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Game theory
A model of decision-making where competitive situations are analyzed to understand the interaction between two players and the optimal course of action.

GATT
General Agreement on Tariffs and Trade

GDI
Gross Domestic Income. It is the total market value of the goods and services produced in the economy in a given period of time.

GDP
Gross Domestic Product. It is the total market value of the goods and services produced in the economy in a given period of time.

Giffen good
These type of goods are very rare, which when its prices increase, the demand also increases. These type of goods are an exception to the law of demand.

Gini index
This indicates the distribution of wealth, income and related resources in an economy, whether equitable or inequitable.

Globalization
The expansion of economic activities beyond the national boundaries to many nations.

Graduated tax
A form of progressive taxation where the rate of tax increases as the value of a product increases.

Great Depression
The economic crisis which occurred in the US during 1929-1941, where high rate of unemployment, failure of businesses and a slump in the markets was experienced also affecting countries abroad.

Gresham's law
The theory holding that bad money will drive out good money from circulation.

Gross national product
The total market value of goods and services produced in an economy in a given period of time.

Guild
Association of craftsmen, artisans or merchants in the same occupation to promote common interest. Guilds were formed in Medieval Europe.




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