Economics

Arbitration
A dispute-resolution process where a neutral arbitrator issues a decision (often binding) outside the court system.
Balancing Item
A statistical adjustment used when two theoretically equal aggregates do not match in measured data.
Benefits
The value or utility gained from an action, good, or policy, often analyzed at the margin.
Competitive Advantage
A durable edge that lets a firm earn returns above rivals through lower cost, differentiation, or strategic positioning.
Cost-Effectiveness
A decision criterion that compares policy or project costs to measurable outcomes when benefits are not fully monetized.
Depreciation
How depreciation works for assets and currencies, and why the distinction matters in economics.
Economic Efficiency
A condition where resources are allocated to maximize total welfare given technology and constraints.
Financial Markets
Markets where financial claims (stocks, bonds, currencies, derivatives) are issued and traded to allocate capital and price risk.
Greenhouse Gases
Gases that trap heat in the atmosphere; economically, emissions create a global negative externality through climate damages.
Housing Association
A non-profit housing provider that supplies below-market or regulated housing within local housing systems.
Juglar Cycle
A medium-term business cycle, often linked to investment and credit dynamics, lasting roughly 7 to 11 years.
Menu Costs
The real costs firms face when changing prices, which can generate aggregate price stickiness.
Multilateralism
An approach to international economic cooperation based on common rules across many countries.
Not-for-Profit Organization
An organization that reinvests any surplus into its mission instead of distributing profits to owners.
Standard Industrial Classification
A coding framework used to classify business activities for statistics, regulation, and economic analysis.