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Egalitarianism is a philosophy based on equality, namely that all people are equal and deserve equal treatment in everything. As an idea, it can be considered in terms of its consequences for individuals, both in economic and legal terms. Economic egalitarianism, which says that everyone should have access to wealth, is the basis of both Marxism and socialism. Legal egalitarianism says that everyone should follow the same laws, without any special legal protection from each other. Many countries in the world have aspects of egalitarianism woven into the fabric of their societies. Abenomics
September 25, 2022 Abenomics is a set of economic policies championed by Japanese Prime Minister Shinzo Abe when he came to power for the second time in 2012. Autarky
September 25, 2022 Autarky refers to a state of self-sufficiency and is commonly used to describe countries or economies that seek to reduce their dependence on international trade. Bureaucracy
September 25, 2022 The word “bureaucracy” implies a complex structure with many levels and procedures. Economist
September 25, 2022 An economist is an expert who studies the relationship between a society’s resources and its production or output, using a number of different indicators to predict future trends. Emigration
September 25, 2022 Emigration is the process of moving people from one country to another. Group of 8 (G-8)
September 25, 2022 The Group of Eight (G-8) was an intergovernmental organization that met periodically to address international economic and monetary issues. Infant-Industry Theory
September 25, 2022 The emerging industry theory states that new industries in developing countries need to be protected from competitive pressures until they mature. Monetarist
September 25, 2022 Monetarists are economists and politicians who adhere to the theory of monetarism. Robinson-Patman Act
September 25, 2022 The Robinson-Patman Act is a federal law designed to prevent price discrimination. Absolute Advantage
September 25, 2022 An absolute advantage is when a manufacturer can provide a greater quantity of a product or service for the same price or the same quantity at a lower price than its competitors. Adhesion Contract
September 25, 2022 Affiliation contracts are “take it or leave it” agreements where you have to accept or reject the contract as a whole. Adjudication
September 25, 2022 Litigation is the process by which the judge of the court resolves disputes between two parties. Adverse Selection
September 25, 2022 Adverse selection is when sellers have information that buyers do not, or vice versa, about some aspect of product quality. Affirmative Action
September 25, 2022 Affirmative action aims to reverse historical trends of discrimination against individuals with certain identities. Affordable Care Act
September 25, 2022 The Affordable Care Act was signed into law in March 2010 and is commonly known as “Obamacare”. Aggregate Demand
September 25, 2022 Aggregate demand measures the total demand for all finished goods and services produced in an economy. Aggregate Supply
September 25, 2022 All goods produced at a certain price in a certain period represent the aggregate supply. Americans with Disabilities Act (ADA)
September 25, 2022 The Americans with Disabilities Act (ADA) was passed in 1990 to prevent discrimination against people with disabilities in the workplace and in employment. Anchoring and Adjustment
September 25, 2022 Anchor and Adjust is a cognitive heuristic where a person starts from an initial idea and adjusts their beliefs based on that starting point. Animal Spirits
September 25, 2022 Animal spirits come from the Latin spiritus animalis: “breath that awakens the human mind.” It was introduced by the British economist John Maynard Keynes in 1936. Anti-Dumping Duty
September 25, 2022 An anti-dumping duty is a protective tariff that a country’s government imposes on foreign imports that it judges to be below fair market value. Antitrust
September 25, 2022 Antitrust laws have been designed to protect and encourage competition in all sectors of the economy. Applied Economics
September 25, 2022 Applied economics is the use of ideas derived from economic theory and research to make better decisions and solve real problems. Arc Elasticity
September 25, 2022 In the concept of arc elasticity, elasticity is measured along the arc of the demand curve on the graph. Arrow's Impossibility Theorem
September 25, 2022 Arrow’s impossibility theorem is a social choice paradox illustrating the impossibility of an ideal voting structure.