNP in national accounts.

Gross domestic product (GDP)

Economy; Economics

A measure of economic activity in a country. It is calculated by adding the total value of a country's annual output of goods and services. GDP = private consumption + investment + public ...

Laissez-faire

Economy; Economics

Let-it-be economics: the belief that an economy functions best when there is no interference by government. It can be traced to the 18th-century French physiocrats, who believed in government ...

Lagging indicators

Economy; Economics

Old news. Some economic statistics move weeks or months after changes in the business cycle or inflation. They may not be a reliable guide to the current state of an economy or its future path. ...

Legend has it that in November 1974 Arthur Laffer, a young economist, drew a curve on a napkin in a Washington bar, linking average tax rates to total tax revenue. Initially, higher tax rates would ...

Labour theory of value

Economy; Economics

The notion that the value of any good or service depends on how much labour it uses up. First suggested by Adam Smith, it took a central place in the philosophy of Karl Marx. Some neo-classical ...

Labour market flexibility

Economy; Economics

A flexible labour market is one in which it is easy and inexpensive for firms to vary the amount of labour they use, including by changing the hours worked by each employee and by changing the number ...