George W. Wallace Library: FIRP Reference Sources: Economics

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Books: Terms and Concepts

Basic Economics by Thomas Sowell
Call Number: HB171/S69/2015

ISBN: 9780465060733

In this fifth edition of Basic Economics, Thomas Sowell revises and updates his popular book on common sense economics, bringing the world into clearer focus through a basic understanding of the fundamental economic principles and how they explain our lives.
Basic Economics: A Common Sense Guide to the Economy by Thomas Sowell
Call Number: Found in CREDO Reference

ISBN: 9780465056842

Sowell explains basic economic principles for the general public in plain English.
Collins Dictionary of Economics by C. Pass, B. Lowes, and L. Davies
Call Number: Found in CREDO Reference

ISBN: 9781849721769

Gives brief definitions of terms in economics.
The Concise Encyclopedia of Economics by David R. Henderson
Call Number: Main Floor - Reference Shelves - REF HB61/C66/2008

ISBN: 9780865976658

More than 160 entries, covering numerous topics including basic concepts, discrimination and labor issues, corporations and financial markets, issues in economic history, economics of legal issues, regulation, environmental regulation, taxes, economic policy, macroeconomics, money and banking, international economics, economics outside the United States, economic systems, schools of economic thought, and more.
Deciphering Economics by David E. O'Connor
Call Number: HB71/O26/2014

ISBN: 9781440804106

This compact yet comprehensive guide provides a wealth of information that is timely, easy to understand, and relevant to the academic and civic lives of students, teachers, researchers, and the general public.
Poverty by Paul Spicker (Editor); Juliana Martínez Franzoni (Series edited by); Sonia Alvarez Leguizamón (Editor); Thomas Pogge (Series edited by); David Gordon (Editor)
Call Number: Credo Reference

ISBN: 9781842778234

Publication Date: 2007-01-08

A guide to over 200 technical terms used in contemporary scholarly research on poverty. -- Publisher description
The Princeton Encyclopedia of the World Economy by Kenneth A. Reinert and Ramkishen S. Rajan
Call Number: Found in CREDO Reference

ISBN: 9780691128122

The entries cover concepts and principles; models and theory; institutions and agreements; policies and instruments; analysis and tools; and sectors and special issues.
Routledge Dictionary of Economics by Donald Rutherford
Call Number: Found in CREDO Reference

ISBN: 9780415600385

Definitions of economic and financial terms.
The SAGE Encyclopedia of Economics and Society by Frederick F. Wherry (Editor); Juliet B. Schor (Editor)
Call Number: Main Floor - Reference Shelves - REF HB61/S24/2015/Vol. 1-4

ISBN: 9781452226439

Covers a wider variety of topics than most economics reference books (Acting White, Child Soldiers, Evolutionary Psychology & Economics). Entries are 1-2 pages long.

Books : Finance

Webster's New World Finance and Investment Dictionary by Barbara J. Etzel
Call Number: Found in CREDO Reference

ISBN: 9781849721486

Financial terms, including vocabulary related to accounting, finance, banks and banking, economics, investing, markets, real estate, and securities.
The Book of Money by Daniel Conaghan; Dan Smith
Call Number: HG221/C66/2013

ISBN: 9781770851986

A clear, concise, illustrated guide to the workings of the global economy.

Books: Trade

Encyclopedia of World Trade From Ancient Times to the Present by Cynthia Clark Northrup
Call Number: Found in CREDO Reference

ISBN: 9780765682680

Covers the history of trade in all time periods.
Handbook of Deep Trade Agreements by World Bank Publications (Editor)
Call Number: Found in CREDO Reference

ISBN: 9781464815393

Economic Systems: Definitions

Bimetallism
In economic history, bimetallism is a monetary system in which two commodities, usually gold and silver, were used as a standard and coined.
Capitalism
Economic system based on private ownership of the means of production, in which personal profit can be acquired through investment of capital and employment of labor.
Communism
Fundamentally, a system of social organization in which property (especially real estate property and the means of production) is held in common.
Consumerism
Although the consumption of luxury goods, such as textiles and jewelry, occurred among elites in societies from the earliest times, the spread of consumerism since the eighteenth century is considered a significant development in world history.
Globalization
Process by which different parts of the globe become interconnected by economic, social, cultural, and political means.
Mercantilism
Economic system of the major trading nations during the 16th, 17th, and 18th centuries, based on the premise that national wealth and power were best served by increasing exports and collecting precious metals in return.
Socialism
General term for the political and economic theory that advocates a system of collective or government ownership and management of the means of production and distribution of goods.
Supply-side economics
A school of economic thought that emphasizes the importance of policies that remove impediments to supply in order to create a strong economy

Economic Terms and Concepts

Cartel
National or international organization of manufacturers or traders allied by agreement to fix prices, limit supply, divide markets, or to fix quotas for sales, manufacture, or division of profits among the member firms.
Commodity market
Organized traders' exchange in which standardized, graded products are bought and sold.
Consumption
In economics, direct utilization of goods and services by consumers, not including the use of means of production such as machinery.
Debt
Something that is owed by a person, organization, or country, usually money, goods, or services.
Distribution
In economics, the allocation of a society's total wealth among various economic groups. Distribution, in that sense, does not refer to the physical marketing or circulation of goods, which is part of the process of exchange, but to the relative well-being and economic wealth of persons and groups.
Econometrics
Technique of economic analysis that expresses economic theory in terms of mathematical relationships and then tests it empirically through statistical research.
Embargo
Prohibition by a country of the departure of ships or certain types of goods from its ports. Instances of confining all domestic ships to port are rare, and the Embargo Act of 1807 is the sole example of this in American history.
Gross domestic product
Value of all final goods and services produced within a country within a given time period, usually one year. GDP thus includes the production of foreign-owned firms within the country, but excludes the income from domestically-owned firms located abroad.
Labor law
Legislation dealing with human beings in their capacity as workers or wage earners.
Laissez-faire
in economics and politics, doctrine that an economic system functions best when there is no interference by government.
Macroeconomics
Division of economics concerned with the study of whole (aggregate) economies or systems, including such aspects as government income and expenditure, the balance of payments, fiscal policy, investment, inflation, and unemployment.
Poverty
Condition in which the basic needs of human beings (shelter, food, and clothing) are not being met.
Resources
Materials that can be used to satisfy human needs. Because human needs are varied and extend from basic physical requirements, such as food and shelter, to spiritual and emotional needs that are hard to define, resources cover a vast range of items.
Social security
Government program designed to provide for the basic economic security and welfare of individuals and their dependents.
Speculation
Practice of engaging in business in order to make quick profits from fluctuations in prices, as opposed to the practice of investing in a productive enterprise in order to share in its earnings.
Standard of living
Level of consumption that an individual, group, or nation has achieved. The evaluation of a standard of living is relative, depending upon the judgment of the observer as to what constitutes a high or a low scale.
Statistics
Branch of mathematics concerned with the collection and interpretation of data.
Supply and demand
In classical economics, those factors are said to determine price by correlating the amount of a given commodity producers hope to sell (supply), and the amount of that commodity that consumers are willing to purchase (demand).
Trade
Traffic in goods. Conducted by gift, barter, or sale, trade is one of the most widespread of all social institutions.
Unemployment
Lack of paid employment. The unemployed are usually defined as those out of work who are available for and actively seeking work.

Finance Terms & Concepts

Accounting
Classification, analysis, and interpretation of the financial, or bookkeeping, records of an enterprise.
Balance of payments
The difference in value between the amount of money coming into a country and the amount going out of it, over a period of time.
Banking
Primarily the business of dealing in money and instruments of credit. Banks were traditionally differentiated from other financial institutions by their principal functions of accepting deposits and making loans.
Bankruptcy
In law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations.
Bond
In finance, usually a formal certificate of indebtedness issued in writing by governments or business corporations in return for loans. It bears interest and promises to pay a certain sum of money to the holder after a definite period, usually 10 to 20 years.
Broker
One who acts as an intermediary in a sale or other business transaction between two parties.
Credit
Granting of goods, services, or money in return for a promise of future payment. Most credit is accompanied by an interest charge, which usually makes the future payment greater than an immediate payment would have been.
Dividend
That part of the net earnings of a corporation that is distributed to its stockholders. Dividend disbursements are based on a percentage of the par value of the stock or are a certain sum per share of no-par-value stock.
Dumping
Selling goods at less than the normal price, usually as exports in international trade. It may be done by a producer, a group of producers, or a nation.
E-commerce
Commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers.
Euro
Single currency of the European Union (EU), which was officially launched on 1 January 1999 in 11 of the then 15 EU member states (Austria, Belgium, Finland, France, Germany, Republic of Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain).
Fraud
In law, willful misrepresentation intended to deprive another of some right. The offense, generally only a tort, may also constitute the crime of false pretenses.
Hedge Fund
In finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" positions.
Income tax
Assessment levied upon individual or corporate incomes.
Inflation
In economics, persistent and relatively large increase in the general price level of goods and services. Its opposite is deflation, a process of generally declining prices.
Interest
Charge for the use of credit or money, usually figured as a percentage of the principal and computed annually.
Liability
In law, an obligation of one party to another, usually to compensate financially. It is a fundamental aspect of tort law, although liability may also arise from duties entered into by special agreement.
Money
Term that actually refers to two concepts: the abstract unit of account in terms of which the value of goods, services, and obligations can be compared; and anything that is widely established as a means of payment.
Tariff
Tax on imported and, more rarely, exported goods. It is also called a customs duty.