Concise Dictionary of Economics

EDITORIAL BOARD

Description

The idea for this dictionary on economic terms originated with the reference books that we have been bringing out. The leading concern was for average students and inquisitive readers who needed to be helped into grasping the meaning of the terms used in books on economics.The dictionary covers almost all the terms that form a part and parcel of economics in simple and easily comprehensible language. In order to enhance the readers' knowledge and bring about more relevance, many examples and graphs have been used along with the definitions of the terms. The dictionary has been arranged alphabetically A-Z, including new terms that have come into regular use. A number of entries contain cross reference except where the word or phrase is self contained and complete in itself. To simplify understanding, graphs accompany the entry wherever considered necessary.'Brief Biographies' of distinguished economists have also been included. Those mentioned have made important contribution to a particular growth model. The edition also contains popular acronyms. Significant data about economic performance of major sectors of economy and bibliographic references by way of appendices have been included; a list showing the Nobel Prize winners in economics from 1969 to 2012 along with their contribution finds place in the appendices section.

Sujets

• Reference work
• Economics

Informations

• Publié par: V & S Publishers
• Date de parution: 01 juin 2015
• Nombre de lectures: 0
• EAN13: 9789350574119
• Langue: English

Extrait

CONCISE
DICTIONARY OF
ECONOMICS
A Perfect Reference for Aspirants of Civil Services, all Competitive Examinations, and Intersted Reders



Editorial Board
Published by:
F-2/16, Ansari Road, Daryaganj, New Delhi-110002 011-23240026, 011-23240027 • Fax: [phone] Email: [e-mail] • Website: www.vspublishers.com
Regional Office : Hydrabad 5-1-707/1, Brij Bhawan (Beside Central Bank of India Lane) Bank Street Koti, Hyderabad - 500 095 011-23240026, 011-23240027 • Fax: [phone] Email: [e-mail]
Branch Office : Mumbai Jaywant Industrial Estate, 1st Floor - 108, Tardeo Road Opposite Sobo Central Mall, Mumbai - 400 034 011-23240026, 011-23240027 • Fax: [phone] Email: [e-mail]
Follow us on :
© Copyright: ISBN 978-93-505741-1-9
DISCLAIMER
While every attempt has been made to provide accurate and timely information in this book, neither the author nor the publisher assumes any responsibility for errors, unintended omissions or commissions detected therein. The author and publisher make no representation or warranty with respect to the comprehensiveness or completeness of the contents provided.
All matters included have been simplified under professional guidance for general information only without any warranty for applicability on an individual. Any mention of an organization or a website in the book by way of citation or as a source of additional information doesn't imply the endorsement of the content either by the author or the publisher. It is possible that websites cited may have changed or removed between the time of editing and publishing the book.
Results from using the expert opinion in this book will be totally dependent on individual circumstances and factors beyond the control of the author and the publisher.
It makes sense to elicit advice from well informed sources before implementing the ideas given in the book. The reader assumes full responsibility for the consequences arising out from reading this book. For proper guidance, it is advisable to read the book under the watchful eyes of parents/guardian. The purchaser of this book assumes all responsibility for the use of given materials and information. The copyright of the entire content of this book rests with the author/publisher. Any infringement / transmission of the cover design, text or illustrations, in any form, by any means, by any entity will invite legal action and be responsible for consequences thereon.
Contents
Publisher’s Note
Introduction
1. A
2. B
3. C
4. D
5. E
6. F
7. G
8. H
9. I
10. J
11. K
12. L
13. M
14. N
15. O
16. P
17. Q
18. R
19. S
20. T
21. U
22. V
23. W
24. X
25. Y
26. Z
Appendix -1
Appendix - II
Appendix - III
Appendix - IV
Appendix - V
Appendix - VI
Appendix - VII
Appendix - VIII
Appendix - IX
Appendix - X
Appendix - XI
Appendix - XII
Appendix - XIII
Appendix - XIV
Appendix - XV
Appendix - XVI
Publisher’s Note
Innumerable books are available in the market on economics and allied sciences, both as a textbook and reference manual. Written for different age-groups and class, quite a number of these books come replete with jargon-filled terms; and just fail to connect with readers’ inclination and curiosity level. On top of that, new words keep finding their way into the books every other day. Every new addition contributes to difficulty in comprehending the matter.
An average reader is interested only in knowing what a specific word means without getting lost with heavy sounding inputs.
Following an open-ended discussion with a cross-section of students and average readers we realized that many currently available books on economic subjects take readers’ understanding for granted; and make short passing references while alluding to the term in the text. Presentations of this nature just don’t assist students and other readers in understanding the subject properly. This is the principal reason why V&S Publishers thought of bringing out a dictionary in economics to give readers an idea of the essential terms needed to understand this all important vibrant subject that keeps changing with the times.
V&S Publishers has so far come out with five dictionaries of terms; in science, physics, chemistry, biology and mathematics. Dictionaries of other sought-after subjects are in the works awaiting completion and publication. All these books have been written to help readers grasp the meaning of popular terms, notations and applications. And so is this dictionary of economic terms. For easy reference terms have been arranged alphabetically. Terms that have come into the reckoning even in the late 2012 have been incorporated; and suitably explained such that an average school and college student can grasp them easily. Clear images, illustrations and examples, where appropriate, have been added. For all readers, who have not made a special study of economics as a subject, terms have been suitably explained for ease in comprehension along with appropriate appendices at the end of the book.
Economics is undergoing a ‘revolution, albeit one that is difficult to get clear perspective on. The author has been selective in choosing entries so that the balance of the book is maintained at the target audience.
Some may think, the book has omitted some important entries while others may see it as having included a number of frivolous ones. To this end, all criticism and suggestions for improvement are welcome.
Introduction
Economics is the prime mover of human welfare. One way or the other, directly or indirectly every satisfaction originates out of some quantifiable activity. Read any newspaper. You would find a surfeit of topics related to material welfare occupying prominent place among news covered. New news broadcasting channels are coming up on TV exclusively devoted to economics. This growth in channels appears surprising in the face of the fact that many readers, including students consider it a dry and one of the difficult-to-understand subjects. Despite this, there is a growing tribe of interested readers trying to fathom the intricacies of ‘what in essence constitutes the study of economics’. Have you noticed the clamour for ‘economics’ as a subject among students during the time of college and university admissions? Demand keeps increasing each passing year. Articles in newspapers and magazines these days include a good number of economic terms and if you are not at least perfunctorily aware, so to say, with them you would feel ashamed inside yourself. You would literally be forced to remain ‘statue’ with mouth shut. Quite an embarrassing situation! Wouldn’t that be if you are the one at the receiving end? This is the principal reason why V&S Publishers thought of bringing out a dictionary in economics to prevent you from getting caught on the wrong foot.
Economics, in essence, is the science that deals with the production, distribution and consumption of wealth. It studies the various problems of land, labour, capital, interest, taxation, etc. and tries to find a solution or the best possible way to tackle these problems on the ground. The subject not only deals with the present and future growth of a country’s economy at the micro level, like the consumption of a household or an individual but also studies the same at a bigger and more complex level or the macro level, like the national income or the production of an industry. GDP is one of the most important components of macroeconomics. It reflects the health of the nation and its citizens. International lending institutions sanction loans and grants according to the per capita GDP. What all factors are taken into account while calculating gross domestic product or gross national product? Where does foreign national’s contribution included? Different types of employment and influence of inflation are core elements in the study of economics. The general budget shows the income and expenditure of the nation. The manner in which direct and indirect taxes are collected and distributed are major constituents of budgetary policy. International trade rules and agreements influence nations’ policies. The job of the economists is to identify the economic problems of a country’s economy and find solutions for the same, thereby promoting a healthy and smooth economic growth.
There are two schools of thoughts in economics, viz. the Classical and the Modern. The economists belonging to these two schools have contributed a lot in the field of economics through a number of theories. But, as the human wants are endless, so are the economic problems and therefore, economists are continuously working towards finding solutions for these new problems.
While economists explain economic activities in a language ordinarily understood by students and practitioners, there are many students who fail to comprehend as well as other interested readers who have not studied the subject are also left behind. This group needs help. And such help is made through this dictionary of economics.
The dictionary covers all that the traditional study aims at. It is made with the intent of providing the readers with a handy referral for the terminology used in the subject. The dictionary covers almost all the terms that form a part and parcel of economics in simple and easily comprehensible language. In order to enhance the readers’ knowledge and bring about more relevance, many examples and graphs have been used along with the definitions of the terms.
The dictionary has been arranged alphabetically A-Z. Attempt has been made to include terms that have come into frequent use. A number of entries contain cross reference except where the word or phrase is self contained and complete in itself. To simplify understanding, graphs accompany the entry wherever considered necessary.
While every attempt has been made to keep the dictionary simple and stra