First published in and now available in paperback for the first time, The New Palgrave Dictionary of Economics and the Law has established itself as a classic reference work in this important field. Function Theoryconsiders dictionaries to be tools that are constructed for assisting specific users with punctual needs in specific usage situations, e.
The book's mainfocus is on defending the independent academic status of lexicography and its corollary: The process of designing, compiling and updating specialised online dictionaries needs a theoretical framework that addresses general and specific aspects. The former are common to all types of information tools, the latter are mainly dependent on the mediafor which the information tool is constructed and their specific target users.
This books offers both aspects and moves from the highest level of abstraction to very detailed aspects of lexicographic work, e. A handy reference tool. The social science that examines how people choose to use limited or scarce resources in attempting to satisfy their unlimited wants. It is a method rather than a doctrine, an apparatus of the mind, a technique of thinking, which helps its possessors to draw correct conclusions. Thus, it is on one side a study of wealth; and on the other, and more important side, a part of the study of man.
A decrease in per-unit cost as a result of an increase in output. Economies of scale result from a process in which cost savings are achieved as total production becomes more efficient. Also known as the annual percentage rate APR.
Contrast with nominal interest rate. The effective tax rate for individuals is the average rate at which their earned income is taxed, and the effective tax rate for a corporation is the average rate at which its pre-tax profits are taxed. Contrast with subsistence wage theory. One way of correcting for negative externalities.
EFT—See electronic funds transfer. An elastic relationship between two variables is a very responsive, or stretchable, relationship. Contrast with inelastic. For example, the price elasticity of demand, is the percent change in quantity demanded given a percent change in price.
Other notable economic elasticities are the price elasticity of supply, income elasticity of demand, and cross elasticity of demand. Perfectly elastic demand curve. The U. While the intent is to change the government, it has failed in that attempt. Contrast with exogenous growth. Traditional growth models assume that technology - which they interpret widely to include everything from new machines, to a better understanding of efficient production methods or improved marketing techniques - is exogenous; that for all intents and purposes it is predetermined.
Models of endogenous growth attempt to explain that technology. For example, the equilibrium price of a good in a supply and demand model is endogenous because it is set by a producer in response to consumer demand.
The law was named after the statistician Ernst Engel — Often a risk-taker, inclined to see opportunity when others do not. Imagination, innovative thinking, and management skills needed to start and operate a business.
Sometimes considered a separate economic resource, but more often considered as part of the labor resource or human capital. In a market economy, a stable market situation in which quantity demanded equals quantity supplied. The price at which the quantity of goods offered by suppliers equals the quantity taken by buyers. Market clearing price. This ownership right is the reason shares are also known as equities.
Fairness; the concept of distributive justice used in welfare economics. A continuing issue in economics is the balance between efficiency and equity. The escrow agent holds funds until it receives instructions or until contractual obligations have been fulfilled. Money, securities, funds, and other assets can all be held in escrow. A marketable security that tracks an index, a commodity, bonds, or a basket of assets like an index fund.
Unlike mutual funds, an ETF trades like a common stock on a stock exchange. ETFs experience price changes throughout the day as they are bought and sold. ETFs typically have higher daily liquidity and lower fees than mutual fund shares, making them an attractive alternative for individual investors.
Currency of the European Union in general circulation since By locating outside of the United States, eurodollars escape regulation by the Federal Reserve Board. A monetary union of 19 of the 28 European Union EU member states which have adopted the euro as their common currency and sole legal tender.
The monetary authority of the Eurozone is the Eurosystem. Following the tradition of Joseph Schumpeter, it views the economy as an evolving system and places a strong emphasis on dynamics, changing structures including technologies, institutions, beliefs, and behavior and disequilibrium processes such as innovation, selection, and imitation. Example: When farmers are constrained by a government program in how much they can produce, society loses income to higher prices but not all of that income is received by farmers but is simply wasted.
Primarily imposed on some businesses during a time of war or other emergency, or beyond a certain amount of return on invested capital. Excess reserves are capital reserves held by a bank or financial institution more than is required by regulators, creditors, or internal controls. For commercial banks, excess reserves are measured against standard reserve requirement amounts set by central banking authorities. These required reserve ratios set the minimum liquid deposits such as cash that must be in reserve at a bank; more is considered excess.
Excess returns are investment returns from a security or portfolio that exceed the riskless rate on a security generally perceived to be risk free, such as a certificate of deposit or a government-issued bond. Additionally, the concept of excess returns may also be applied to returns that exceed a particular benchmark or index with a similar level of risk. In a free market economy, the excess supply is drawn down by suppliers reducing price until the quantity supplied is equal to the quantity demanded at that price.
Also, see rival. In general, markets work reasonably well to allocate scarce resources among demanders, but not in all cases. For example, markets fail in the areas of common resources and public goods, which are non-excludable. Source: Mankiw, Microeconomics. Classical models of growth rely on an exogenous actor. An economy needs infusions of technological progress to grow.
Progress comes from outside the model. New growth theory calculates the rate of progress inside the model by mapping its relationship to factors such as education, training, health care, human capital, free markets, competition, and government expenditure. In such models, growth is endogenous.
Contrast with endogenous growth. In the supply and demand model for ice cream, weather is an exogenous variable. Also called inflationary gap. The gap can be closed with contractionary monetary and fiscal policies. Can also be individuals who have relinquished citizenship in their home country to become citizens of another.
Economists debate whether people have irrational or rational expectations, or adaptive expectations that change to reflect learning from past mistakes. Calculated by multiplying each of the possible outcomes by the likelihood each outcome will occur, and summing values. By calculating expected values, investors can choose the scenario most likely to give them their desired outcome. Businesses can write off expenses on their income tax returns to lower their taxable income and thus their tax liability, e.
Experimental economics helps to prove or disprove economic theories and create predictions and insights about real-world behavior. Good examples of explicit costs would be items such as wage expense, rent, or lease costs as it is easy to see the source of the cash outflow and the business activities to which the expense is attributed.
On a chart, this curve starts out very slowly, remaining nearly flat for a time before increasing so swiftly as to appear almost vertical. ECAs offer loans and insurance to help remove risk of uncertainty of exporting and underwrite political and commercial risks of overseas investments, encouraging exports and international trade.
Export-Import Bank of the United States Ex-Im Bank —A federal agency responsible for facilitating international trade by financing purchase of domestic exports and providing guarantees or insurance for foreign lines of credit. The Ex- Im bank was created in , after Congress established it to be the official export credit agency in the United States. Contrast with imports. In , the total U. The decrease since then means U. Government, in violation of treaties and the Constitution, expropriated lands from Native American peoples and sold those lands to white settlers.
The loans, including interest, must usually be paid in the currency in which the loan was made. This may occur due to increased specialization or labor training, faster innovation, or shared supplier relationships. These are generally referred to as positive externalities; industry-level negative externalities are called external diseconomies.
The increase in costs can be associated with market prices increasing for some or all the factors of production. Benefits or costs of an activity that are borne by people not directly involved in the activity.
When there are negative externalities, e. When there are positive externalities, e. See market failure. Extrinsic value is also the portion of the worth that has been assigned to an item by external factors. For stocks, it is the original cost of the stock shown on the certificate. For bonds, it is the amount paid to the holder at maturity. Factor income on the use of land is called rent, income generated from labor is called wages, and income generated from capital is called profit.
The factor income of all normal residents of a country is referred to as the national income, and factor income plus current transfers is referred to as private income. Land, labor, and capital. Written and published with the intent to mislead to gain financially or politically, often with sensationalist, exaggerated, or patently false headlines that grab attention.
A term used by Donald Trump to characterize legitimate but unfavorable reports. But if everyone increases their savings, consumption will fall, GDP will fall, and everyone will have less income, so total savings will fall. In addition to groups that lobby for farmers in general, many agricultural producers also have their own lobby. Most if not all states also have lobby groups that act to influence state legislators and executives. Apart from the nationalization of many industries, fascist economies were based on private individuals being allowed property and private initiative, but these were contingent upon service to the state.
Congress under which it votes within a fixed period on legislation submitted by the President to approve and implement international trade agreements. Made by a firm or individual in one country in business interests in another country, establishing business operations or acquiring business assets in the other country, such as ownership or controlling interest in a foreign company. FDI differs from portfolio investments in which an investor merely purchases equities of foreign-based companies.
All bundles are feasible, but I3 at D is optimal. Fed accommodation—A change in the money supply by the Fed to maintain a constant interest rate in the face of changes in money demand or in spending.
These institutions borrow from one another to maintain their required reserve ratio. See above. Federal Reserve Bank—One of 12 operating arms of the United States Federal Reserve System, located throughout the nation that, together with their 25 branches, carry out various functions of the U.
Issues currency and regulates the supply of credit. Consists of a seven-member Board of Governors in Washington, D. Each of the 12 Federal Reserve banks tends to specialize in a sector of the economy that is of interest to businesses in their region.
For example, the New York Fed specializes in the financial sector. Prevents unfair methods of competition and unfair acts or practices affecting commerce. Seeks monetary redress and other relief for conduct that injures consumers. Adopts trade regulations to define and prevent unfair or deceptive acts.
Conducts investigations relating to the organization, business, practices, and management of entities engaged in commerce. Makes reports and legislative recommendations to Congress. Federal Unemployment Tax Act—Federal legislation in the United States that, when combined with individual state laws, provides covered individuals with protection against loss of income resulting from unemployment.
Focuses on topics of particular relevance to women, e. Feminist economics ultimately seeks to produce a more gender inclusive economics. Fertile Crescent—A crescent-shaped region containing the comparatively moist and fertile land of otherwise arid and semi-arid Western Asia, the Nile Valley, and Nile Delta. The value of fiat money is derived from the relationship between supply and demand rather than the value of the material that the money is made of.
Historically, most currencies were based on physical commodities such as gold or silver, but fiat money is based solely on the faith and credit of the economy. In the U. Contrast with monetary policy. May be the same as or different from the January-to-December calendar year.
Fisher effect—The principle by which an increase in expected future inflation drives up the nominal interest rate, leaving the expected real interest rate unchanged. Considered by nearly all economists to be a regressive tax and an impractical idea. More common in poor countries, where voluntary compliance with tax laws is lacking. Contrast with a fixed exchange rate, in which government determines the rate. Currencies of most of the world's major economies could float freely following collapse of the Bretton Woods system in Food for Peace—A program that provides for the disposition of U.
Forecast ProTM—Award-winning software package for business and economic forecasting. Developed by Business Forecast Systems. Businesses use forecasting to determine how to allocate their budgets or plan for anticipated expenses for an upcoming period of time.
As a percent of GDP, U. From the point of view of any state in the United States, a company that is incorporated under the laws of another state. In Canada and other nations , a company that is incorporated under the laws of another country.
Also known as nonresident corporation. A rising domestic currency means foreign investments will result in lower returns when converted back to the domestic currency. The opposite is true for a declining domestic currency.
Persons planning to travel to foreign countries may order from their local bank the currencies of those countries, or they may exchange their US dollars for the local currencies upon arrival at any airport, bank, or FOREX location. Fortune —An annual list of the largest companies in the United States as compiled by Fortune magazine.
The list is put together using the most recent figures for revenue and includes both public and private companies with publicly available revenue data.
To be a Fortune company is widely considered to be a mark of prestige. See also futures contracts. In the US, that portion is 10 percent. Despite increasing competition, it has held on to this spot every year since the rankings were first released in These are groups based on a common bond, e.
Include college fraternities which are based on religion, previous members, or just common interests. Sometimes these organizations provide great networking opportunities which allow graduates a smoother transition into the workforce. Free alongside FAS —Trade term requiring the seller to deliver goods to a named port alongside a vessel designated by the buyer. Taxes are sometimes levied to address the free rider problem. From each according to his ability, to each according to his need—Marxist theory of equity in production and distribution.
Countries with investable stock markets that are less established than those in the emerging markets. Market froth marks the beginning of unsustainable rates of asset price inflation. A stock price index, based on stocks traded in Great Britain as calculated by the Financial Times, commonly used indicator of trend in prices of stocks and bonds in Britain. An example of a fudget would be one that presents balanced income and expenses, when expenses are expected to exceed income.
In mid, the US unemployment rate was under five percent. Not included in labor force statistics. Fuzzy logic is designed to solve problems in the same way that humans do: by considering all available information and making the best possible decision given the input.
G7—See Group of Seven. Provides insights into consumer credit availability, which drives consumer spending that accounts for 70 percent of the U. G20—See Group of Twenty. Designed for financial reporting to investors and the public at large, they are prepared according to generally accepted accounting principles.
Game theory in economics is often used to analyze behavior in oligopoly and monopolistic competition. It assumes a complex series of strategic moves and reactive countermoves among rival firms. Usually blatantly illegitimate or typical costs of business but either way, they are exaggerated before being passed on to the customer. Also known as rumortrage. Garnishments are typically used for debts such as unpaid taxes, monetary fines, and child support payments.
Symbol for pound sterling. GDP—Gross domestic product, a measure of economic activity in a country. GDP price deflator—A metric that accounts for inflation by converting output measured at current prices into constant- dollar GDP. Measures financial leverage and shows the extent to which its operations are funded by lenders versus shareholders.
Takes everything the GDP uses into account, but also adds other data that represent the cost of the negative effects related to economic activity, e. Average rate of return of a set of values calculated using the products of the terms Georgism—Belief that people should own the value they produce themselves, but that economic value derived from land should belong equally to all members of society. Based on the writings of Henry George, For example, if the price of an essential food staple, such as rice, rises it may mean that consumers have less money to buy more expensive foods, so they will be forced to buy more rice.
Named after Scottish economist Sir Robert Giffen. Gini coefficient—Named for Italian statistician and sociologist Corrado Gini, a measure of inequality in the distribution of income or wealth. In a Lorenz curve, the Gini coefficient is the ratio of the area between the diagonal and the Lorenz curve to the total area under the diagonal. The larger the Gini coefficient, the more inequality there is in the economy.
See Lorenz curve. In the United States, the Gini tends to increase under Republican administrations and decrease under Democratic administrations. When disparity increases, A increases; i. The Gini coefficient has been increasing in the U. Aims to: 1. Bring investors' capital into the market for these types of loans, so that the issuers have the means to issue more.
Most of the mortgages securitized as Ginnie Mae mortgage-backed securities MBSs are those guaranteed by FHA, which are typically mortgages for first-time home buyers and low- income borrowers. The policy was initiated under the leadership of then premier Mikhail Gorbachev.
Congress passed in as the Banking Act, which prohibited commercial banks from participating in the investment banking business. The reserves are intended to provide economic and national security in the event of an energy crisis. Global mean surface-temperature change from to , relative to the — mean.
The gold standard is not currently used by any government. Britain stopped using the gold standard in and the United States followed suit in and abandoned the remnants of the system in Can be used as an anti-takeover measure, collectively referred to as poison pills, taken by a firm to discourage an unwanted takeover attempt.
Benefits may include stock options, cash bonuses, and generous severance pay. Golden parachute clauses can be used to define the lucrative benefits that an employee would receive if terminated. The term often relates to the terminations that result from a takeover or merger. Golden Rule—As it pertains to government spending, stipulates that a government must only borrow to invest, not to finance existing spending.
In other words, the government should borrow money only to fund investments that will benefit future generations, and current spending must be covered and funded by existing taxes. Goldilocks economy—An economy not so hot that it causes inflation, and not so cold that it causes a recession. An economy operating in an optimal state by providing full employment and economic stability. Economists sometimes disagree on the characteristics of a Goldilocks economy, but it is frequently characterized by a low unemployment rate, increasing asset prices, low interest rates, brisk but steady GDP growth, and low inflation.
Example: Wheat farmers work hard and have a good harvest; because the supply of wheat is large, prices received by the farmers fall. Tangible goods have physical substance. Intangible goods, or services, do not, e. Finished goods are used by end users. Intermediate goods will be transformed into another product by means of production.
Provides revenue for national government. Consumers pay the GST, but it is remitted to the government by businesses selling the items. Standard GST rates for India, goodwill—An intangible asset that arises as a result of the acquisition of one company by another for a premium value.
Goodwill is considered an intangible asset because it is not a physical asset like buildings or equipment. A gorilla firm has large control of the pricing and availability of its products, relative to its competitors in the industry. This often forces competitors to resort to other tactics to compete, such as clever marketing or differentiating their offerings. A gorilla firm does not necessarily need to have a monopoly in an industry to dominate it.
Overall dominance in the industry, however, may lead people to perceive it as a monopoly. From the Preamble to the U.
Tracks how the legislative and executive branches use taxpayer dollars and reports findings to Congress. Comptroller General serves as head of the GAO. See also bonds. Some examples of government failure government shutdown—Closure of non-essential federal offices due to lack of approval for the programs budget for the upcoming fiscal year or failure of the Congress to raise the debt ceiling.
Approval is reached if Congress passes all of the spending bills regarding the federal budget. If an agreement is not achieved, a government shutdown will close many federally run operations, and halt work for federal employees unless they are considered essential.
Some organizations still stay open by running on cash reserves, but once these run out, if a solution is not found, they will also close. The shutdown stays in effect until a compromise is reached and a budget bill is passed. They aim to enhance the flow of credit to targeted sectors of the economy and make those segments of the capital market more efficient and transparent, reducing risk to investors and other suppliers of capital. Fannie Mae and Freddie Mac further a national goal to support families owning their own homes.
Grain Futures Act of —A U. Required exchanges to make more information public and limit the amount of market manipulation. Enforcing this act became extremely difficult because disciplinary action was taken against the exchange itself rather than individual traders.
The timing of the Great Depression varied across nations; in most countries, it started in and lasted until It was the longest, deepest, and most widespread depression of the 20th century. In most countries of the world, recovery from the Great Depression began in Outdoor soup kitchen in the Great Depression Great Recession—A term that represents the sharp decline in economic activity during the late s, which is generally considered the largest downturn since the Great Depression.
The economic slump began when the U. Johnson in — Kennedy from to Green economic theories encompass a wide range of ideas all dealing with the interconnected relationship between people and the environment. Green economists assert that the basis for all economic decisions should be in some way tied to the ecosystem, and that natural capital and ecological services have economic value. In addition to construction of new production facilities, these projects can also include the building of new distribution hubs, offices, and living quarters.
In business as in traffic, little to nothing gets done when gridlock happens. Includes consumer expenditures, gross private investment, government spending, and net exports.
The percent of total sales revenue retained after incurring the direct costs associated with producing the goods and services it sells. The higher the percentage, the more the company retains on each dollar of sales to service its other costs and debt obligations. A measure of profitability. Attempts to measure not just economic output, but also environmental impacts, spiritual and cultural growth of citizens, mental and physical health, and the strength of the corporate and political systems.
Generally replaced by GDP as a measure of economic activity. Gross profit—Total revenue minus cost of goods sold. Group of Seven G7 —An informal bloc of industrialized democracies—Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States—that meets annually to discuss issues such as global economic governance, international security, and energy policy Group of Twenty G20 —International forum for governments and central bank governors from 20 major economies founded in The G20 aims to discuss policy issues of international financial stability.
It seeks to address issues that go beyond the responsibilities of any one organization. Collectively, the G20 economies account for around 85 percent of the gross world product GWP , 80 percent of world trade, and two-thirds of the world population.
The theory argued land abundance and labor scarcity led to high wages, which resulted in the search for labor-saving innovations in antebellum America. This ultimately stimulated the growth of machinery and the development of the American System of Manufacturing.
Some critics argue that the thesis overlooks high interest rates, lack of machinery as capital, and scarce and expensive factors e. The halo effect is correlated to brand strength and brand loyalty and contributes to brand equity.
Hard currencies are used for international transactions and national bank reserves. Hard currencies are used as global foreign exchange reserves and, along with gold, may be used to settle trade deficits.
HARP—Home Affordable Refinance Program, created by the Federal Housing Finance Agency to help homeowners who are current on their mortgage payments, but have little or no equity in their homes, refinance their mortgage.
Those who owe as much as or more than their homes are currently worth, are eligible for HARP refinance. Essential to blockchain management in cryptocurrency. Heckscher-Ohlin model—Model of trade in which a country has a comparative advantage in a good whose production is intensive in factors abundantly available in that country.
Normally, a hedge consists of taking an offsetting position in a related security, such as a futures contract. A hedonic econometric model is one where the independent variables are related to quality; e.
A hedonic model of wages might correspond to the idea that there are compensating differentials, that workers would get higher wages for jobs that were more unpleasant.
Herfindahl index—Named for American economist Orris C. Herfindahl, a way to classify how competitive is an industry. It is calculated by adding the squared value of the market shares of all the firms in the industry. The higher the sum, the more concentrated less competitive the industry. An umbrella term used to cover various approaches, schools, or traditions.
These include anarchist, socialist, Marxian, institutional, evolutionary, Georgist, Austrian, feminist, social, post- Keynesian not to be confused with New Keynesian , and ecological economics, among others. Murray Newton Rothbard , American heterodox economist of the Austrian School, revisionist historian, and political theorist whose writings and personal influence played an important role in the development of modern libertarianism. He categorically opposed all military, political, and economic interventionism in the affairs of other nations.
Heuristics provide for flexibility in making quick decisions, especially when working with complex data. Decisions made using a heuristic approach may not necessarily be optimal but may be satisficing.
Can be used to describe the business actions of a particular company, a stock price downturn, or the stock market as a whole. Generally, a hiccup is not indicative of a larger trend, but is considered an aberration. In other words, the product has essentially the same physical characteristics and quality as similar products from other suppliers.
One product can easily be substituted for the other. Refined sugar is an example of a homogeneous product. A merger or business consolidation that occurs between firms that operate in the same space, as competition tends to be higher and the synergies and potential gains in market share are much greater for merging firms in such an industry.
This type of merger occurs frequently because of larger companies attempting to create more efficient economies of scale, such as the amalgamation of Daimler-Benz and Chrysler.
Conversely, a vertical merger takes place when firms from different parts of the supply chain consolidate to make the production process more efficient or cost effective. Contrast with vertical integration. Accomplished through a tender offer or a proxy fight. Hotelling rule—For a non-renewable, exhaustible resource with completely known stock, no discoveries possible, no alternatives, no recycling, private ownership and constant costs of extraction, the price of the resource will increase at the interest rate over time.
Once the price of the depletable resources rises far enough, the incentive to continue with extraction diminishes and investments in alternative resources increase. Employers choose what kind of work a household employee does and how they will do it. Some examples of household employees or household workers include babysitters, nannies, housekeepers and gardeners. Independent contractors such as repairmen, carpenters and plumbers are not considered household employees.
The basic unit of the economy that provides economic resources land, labor, and capital to firms, earns incomes from those resources, makes consumption expenses, and produces savings. Hubbert curve—A statistical theory of oil production that states that the rate of extraction from a particular region follows a bell-shaped curve. Initially, while there are minimum drilling operations the rate of production is limited. However, as infrastructure increases, and larger portions of land are explored, resource production approaches peak production.
Eventually, as the oil becomes depleted, extraction rates begin to slow down. The Hubbert curve characterizes the life cycle of a drilling operation. Anything we do to change ourselves to make us more productive in the future, or we benefit from in other ways, is an investment in human capital. An obvious example is education. Another example is preventive health care. When we get health care that keeps us healthy in the future, so that we miss fewer days of work and are more productive and enjoy life more in the future , that is an investment in human capital.
Humphrey Vice President of the United States Senator from Minnesota , It denotes appropriate compensation for the level of risk present; riskier projects generally have higher hurdle rates than those that are deemed to be less risky. Refers to an event in the economy that persists into the future, even after the factors that led to that event have been removed. Unemployment rate and international trade are two areas that are mostly used to explain the hysteresis effect.
Fueled by excitement for the project, the executives are unable to reign in their misguided enthusiasm before it is too late to avoid the failure.
Daedalus created two sets of wings made from wax and feathers. He and his son were to use them to escape by flying. Daedalus warned his son not to fly too close to the sun. Icarus was overcome with the excitement of flying and disregarded his father's warning. He flew higher and higher, approaching the sun. As the wax melted and the feathers fell, so too did Icarus fall to his death in what is now called the Icarian Sea, near Icaria, an island southwest of Samos.
Activity that appears to be illegal price-fixing may be strategic pricing, each firm taking account of what the other firms do. It is an opportunity cost that arises when a company allocates resources toward a project without explicit compensation for their use. When a company allocates resources, it forgoes the ability to earn money by using the resources elsewhere, e.
Can also be intangible costs not easily accounted for; e. In the United States, the largest implicit liabilities arise from Social Security and Medicare, which promise transfer payments to current and future retirees Social Security and to the elderly Medicare.
Social Security is one of the U. Contrast with exports. In market economies, profit, interest, wages, and rents provide economic incentives. Also known as statement of operations. Indifference curve IC indifference map—A set of indifference curves representing each possible level of total utility that can be delivered by a consumer from the consumption of two goods.
Also known as overhead costs. Contrast with direct cost. For example, a consumption tax, such as value-added tax. Contrast with direct taxation, such as income tax. Indirect taxation has become increasingly popular with politicians because it may be less noticeable to people paying it than income tax and is harder to avoid paying.
They sell investment shares and accept customer deposits. It covers virtually all important topics dealing with multinational business finance, money, investments, financial planning, financial economics, and banking. In addition, it explores the application of computers, quantitative techniques and models, and economics to international finance and banking. You get: Clear definitions and explanations Step-by-step instructions Statistical data, Charts, exhibits, and diagrams Checklists Practical Applications Shim presents the most current information, offers important directives, and explains the technical procedures involved in this dynamic field.
This reference gives you the tools you need to diagnose and evaluate the financial situations you face on a daily basis and answers every question you may have. It provides real-life examples and suggestions for handling everyday problems. You will find this Encyclopedic Dictionary practical, comprehensive, quick, and useful. In short, this is a veritable cookbook of guidelines, illustrations, and how-tos.
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