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A list of definitions of terms and concepts used in economics, its sub-disciplines, and related fields. Browse the alphabetical index of topics, from absolute advantage to zero-sum game, and learn their meanings and applications.
Nominal value is the value measured in terms of absolute money amounts, while real value is the value adjusted for inflation and purchasing power. Learn how to calculate and compare real and nominal values, and see examples of real and nominal wages, GDP, and interest rates.
Economic growth is the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. It is usually measured as the percent rate of change in real and nominal GDP, and it can be influenced by various factors such as productivity, factor accumulation, innovation, and structural change.
Nominal size is a size in name only used for identification, not necessarily matching any dimension of the product. Learn how nominal size is applied in various fields, such as manufacturing, electricity, and pipe sizes, and see examples and tables.
The distinction between real prices and ideal prices is a distinction between actual prices paid for products, services, assets and labour (the net amount of money that actually changes hands), and computed prices which are not actually charged or paid in market trade, although they may facilitate trade. [1]
Learn what break-even point (BEP) is in economics and business, and how to calculate it using a simple formula. Find out how BEP can help you analyze costs, revenues, profits, and marketing strategies.
Market value or OMV (Open Market Valuation) (Arabic: قيمة سوقية) is the price at which an asset would trade in a competitive auction setting.Market value is often used interchangeably with open market value, fair value or fair market value, although these terms have distinct definitions in different standards, and differ in some circumstances.
Real GDP is a macroeconomic measure of the value of economic output adjusted for price changes. Learn how to calculate real GDP, see the difference between real and nominal GDP, and explore the rankings of countries by real GDP and its sectors.