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Outsourcing

Outsourcing is a term from economics: Sometimes a company decides to change its structure, in such a way, that it no longer performs certain tasks which are not its core business. Instead, the company hires or collaborates with other companies wh ...

                                               

Paradox of thrift

The paradox of thrift is the idea that during a recession, people will want to save more money. But if everyone saves money, then the economy can slow down even more, reducing peoples income as a result. It is often linked with John Maynard Keyne ...

                                               

Per capita income

Per capita income or average income is the average amount of money a person gets in a year. It is found by dividing the amount of money in an area by the number of people living there. Per capita income is often used to measure an areas average i ...

                                               

Perverse incentive

A perverse incentive is an incentive that creates an unplanned and unwanted result. The outcome is not helpful or contrary to the interests of the incentive makers. Perverse incentives are a type of unintended consequences.

                                               

Phillips curve

The Phillips Curve shows the relationship between unemployment and wage inflation in an economy. It shows that as unemployment goes down, wages go up. It was discovered by British economist William Phillips. He studied wage inflation and unemploy ...

                                               

Pigou effect

The Pigou effect is an economics term that refers to the stimulation of output and employment. It is caused by increasing consumption due to a rise in real balances of wealth. It often happens particularly during deflation. Wealth was defined by ...

                                               

Price elasticity of demand

In economics, the price elasticity of demand is a measure to show the responsiveness of the quantity demanded for a good or service to a change in its price, ceteris paribus. It is also known as the percentage change in quantity demanded for a go ...

                                               

Product (business)

A product is something that is made and often something that is sold. In economics, things that one person has and another person wants are called goods. If the thing was made by people, then it is called a product. If it is something that was fo ...

                                               

Public good

In Economics, a public good is a kind of common good. Public goods have two main properties: It is not possible to prevent someone from consuming the good. If a person consumes the good, this does not reduce the availabililty of the good to other ...

                                               

Public utility

A Public utility is an organization which manages and looks after the equipment and facilities used to provide a service. Often, they also use that equipment and facilities to provide the same service. Public utilities can be small groups based i ...

                                               

Public-private partnership

A public-private partnership is a contract between the public sector, or government, and a private company. The purpose for such public-private partnerships is to provide public services, like education and transportation. This is without changin ...

                                               

Purchasing power parity

There are two ways to measure GDP of different countries and compare them. One way, called GDP at exchange rate, is when the currencies of all countries are converted into USD. The second way is GDP or GDP at purchasing power parity.

                                               

Quantitative easing

Quantitative easing is something a central bank can do to help the economy. It is done by buying bonds or other assets. With this, the interest rate will decrease and the rate of inflation will go up. It is usually used when inflation is very low ...

                                               

Renting

Renting is where someone pays money to use something for a definite amount of time. This can be anything from a car or house to a DVD. The document that has all the details written on it is called the lease. The person who owns the item that will ...

                                               

Royalty payment

A royalty is a payment made to someone for the use of something, an asset, that they have created or own. For example a musician who writes a song is paid a royalty each time the song is played on the radio, or each time another musician plays th ...

                                               

Service (economics)

In economics and marketing, a service is an economic activity offered as a product. Although a service is a non-material good, the result it produces may be a material good depending on the service. For example, a construction service may produce ...

                                               

Service economy

A service is a job or work done for someone else. All the service trades in a place form a service economy. The service economy can be in a region like a country or in a town or city.

                                               

Service sector

The Service Sector, also called tertiary sector, is the third of the three traditional economic sectors. The other two are the primary sector, which covers areas such as farming, mining and fishing; and the secondary sector which covers manufactu ...

                                               

Sexual capital

Sexual capital is the social value an individual or social group gets as a function of their sexual attractiveness. Like other forms of economic capital, sexual capital can be converted to other forms of capital. Sexual capital can be useful in g ...

                                               

Stakeholder

In a corporation, a stakeholder is a member of groups without whose support the organisation would fail to exist, as defined in the first usage of the word in a 1963 internal written message at the Stanford Research institute. The theory was late ...

                                               

Standard of living

Standard of living usually refers to the economic level of an individual, family, or nation. People can measure it by the value of the goods and services produced or used by the individual, family, or nation in a period of time. Article 25 of the ...

                                               

Stern Review

The Stern Review on the Economics of Climate Change is a 700-page report released on 30 October 2006 by economist Lord Nicholas Stern for the British government. It discusses the effect of climate change and global warming on the world economy. I ...

                                               

Toxic assets

The term toxic asset is a nontechnical term used to describe certain financial assets when their value has fallen significantly and when there is no longer a functioning market for these assets, so that they cannot reasonably be sold. This term b ...

                                               

Treasurer

A treasurer is someone who looks after the money in a club, company, organization, association, or government. The treasurer of a government manages the Annual Budget of a state or country. The budget is used to give money to government departmen ...

                                               

Value

Value is how much something is worth. Often the best way to find the value of something is to use the price that it can be sold for. However Oscar Wilde wrote that people know the price of everything but the value of nothing- in other words true ...

                                               

Venture capital

Venture capital is a type of private equity capital. Typically it is provided by outside investors to new businesses that promise to grow fast. Venture capital investments are usually high risk, but offer the potential for above-average returns. ...

                                               

Welfare economics

Welfare economics is a field of economics that looks at the problem of allocating resources. It uses techniques from microeconomics to assess general well-being. From this assessment, it tries to find an allocation of productive factors as to des ...

                                               

Wholesale

Wholesale is the sale of large numbers of goods to retailers. The retailer then sells small amounts of the goods to individual users or consumers. A wholesaler often buys goods direct from the factory or the farm. The wholesaler can put together, ...

                                               

World Bank

The World Bank is an international bank that lends money and other help to developing nations for infrastructure. The World Bank has the goal of reducing poverty. The World Bank is different from the World Bank Group, because the World Bank is ma ...

                                               

Outbreak

An outbreak is an event that sometimes cannot be controlled for several months or years. The word "outbreak" is a term used in epidemiology. It describes what happens when a disease becomes widespread that first thought. An outbreak can affect a ...

                                               

Pharmacoepidemiology

Pharmacoepidemiology studies the use and effects of drugs on large groups of people and patients. It assesses probability of beneficial and adverse effects, and risks for humans while using a particular drug. Pharmacoepidemiology bridges pharmaco ...

                                               

Euthanasia

Euthanasia is when a persons life is ended because of disease or pain, which has made them suffer. This is different from assisted suicide, where a person helps someone kill themselves. It is also different to murder, where the reason is not suff ...

                                               

Assisted suicide

Assisted suicide is when somebody who wants to commit suicide is helped to do this by someone else. Normally, people who ask for assisted suicide are very ill and in a lot of pain, so they want someone to help them to die, for example by being gi ...

                                               

Cruzan v. Director, Missouri Department of Health

Cruzan v. Director, Missouri Department of Health, 497 U.S. 261, was a United States Supreme Court case. It had to do with the right to die. Nancy Cruzan was a woman who was in a persistent vegetative state. Her family wanted to stop life support ...

                                               

Dignitas (euthanasia group)

Dignitas is a Swiss group that helps people with assisted suicide. This means that, if a person is very ill and wants to die, the doctors and nurses help them to end their life. Only people who have a terminal illness or very bad physical or ment ...

                                               

Euthanasia Coaster

The Euthanasia Coaster is an art concept. The idea was a steel roller coaster designed to kill its passengers. In 2010, it was designed and made into a scale model by Julijonas Urbonas. Urbonas used to work in an amusement park. Urbonas said that ...

                                               

Hartheim Euthanasia Centre

The Hartheim Euthanasia Centre was a killing centre that Nazi Germany used to kill people with disabilities during World War II. The Nazis ideas about eugenics said that people with disabilities were "life unworthy of life. Hartheim was one of si ...

                                               

Right to die

The right to die is the belief that people have the right to end their own lives. Usually, when people talk about the right to die, they are talking about the right of people with terminal illnesses to end their lives. The right to die is very co ...

                                               

Vacco v. Quill

Vacco v. Quill, 521 U.S. 793, was a landmark court decision about the right to die. New York had made physician-assisted suicide illegal. A group of doctors challenged this law. The case went all the way to the Supreme Court of the United States. ...

                                               

Ancestor

An ancestor is a person from whom another is descended. Usually, it refers to a person far in the past, rather than the parents or grandparents in the close family. A very similar word is forebear. A female ancestor may be called an ancestress. T ...

                                               

Aunt

An aunt is relationship that describes a woman who is a sibling of a parent or is married to a sibling of a parent. Aunts are sometimes called Auntie or Aunty. A man is a nephew to their Aunt and a woman is a niece. An aunt is part of an extended ...

                                               

Berdel

Berdel or sibling swapping is a type of marriage where parallel families swap siblings. It does not always have to be a sibling, and sometimes another family members is swapped in exchange for another family member. For example a niece can be exc ...

                                               

Child-headed family

A child-headed family or child-headed household is a family in which a minor has become the head of the household. They are most common in developing countries and areas of war, where the childrens parents have been killed by conflict or disease. ...

                                               

Corporal punishment

Corporal punishment is a punishment which is meant to cause physical pain on a person. It is most often performed on minors. Common methods include spanking, belting and paddling. It has also been used on some adults, mostly on prisoners and peop ...

                                               

Cousin

A cousin is a term in genealogy. It is not a direct ancestor or descendant, but is a relative who shares a common ancestor. The word cousin is often used to mean a persons first cousin – the child of someones aunt or uncle. Cousin relationships c ...

                                               

Gender selection

Gender selection is the attempt to control the gender of human offspring. It can be done either before or after the fertilisation of the egg. It has been promoted by the term family balancing. In certain countries, particularly China, Nepal and I ...

                                               

Mother

A mother is a female parent. A mother gives birth to babies after pregnancy. Pregnancy is usually nine months. If a woman over the stage of puberty raises an adopted or biological child, then she is a mother as well. Adopted children are also par ...

                                               

Nephew and niece

A nephew is the son of someones brother or sister. A niece is the daughter of the persons brother or sister. To the nephew or niece, the person is their uncle or aunt. The relationship of aunt/uncle to niece/nephew is an example of second-degree ...

                                               

Orphan

An orphan is a child who has lost either or both parents. Their parents are either dead or didnt want them. Some orphans end up in a house called an orphanage. This is where children with no parents live. Many children that live in an orphanage g ...

                                               

Sibling

There are several different types of siblings. Full-Siblings Full Brothers / Full Sisters or Brothers / Sisters: These types of siblings have both the same father and mother and are the most common type of siblings found. Twins: There are two typ ...