Privatization
The transfer to private ownership and control of assets or enterprises which were previously under public ownership.
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Probability
A quantitative measure of the chance that a random event will occur.
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Probability Distribution
A detailed overview of probability distributions, their definitions, and relevance in various economic frameworks.
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Probit Model
Definition and conceptualization of the probit model in economics, focusing on its role as a discrete choice model using the cumulative normal distribution function.
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Process Innovation
Definition and explanation of process innovation in Economics
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Procurement
Government purchase of goods and services, focusing on inefficiency, corruption, and protectionism.
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Producer Good
Microeconomics Macroeconomics
A good intended for use as a capital good or intermediate product by producers, rather than for direct use by consumers.
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Producer Surplus
Definition and meaning of Producer Surplus in Economics
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Product
An exploration of the term 'product' in an economic context, covering production at various levels and related concepts.
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Product Differentiation
Understanding product differentiation as a key element in non-price competition among firms.
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Product Innovation
An in-depth look at the concept of product innovation and its impact on economic growth.
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Product Liability
Understanding the concept of product liability, its implications, and its applications in economics and law.
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Product Life Cycle
A model of how products go through a series of phases over time, from innovation to eventual decline.
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Product Proliferation
An exploration of product proliferation, where a producer markets numerous varieties of the same product.
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Production
An overview of the concept of production within economics, covering its meaning, context, frameworks, comparative analysis, and related terms.
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Production Externality
An external effect of production that impacts others who are not directly involved in the production process.
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Production Function
An examination of the production function, which outlines the maximum output achievable with a given set of inputs.
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Production Possibility Frontier (PPF)
A locus of points showing the maximum outputs of goods and services possible with the available resources.
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Production Possibility Set
A comprehensive look at the production possibility set, its definition, and implications in economics.
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Production Set
The set of technologically feasible input–output combinations for an individual firm or for an economy as a whole.
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Production Subsidy
Definition and analysis of production subsidies in economics.
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Productive Efficiency
An exploration of the concept of productive efficiency within economics and its various theoretical perspectives.
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Productivity
The amount of output per unit of input achieved by a firm, industry, or country.
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Professional Body
An organization of people with particular professional qualifications, aimed at maintaining and monitoring standards within a specific profession.
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Profit
An excess of the receipts over the spending of a business during any period, including various financial transactions and asset valuations.
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Profit Maximization
The act of making as much profit as possible for a business, a key assumption in economic theory.
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Profit Motive
Understanding the concept of profit motive in economic theory, its historical context, and various analytical perspectives.
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Profit Warning
An announcement by a company warning the market that profits are likely to be lower than previously expected.
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Profit-and-Loss Account
An account of an organization’s receipts and spending over a period, providing insights into profits and losses.
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Profit-Related Pay
The system of making pay a function of the employer’s profits.
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Profit-Sharing
A system where employees receive a share of the profits of their firm, enhancing motivation and interest in the company's profitability.
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Profit-Sharing Arrangement
A formal agreement between parties on the distribution of profit from a business venture.
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Profit-Taking
The concept of selling an asset to realize accrued capital gains, considering the implications and risks involved in the decision-making process.
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Progressive Tax
An overview of the progressive tax system where the tax burden rises more than proportionate to the income or ability to pay.
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Prohibitive Tariff
A tariff set at a rate so high that no trade in the good concerned can take place.
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Propensity Score Matching
A method of estimation of the causal effect of a treatment, or a policy intervention, in observational data.
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Propensity to Consume
The tendency of individuals to spend a portion of their disposable income on consumption.
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Propensity to Save
The proportion of disposable income which individuals do not desire to spend on consumption.
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Property
Understanding the concept of property, specifically real property, in economics and law.
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Property Company
A company whose principal activity is owning and developing property.
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Property Developer
An exploration of the role, risks, and impact of property developers in the real estate market.
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Property Income
An overview of property income, including its types and significance in the realm of economics.
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Property Income from Abroad
An income derived by residents of a country from rents, dividends, and interest received from abroad
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Property Lending
Lending to finance purchases of property, often using the property as collateral.
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Property Market
The system by which land and buildings are bought and sold
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Property Portfolio
An in-depth definition and analysis of the term 'Property Portfolio' within the field of economics.
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Property Rights
The rights of an owner over property, including the scope and limitations of these rights.
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Proportional Tax
An overview of the proportional tax system where the tax rate remains constant regardless of the taxable amount.
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Prospect Theory
A theory of choice under risk highlighting psychological factors influencing decisions.
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Prospectus
An informative document provided by a company during the issuance of new shares or debentures to the public.
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Protection
An overview of the concept of protection in economics, focusing on trade policies and their impact.
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Protectionism
A policy involving the restriction of international trade to protect domestic industries and affect economic factors.
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Proxy Variable
An economics definition highlighting the use of proxy variables for variables that cannot be measured directly.
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Proxy Vote
An examination of the proxy vote mechanism, commonly used in corporate governance, whereby one person votes on behalf of another.
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Prudential Regulation Authority
An overview of the Prudential Regulation Authority (PRA), its roles, objectives, and analytical frameworks within economics.
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Public Choice
An approach to the analysis of economic policy focusing on the motivations of bureaucrats and politicians.
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Public Company
Definition and analysis of a public company with historical context and major analytical frameworks.
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Public Corporation
The UK form of organization for nationalized industries operating with managerial autonomy but under considerable government intervention.
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Public Debt
Money or credit owed by a government to domestic or foreign lenders, often represented by outstanding government bonds.
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Public Economics
A comprehensive study of the field of economics that examines economic efficiency, distribution, and government economic policy, particularly focusing on the public sector, market failures, and externalities.
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Public Expenditure
An overview and in-depth analysis of public expenditure, its types, purposes, and implications in various economic theories.
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Public Expenditure Survey Committee
A UK government interdepartmental committee that reviewed expenditure plans, ceasing operation in 1984.
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Public Finance
A branch of economics focused on how governments manage revenue and expenditure to foster economic stability and growth.
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Public Good
A formal entry for the term 'Public Good' in Economics
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Public Interest
An exploration of the concept of Public Interest, its definitions, frameworks, and applications.
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Public Limited Company
An overview of the Public Limited Company (PLC) structure, its requirements, and implications in the UK.
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Public Limited Company (PLC)
An overview of the Public Limited Company (PLC), its definition, historical context, and major economic frameworks.
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Public Network
A network with open, free, or fee-based access for all consumers.
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Public Ownership
Ownership of enterprises by the government, or by a government-controlled body.
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Public Private Partnership
An arrangement for collaboration between the public and private sectors for the provision of policies, services, and infrastructure.
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Public Procurement
An exploration of the term public procurement, its definition, significance, and various frameworks within economic theory.
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Public Sector
An explanation of the public sector, including its scope and boundaries within the economy.
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Public Sector Borrowing Requirement
Detailed explanation of the Public Sector Borrowing Requirement in economics
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Public Sector Debt
An intensive look into the concept, historical context, and analytical frameworks of public sector debt, also referred to as government debt.
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Public Sector Debt Repayment
An exploration of the mechanisms and implications related to the repayment of public sector debt
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Public Sector Net Cash Requirement (PSNCR)
The amount the UK government has to borrow each year when the government’s expenditure exceeds its income.
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Public Spending
Details the definition, historical context, frameworks, and implications of public spending in economics.
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Public Utility
Economic analysis and definitions of public utility, covering various theoretical frameworks and historical developments.
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Public Works
An overview of public works as construction projects funded by the government.
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Pump Priming
The theory and application of government intervention through temporary spending to stimulate economic recovery.
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Punishment Strategy
A strategy used in repeated games to secure outcomes not achieved by a single play Nash equilibrium.
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Purchase Tax
Definition and overview of Purchase Tax, a UK tax on consumer goods replaced by Value-Added Tax in 1973.
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Purchasing Power
The amount of real goods and services each unit of money will buy.
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Purchasing Power Parity (PPP)
A comprehensive understanding of Purchasing Power Parity (PPP) in economics
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Purchasing Power Parity & Public Private Partnership
A comprehensive exploration of Purchasing Power Parity and Public Private Partnerships in economics
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Pure Floating Exchange Rate
Understanding the concept of a pure floating exchange rate, its implications, and associated risks.
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Put Bond
A put bond, also known as a retractable bond, allows the bondholder to force the issuer to repurchase the bond at specified dates before maturity.
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Put Option
A contractual agreement giving the right, but not the obligation, to sell an asset at a predetermined price on a specified future date.
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Pyramid Scheme
Definition and meaning of a pyramid scheme, including its mechanics and economic implications.
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