Encyclopedia

Economic consequences of the 2006 Thai coup d'Ă©tat The 2006 Thailand coup d'Ă©tat took place on Tuesday 19 September, 2006, when the Royal Thai Army staged a coup against the government of Prime Minister Thaksin Shinawatra. The economic consequences have been relatively minor, resulting in stock fluctuations and possible credit rating changes.
Economic contraction An economic contraction is a reduction in goods and services for sale in the market place. Typically it relates to a downturn in production caused by external factors such as weather, or by such internal factors as taxes, regulatory constraints or other impacts on producer incentives.
Economic conversion Economic conversion, defence conversion, or arms conversion, is a technical, economic and political process for moving from military to civilian markets. Economic conversion takes place on several levels and can be applied to different organizations.
Economic credentialing Economic credentialing is a term of disapproval used by the American Medical Association (AMA). The association defines the term as "the use of economic criteria unrelated to quality of care or professional competence in determining a physician's qualifications for initial or continuing hospital medical staff membership or privileges.
Economic Community of Central African States The Economic Community of Central African States (ECCAS), in French Communauté Économique des États d'Afrique Centrale (CEEAC), is an organisation for promotion of regional economic co-operation in Central Africa. It "aims to achieve collective autonomy, raise the standard of living of its populations and maintain economic stability through harmonious cooperation".
Economic Community of the Great Lakes Countries The CEPGL is a sub-regional organization with multiple vocation created by the signing of the Agreement of Gisenyi in Rwanda on September 20, 1976, aiming at insuring the safety of member states, at favoring the creation and the development of activities of public interest, at promoting the trades and the traffic of the persons and the possessions, at establishing the cooperation in a narrow way in all the domains of the political, economic and social life.
Economic Community of West African States The Economic Community of West African States (ECOWAS) is a regional group initially of sixteen countries, founded on May 28, 1975 when sixteen West African countries signed the Treaty of Lagos. Its mission is to promote economic integration.
Economic Community of West African States Monitoring Group The Economic Community of West African States Monitoring Group or ECOMOG is a West African multilateral armed force established by the Economic Community of West African States (ECOWAS). The name is an abbreviation of the ECOWAS Monitoring Group.
Economic Cooperation Organization The Economic Cooperation Organization (ECO) is an intergovernmental international organization involving ten Asian nations. It provides a platform to discuss ways to improve development and promote trade, and investment opportunities.
Economic Council of Canada The Economic Council of Canada was a federally funded crown corporation of Canada established in 1963 by the Economic Council of Canada Act. It's role was to conduct a wide range of academic economic research for the government and for Canadians.
Economic Court of the Commonwealth of Independent States The Economic Court of the Commonwealth of Independent States operates for the purposes of fulfilling economic obligations under the framework of the Commonwealth of Independent States. The mandate of the Economic Court includes the resolution of disputes arising during the implementation of economic obligations.
Economic democracy Economic democracy means, minimally, that everyone has access to subsistence. It does imply that everyone either has access to subsistence land, that everyone has a right to a job, and that the state makes sure that no one suffers malnutrition or starvation.
Economic depreciation In economics, economic depreciation is seen as the change in the market value of capital over a given period. It is calculated as the market price of the capital at the beginning of the period minus its market price at the end of the period.
Economic determinism Economic determinism is the theory which attributes primacy to the economic structure over politics in the development of human history. It is usually associated with the theories of Karl Marx, although many Marxist thinkers have dismissed plain and unilateral economic determinism as a form of "vulgar Marxism", or "economism", nowhere included in Marx's works.
Economic development corporation An economic development corporation is an organization common in the United States, usually a 501(c)(3) non-profit whose mission is to promote economic development within a specific geographical area. These organizations complement Chambers of Commerce.
Economic disaster An Economic Disaster is the widespread disruption or collapse of a national or regional economy, possibly causing financial panic, hoarding, famine, hyperinflation, political upheaval or revolution. Some of these occurrences are short-lived, while others last many years.
Economic discrimination Economic discrimination is a term that describes a form of discrimination based on economic factors. These factors can include job availability, wages, the prices and/or availability of goods and services, and the amount of capital investment funding available to minorities for business.
Economic dispatch Economic dispatch is the method of determining the most efficient, low-cost and reliable operation of a power system by dispatching the available electricity generation resources to supply the load on the system. The primary objective of economic dispatch is to minimize the total cost of generation while honoring the operational constraints of the available generation resources.
Economic Development and Labour Bureau The Economic Development and Labour Bureau (), headed by the Secretary for Economic Development and Labour, is responsible for economic development and labour issues in Hong Kong. It was renamed on July 1 2002, when the Principal Official Accountability System was introduced, from Economic Services Bureau, as the responsibility on labour issues was transferred from the Education and Manpower Bureau.
Economic Development Administration The Economic Development Administration (EDA) is an agency in the United States Department of Commerce that provides grants to economically-distressed communities to generate new employment, help retain existing jobs and stimulate industrial and commercial growth.
Economic Development Agency of Canada for the Regions of Quebec The Economic Development Agency of Canada for the Regions of Quebec (before 1998, the Federal Office of Regional Development - Quebec) has the responsibility of promoting economic expansion in the province of Quebec by promoting small or medium-sized enterprises. The agency has fifteen offices throughout the province.
Economic Development Board The Economic Development Board (Abbreviation: EDB; Chinese: 经济发展局) is a statutory board of the Government of Singapore that plans and executes strategies to sustain Singapore as a leading global hub for business and investment.
Economic Development in Hue Central Vietnam In International Planning circles there are many debates raging on how to develop a region economically and what civil societal mechanisms need to be established to promote sustainable growth. In this case we examine a charitable organization's impact in a microcosmic way.
Economic egalitarianism Economic egalitarianism is a state of economic affairs in which the participants of a society are of equal standing and equal access to all the economic resources in terms of economic power, wealth, and contribution. It is a founding principle of various forms of quality-of-life economics, where participants of a society seek the economic well-being of the other participants.
Economic entomology Economic entomology is a field of entomology, which involves the study of insects that are of benefit or those that cause harm to humans, domestic animals, and crops. Insects that cause losses are termed as pests.
Economic equilibrium In economics, economic equilibrium or market equilibrium refers to a condition where the market "clears": which is when the market for a product has attained the price where the amount supplied of a certain product equals the quantity demanded.
Economic geography Economic geography is the study of the location, distribution and spatial organization of economic activities across the Earth. It focuses on the location of industries and retail and wholesale businesses, on transportation and trade, and on the changing value of real estate.
Economic geology Economic geology is concerned with earth materials that can be utilized for economic and/or industrial purposes. These materials include precious and base metals, nonmetallic minerals, construction-grade stone, petroleum minerals, coal, and water.
Economic Growth and Regulatory Paperwork Reduction Act The Economic Growth and Regulatory Paperwork Reduction Act of 1996 (or EGRPRA) is a United States federal law that requires the Federal Financial Institutions Examination Council and its member agencies to review their regulations at least once every 10 years to identify any outdated, unnecessary or unduly burdensome regulatory requirements imposed on insured depository institutions.
Economic history of Canada Canadian historians until the 1960s tended to focus on economic history, including labour history. In part this is because Canada has had far fewer political upheavals or military conflicts than other societies.
Economic history of China The economic history of China has its roots in the quest of Chinese settlers for economic gain thousands of years ago. China has often been the largest and most advanced economy in the world and is now taking back its position as the world leader, making up almost sixth of the world economy and contributing the largest share of growth to world economy.
Economic history of Japan The Eco history of Japan is one of the most studied for its spectacular growth, first in the period from the late twentieth century that saw Japan become a world power and then again after the devastation of the Second World War when the island nation rose to become the world's second largest economy.
Economic history of the United States The economic history of the United States has its roots in European settlements in the 16th, 17th, and 18th centuries. The American colonies progressed from marginally successful colonial economies to a small, independent farming economy, which in 1776 became the United States of America.
Economic history of Turkey At the time of the collapse of the Ottoman Empire (see Economy of the Ottoman Empire) during World War I, the Turkish economy was underdeveloped: agriculture depended on outmoded techniques and poor-quality livestock, and the few factories producing basic products such as sugar and flour were under foreign control. Between 1923 and 1985, the economy grew at an average annual rate of 6 percent.
Economic importance of bacteria The economic importance of bacteria derives from the fact that bacteria can be deliberately exploited by humans in a number of beneficial ways. Despite the fact that some bacteria play harmful roles, such as causing disease and spoiling food, the economic importance of bacteria includes both their useful and harmful aspects.
Economic inequality Economic inequality refers to disparities in the distribution of economic assets and income. The term typically refers to inequality among individuals and groups within a society, but can also refer to inequality among nations.
Economic interventionism Economic interventionism is a common term used to describe any activity, beyond the basic regulation of fraud and enforcement of contracts, undertaken by a government in an effort to affect a country's economy. Economic invervention is aimed at a variety of political objectives, such as increasing economic growth, increasing employment, raising wages, raising or reducing prices, promoting equality, or addressing supposed market failures.
Economic liberalization Economic liberalization is a broad term that usually refers to less government regulations and restrictions in the economy in exchange for greater participation of private entities; the doctrine is associated with neoliberalism. The arguments for economic liberalization include greater efficiency and effectiveness that would translate to a "bigger pie" for everybody.
Economic libertarianism Economic libertarianism is a strain of political thought that emphasizes the freedom of individuals to order their economic lives without state interference. In the free-market economy advocated by economic libertarians, individuals coordinate their economic decisions through the institutions of private property, freedom of contract, and the free price system.
Economic Lot Scheduling Problem The Economic Lot Scheduling Problem (ELSP) is a problem in economics that has been studied by a large number of researchers for almost 50 years. The term was first used in 1958 by research professor Jack Rogers, who developed a computational model to solve the problem of determining the quantity that should be produced for a certain lot of products, as well as when the lot should be produced.
Economic militarism Economic militarism is a term used to describe the ideology surrounding the use of military expenditure to prop up an economy, or the use of military power to gain control or access to territory or other economic resources.
Economic nationalism Economic nationalism (also called "national system of political economy") is a term used to describe policies which are guided by the idea of protecting domestic consumption, labor and capital formation, even if this requires the imposition of tariffs and other restrictions on the movement of labour, goods and capital. It is in opposition to globalization in many cases, or at least it questions the benefits of unrestricted free trade.
Economic oppression The term economic oppression, sometimes misunderstood in the sense of economic sanction, embargo or economic boycott, has a different meaning and significance, and its meaning as well as its significance has been changing over a period of time, and its contextual application. Thus, one of the earliest references to some form of economic oppression is found in a verse of the Old Testament: “And if thou sell ought unto thy neighbour, or buyest ought of thy neighbour's hand, ye shall not oppress one another.
Economic order quantity Economic order quantity (also known as the Wilson EOQ Model or simply the EOQ Model) is a model that defines the optimal quantity to order that minimizes total variable costs required to order and hold inventory.
Economic Opportunity Institute The Economic Opportunity Institute (EOI) is a nonpartisan, nonprofit, public policy institute, started in 1998, to define the policy debate on the issue of economic security. The Institute is based in Seattle, Washington.
Economic policy Economic policy refers to the actions that governments take in the economic field. It covers the systems for setting interest rates and government deficit as well as the labour market, national ownership, and many other areas of government.
Economic production quantity Economic Production Quantity model (also known as the EPQ model) is an extension of the Economic Order Quantity model. The difference being that the EPQ model assumes orders are received incrementally during the production process.
Economic Partnership Agreements Economic Partnership Agreements are a scheme to create a free trade area (FTA) between the European Union and the ACP countries. They are a response to continuing criticism that the non-reciprocal and discriminating preferential trade agreements offered by the EU are incompatible with WTO rules.
Economic rejuvenation Economic rejuvenation, often called economic growth is a prolonged period of fast economic growth (traditionally measured in terms of the GDP growth). By some definitions, "fast" means that it is significantly faster than a potential growth as estimated by experts in macroeconomics.
Economic rent Classical economics recognizes three factors of production: labor, capital and land. Within this school of thought, wages are defined as the portion of production that goes to workers for contributing labor toward production; interest is the portion that goes to owners of tools, buildings, etc.
Economic Report of the President The Economic Report of the President is a document published by the President's Council of Economic Advisors (CEA). Released in February of each year, the report reviews what economic activity was of impact in the previous year, outlines the economic goals for the coming year (based on the President's economic agenda), and makes numerical projections of how the economy will perform.
Economic sanctions Economic sanctions are economic penalties applied by one country (or group of countries) on another for a variety of reasons. Economic sanctions include, but are not limited to, tariffs, trade barriers, import duties, and import or export quotas.
Economic shortage Economic shortage is a term describing a disparity between the amount demanded for a product or service and the amount supplied in a market. Specifically, a shortage occurs when there is excess demand; therefore, it is the opposite of a surplus.
Economic sociology Economic sociology is the sociological analysis of economic phenomena. As the earliest economists recognised, economic institutions are of profound importance to society as a whole and the social context affects the nature of local economic institutions.
Economic stagnation Economic stagnation, often called simply stagnation is a prolonged period of slow economic growth (traditionally measured in terms of the GDP growth). By some definitions, "slow" means that it is significantly slower than a potential growth as estimated by experts in macroeconomics.
Economic statistics A branch of applied statistics focusing on the collection, processing, compilation and dissemination of statistics concerning the economy of a region, a country or a group of countries. Economic statistics is also referred as a subtopic of official statistics, since most of the economic statistics are produced by official organizations (e.
Economic Secretary to the Treasury The Economic Secretary to the Treasury is the fifth and most junior ministerial post in the UK Treasury, after the Chancellor of the Exchequer, the Chief Secretary to the Treasury, the Paymaster-General and the Financial Secretary to the Treasury. It is not a Cabinet office.
Economic Stabilization Act of 1970 The Economic Stabilization Act of 1970 was a United States law that authorized the President to stabilize prices, rents, wages, salaries, interest rates, dividends and similar transfers. It established priorities for use and allocation of supplies of petroleum products, including crude oil, and to issue standards to serve as a guide for determining levels of wages, prices, etc.
Economic Union Party The Economic Union Party (EUP, formally the Party for Economic Union with the United States) was a political party formed in the Dominion of Newfoundland on March 20 1948 at the beginning of the first referendum campaign on the future of the country. It was led by St.
Economic value added Economic Value Added (EVA) is often defined as the value of an activity that is left over after subtracting from it the cost of executing that activity and the cost of having lost the opportunity of investing consumed resources in an alternative activity. In business terms, one could calculate EVA as Income from Operations - rate of interest in sovereign debt, if sovereign debt can be considered an alternative opportunity to invest working capital and equity.
Economic vegetarianism An economic vegetarian is a person who practices vegetarianism from either the philosophical viewpoint that the consumption of meat is expensive, part of a conscious simple living strategy or just because of necessity. In the developing world, where large numbers of poor people might not be averse to eating meat, they are regularly forced to make do with vegetarian food, since meat can often be a luxury.
Economic Vulnerability Index Economic Vulnerability Index is a measure used by the United Nations to classify the development of the 192 member states. For instance, in order for a country to be classified as a developed country/industrialized country, it must graduate beyond a threshold set by the Economic Vulnerability Index.
Economic warfare Economic warfare is the term for economic policies followed as a part of military operations during wartime. The purpose of economic warfare is to capture critical economic resources so that the military can operate at full efficiency and/or deprive the enemy forces of those resources so that they cannot fight the war properly.
Economic zones and macrozones of Russia Economic zones (), or macrozones (), group economic regions of Russia into territories that share common economic trendsRussian Classification of Economic Regions (OK 024-95) as amended by #5-2001. Economic regions or their parts may belong to more than one economic zone.
Economic, Social, and Cultural Council The Economic, Social and Cultural Council is an advisory body of the African Union charged with overseeing the development of those particular areas within the continent. To this end 10 Sectoral Cluster Committees were established to highlight these areas:
Economical with the truth The phrase economical with the truth came into popular usage after if was used by British Cabinet Secretary Robert Armstrong during the Spycatcher trial in 1986.It is thought to derive from the controversy between the Revd.
Economics Economics is the social science that studies the production, distribution, and consumption of goods and services. The word 'economics' is from the Greek words [oikos], meaning house, and νόμος [nomos], meaning custom or law, hence "rules of the house(hold).
Economics and Human Biology Economics and Human Biology is an academic journal published three times a year by Elsevier Science since 2003. It is an interdisciplinary periodical devoted to the subject of economics in the context of human biology and health.
Economics and patents Patents are legal instruments intended to encourage innovation by providing a limited "monopoly" to the inventor (or their assignee) in return for the publication of the details of the invention protected by the patent. Innovation is encouraged because an inventor can secure exclusive rights, and therefore financial rewards in the market place, in return for the development and disclosure of new technology.
Economics education Economics education is the teaching of economics, as distinct from the economics of education, which covers topics such as human capital theory. Journals devoted to the topic include the Journal of Economic Education and the International Review of Economics Education.
Economics in One Lesson Economics in One Lesson is an introduction to free-market economics written by Henry Hazlitt and published in 1946, based on Frédéric Bastiat's essay Ce qu'on voit et ce qu'on ne voit pas (What is Seen and What is Not Seen).
Economics Letters Economics Letters is a scholarly peer-reviewed journal of Economics that publishes concise communications (letters) that provide a means of rapid and efficient dissemination of new results, models and methods in all fields of economic research. Published by Elsevier.
Economics of automobile ownership Compared to other popular modes of passenger transportation, especially buses, the automobile has a relatively high cost per person-kilometre traveled . Nevertheless demand for automobiles remains high and inelastic, suggesting that its advantages, such as on-demand and door-to-door travel, are highly prized and not easily substituted by cheaper alternative modes of transport.
Economics of biodiversity There have been a number of economic arguments advanced regarding evaluation of the benefits of biodiversity. Most are anthropocentric but economists have also debated whether biodiversity is inherently valuable, independent of benefits to human.
Economics of fascism The economics of fascism refers to the economic policies implemented by fascist governments. "Fascism" itself is a term used to refer to a variety of far-right, nationalist movements and regimes that existed in parts of Europe (and, according to some, Latin America) during the early to mid 20th century.
Economics of global warming The economics of global warming relates to the size and distribution of the economic costs and benefits of global warming and of a variety of actions aimed at the mitigation of global warming. Estimates come from a variety of sources, including integrated assessment models, which seek to combine socio-economic and biophysical assessments of climate change.
Economics of location In economics, economics of location is a strategy used by firms in a monopolistic competition environment. Unlike a product differentiation strategy, where firms make their products different in order to attract customers, the economics of location strategy causes firms to produce similar or identical products.
Economics of security The economics of information security addresses the economic aspects of economics of privacy and computer security. Economics of information security includes models of the strictly rational homo economicus as well as behavioral economics.
Economics U$A Economics U$A is a telecourse series covering the subjects of microeconomics and macroeconomics. The series was produced by the Educational Film Center in Annandale, Virginia, with funding from the Annenberg-CPB Project (now Annenberg Media) and broadcast on PBS and educational stations.
Economies of agglomeration The term economies of agglomeration is used in urban economics to describe the benefits that firms obtain when locating near each other. It is related to the idea of economies of scale and network effects, in that the more related firms that are clustered together, the lower the cost of production (firms have competing multiple suppliers, greater specialization and division of labor result) and the greater the market that the firm can sell into.
Economies of present-day nations and states Economy is a set of human and social activities and institutions related to the production, distribution, exchange and consumption of goods and services. It is also an organized way a society provides for the wants and needs of its people.
Economies of scope Economies of scope are conceptually similar to economies of scale. Whereas economies of scale primarily refer to efficiencies associated with supply-side changes, such as increasing or decreasing the scale of production, of a single product type, economies of scope refer to efficiencies primarily associated with demand-side changes, such as increasing or decreasing the scope of marketing and distribution, of different types of products.
Economism Economism is a term used to criticize economic reductionism, that is the reduction of all social facts to economical dimensions. It is also used to criticize economics as an ideology, in which supply and demand are the only important factors in decisions, and literally outstrip or permit ignoring all other factors.
Economist An economist is an individual who studies, develops, and applies theories and concepts from economics, and who writes about economic policy. Within this field of study there are many sub-fields, ranging from the broad philosophical theories to the focused study of minutiae within specific markets, macroeconomics analysis, microeconomics analysis or financial analysis, involving analytical methods and tools such as econometrics, statistics, economics computational models, financial economics, financial mathematics and mathematical economics.
Economist Intelligence Unit The Economist Intelligence Unit (EIU) is part of The Economist Group. It is a research and advisory company providing country, industry and management analysis worldwide and incorporates the former Business International Corporation, a US company acquired by the parent organization in 1986.
Economizer An Economizer is a mechanical heat exchange device that heats a fluid up to (but not beyond) the boiling point of that fluid. Economizers are so named because they can make use of the enthalpy in fluid streams that are hot, but not hot enough to be used in a boiler, thereby recovering more useful enthalpy and improving the efficiency of the steam cycle.
Economy Economy is a set of human and social activities and institutions related to the production, distribution, exchange and consumption of goods and services. It is also an organized way a society provides for the wants and needs of its people.
Economy (Eastern Orthodox Church) In the Eastern Orthodox Church, economy (economia) is a bishop's discretionary power to dispense with church standards (or "canons", as they are called) that a parish priest would otherwise be required to follow. Often it amounts to retroactive recognition granted to sacraments performed in heterodox churches when a person converts to Orthodoxy, or in Orthodox jurisdictions with which the bishop's jurisdiction is not in full communion.
Economy of Afghanistan The economic outlook of Afghanistan's Economy has improved significantly since 2002 due to the infusion of over 18 billion US dollars in international assistance, dramatic improvements in agricultural production, and the end of a four-year drought in most of the country. However, Afghanistan remains extremely poor, landlocked, and highly dependent on foreign aid, farming, and trade with neighboring countries.
Economy of Albania A poor country by West European standards, Albania is making the difficult transition to a more open-market economy. The collapse of communism in Albania came later and was more chaotic than in other east European countries and was marked by a mass exodus of refugees to Italy and Greece in 1991 and 1992.
Economy of Algeria In the economy of Algeria the hydrocarbons sector is the backbone, accounting for roughly 52% of budget revenues, 25% of GDP, and over 95% of export earnings. Algeria has the fifth-largest reserves of natural gas in the world and is the second largest gas exporter; it ranks fourteenth for oil reserves.
Economy of American Samoa This is a traditional Polynesian economy in which more than 90% of the land is communally owned. Economic activity is strongly linked to the US, with which American Samoa conducts the great bulk of its foreign trade.
Economy of Andorra Andorra's GDP for 1998 was $1,2 billion, with tourism as its principal component. Attractive for shoppers from France and Spain as a free port, the country also has developed active summer and winter tourist resorts.
Economy of Antarctica No economic activity is conducted at present in Antarctica, except for fishing off the coast and small-scale tourism, both based abroad. Antarctic fisheries in 1998-1999 (July 1- June 30) reported landing 119,898 metric tons.
Economy of Antigua and Barbuda Antigua and Barbuda's economy is service-based, with tourism and government services representing the key sources of employment and income. Tourism accounts directly or indirectly for more than half of GDP and is also the principal earner of foreign exchange in Antigua and Barbuda.
Economy of Argentina Argentina benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Historically, however, its economic performance has been very uneven.
Economy of Armenia Armenia is the second most densely populated of the former Soviet republics. It is between the Black Sea and the Caspian Sea, bordered on the north and east by Georgia and Azerbaijan and on the south and west by Iran and Turkey.
Economy of Aruba The economy of Aruba is an open system, with tourism currently providing the largest percentage of the country's income. Because of tourism's rapid growth in the last ten years, related industries like construction have also flourished.
Economy of Asia The economy of Asia comprises more than 4 billion people (60% of the world population), living in 46 different states. In addition to this, there are six further states that lie partly in Asia, but are considered to belong to another region economically and politically.
Economy of Austria The economy of the Republic of Austria may be characterised as a social market economy similar in structure with Germany's. The country has a very high standard of living in which the government has played an important role in its citizen's life ever since 1945.

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