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P-E ratio
Price - Earnings Ratio. The ratio of the current market price to its earning per per share.

The containment and presentation of a product or service to the intended consumers or public, so as to enhance the look and provide critical required information regarding the same.

Paradox of thrift
The paradox that an increase in savings is not the ideal course of action when the economy is in depression or a downturn.

Pareto improvement
It states that an action would result in efficiency if one person can benefit without harming anyone else.

An official document granting the ownership and control of an invention, and the right to make, sell, market and license it. A patent is currently valid for 17 years.

Perfect competition
A market competition which is an ideal situation characterized by freedom of entry and exit into the industry; and a large number of small firms producing identical products, and the buyers having perfect knowledge about the product and prices. Such a market doesn't exist in the real world.

Perfectly elastic
A situation where an infinitesimally small change in the price causes infinitely large changes in the quantity demanded.

Perfectly inelastic
A situation where any change in the price does not lead to any change in the quantity demanded.

Pigouvian tax
A form of tax charged on external costs, which is deviced for better allocation of resources through market forces.

Producers' surplus
Earnings of a producer by selling a product over and above its opportunity cost of production.

Product life cycle
The life cycle stages that a product needs to pass through, usually depicted graphically. The stages are introduction, growth, maturity and decline.

Production possibilities curve
A curve illustrating the possibilities of production in an economy with the available resources.

Progressive tax
A system of taxation where the amount of tax payable increases with an increase in the income of an individual or an institution

Public debt
The aggregate of all government securities outstanding is termed as Public Debt

Purchasing power
The amount of goods and purchases that can be bought with a given sum of money.

Purchasing-power parity
A technique for calculating alternative exhange rates between currencies of two different countries. This is mostly used for the comparison of standard of living between two or more countries.

Pure market economy
An economy which allows the forces of market to operate freely and decide the issues with allocation of resources.

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