Economic Terms and Concepts

Economics

The management of affairs and expenses, thrifty use of resources, and efficiency.

Bartering

The exchange of goods or services for other goods or services without using money.

Adam Smith

Scottish philosopher known as the founder of modern economics, author of "The Wealth of Nations" in 1776.

Comparative Advantage

The theory that two parties can benefit from trade even if one is more efficient in producing all goods.

Communist Manifesto

A political pamphlet by Karl Marx and Friedrich Engels advocating for the overthrow of the capitalist system.

Classical Economics

Market-based economic theory dominant in the 19th century, focusing on free markets and private property.

Alfred Marshall

English economist who wrote "Principles of Economics" in 1890, contributing concepts like supply and demand.

Keynesian Economics

Economic theory introduced by John Maynard Keynes in response to the Great Depression, emphasizing government intervention.

Business

An organization engaged in commercial, industrial, or professional activities to produce goods or services.

Business Plan

Essential document outlining details of a business, including market info, management, products, and sales projections, crucial for securing funding.