This glossary of economics is a list of definitions of terms and concepts used in economics, its sub-disciplines, and related fields. See more

See more

DAD–SAS model A macroeconomic model based on the AD-AS model, but examining the relationship between inflation and income, rather than … See more

factors of production Inputs (resources) used to create goods and services, including land, labor, capital, and entrepreneurship. … See more

absolute advantage Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service … See more

Cambridge capital controversy Also called the capital controversy or the two Cambridges debate. A dispute between proponents of two … See more

Easterlin paradox A finding in happiness economics which states that at a point in time happiness varies directly with income both among and within nations, but over time happiness … See more