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  KEY TERMS
 

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Macroeconomic policy
Government policies that are oriented towards the macro goals of the economy like employment, growth and stability.

Macroeconomics
The branch of econmics that studies the economy as a whole, i.e., the agrregate demand, aggregate production, national income and employment issues etc.,

Marginal cost
Marginal cost is the cost of producing one additional unit of output. It is the net addition made to the total cost by the production of one additional unit of output

Marginal propensity to consume
The change that occurs in the consumption pattern due to a change in the disposable income of an individual or a household.

Marginal propensity to save
The change that occurs in the amount of savings due to a change in the disposable income of an individual or a household.

Market shock
A disturbance in the market equilibrium resulting due to a shift in either of market forces (demand & supply).

Marginal utility
The utility obtained by the use or consumption of an additional resource (Product or Commodity).

Market-based economy
An economy which allows the free interaction of market forces with less intervention to solve the problems of reosurce allocation.

Marketing
The act of buying and selling goods.

Marketing mix
It includes the main four elements/tools of marketing, Product, Price, Place and Promotion.

Merit good
These goods are such, with positive externalities, produced without a motive of Profit maximisation. Such goods are produced by the governments.

Microeconomic policy
Government policies oriented towards the specifics and not aggregates. For example, policy on Industry, Judiciary policy etc.,

Microeconomics
The branch of economics that studies the specifics of an economy like the market dynamics - demand and supply, price dynamics, etc.,

Minimum wage
The price floor established by respective governments for payment of wages to any hired labor.

Misery index
Misery rate is calculated by summing up the rates of unemployment and inflation.

Mission statement
A corporate statement outlining the vision of the company and its strategies to achieve their set goals.

Mixed economy
A mixed economy is where both the market forces and government operate together for the optimal allocation of resources

Monopolistic competition
Industrial competition where many number of players are present, but do not produce perfectly substitutable products, and all players have significant market shares to maximize their share of profits.

Monopoly
A market where there is only a single producer of a commodity with no substitutes available.

Monopsonistic competition
A market in which the number or sellers is many, but the buyer is only one moral suasion The pursuance by government and other market leaders to refrain from particular behavior by means other than laws and regulations.

Multilateral trade
A trade in which, more than two or several parties are involved. Commonly refered to International Trade, where more that two countries are involved in transactions.

Multiplier
Established by Keynesian Economics, it is the rate at which the increase in the spendings of an economy results in the increase of national income.




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