Economics

A closed economy is one that does not exchange goods and services with other countries. As a result, the closed economy is completely self-sufficient, meaning…

Shrinkflation is the practice of reducing the size of a product while maintaining its sticker price. In economics, it is the process of items shrinking…

A secular market is a market that is driven by forces that could be in place for many years, causing the price of a particular…

Stagnation is a prolonged period of little or no growth in an economy. Economic stagnation is a prolonged period of slow economic growth (traditionally measured…

The real or non-financial aspects of an economy are referred to as the real economy. Only real variables can be used to define an economy.…

Hyperinflation is a term to describe rapid, excessive, and out-of-control general price increases in an economy. In economics, hyperinflation is very high and typically accelerating…

A developed economy is one that is located in a developed world with a high degree of economic growth and stability. It is an economy…

External economies of scale apply to factors outside of a firm’s control that exist within the sector and result in such a cost advantage. Through…

Stagflation is a combination of stagnant economic growth, high unemployment, and high inflation. There is no consensus among economists on the causes of stagflation. It’s…

Returns to scale is a theoretical economic term that is often confused with economies of scale. As a company expands and its manufacturing units multiply,…

Disinflation is a temporary slowing of the pace of price inflation and is used to describe instances when the inflation rate has reduced marginally over…

Inflation is an economic term describing the sustained increase in prices of goods and services within a period. Chronic inflation is an economic phenomenon occurring…