Economic Terms

Elastic Demand is when the price of an item or service has an impact on consumer demand. Consumers will purchase…

DEFINITION A Bear Market is when the broad market price falls at least 20% over a period of a few…

DEFINITION Standard & Poor’s (S&P). is a reference to S&P Global. This company provides business intelligence, research, and analysis. S&P…

Black Saturday occurs the day following Thanksgiving. Retailers offer steep discounts during this annual shopping day to kick-off the holiday…

DEFINITION Ceteris Paribus, a Latin expression that means “all things being equal,” is used to explain the theory…

DEFINITION Universal basic income is a proposed government-guaranteed payment that each citizen receives. The purpose of the universal basic income…

DEFINITION Volatilityis a measure of the frequency and amount of price fluctuations. It measures the amount of volatility and…

DEFINITION The Phillips Curve shows the relationship between unemployment and inflation. The graph shows that unemployment is lower when inflation…

“Per capita ” means “per person.” In statistics, business, and economics, this term is used to describe an average per…

Profit is the remaining revenue after all costs have been paid. These costs include materials, labor, interest on loans,…