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Latest Definitions

Conspicuous Consumption Definition
Conspicuous Consumption: Definition & Examples
Conspicuous consumption is where the consumer spends excessive amounts in order to highlight their wealth to society.
Private property to show the importance of property rights
The Importance of Property Rights
An efficient free market is reliant on strong property rights as a fish is to water. Its purpose is to ensure that competitive control over economic resources is resolved in a peaceful way. Rather than disputes leading to violence, they can be resolved through the legal system.
Free Market Definition
Free Market: Definition, Pros, Cons & Examples
A free market is where the people in an economy are free to engage in economic activities and transactions without government interference.
Producer Surplus Definition
Producer Surplus: Definition, Formula & How to Calculate
The producer surplus is the difference between what the producer sells its goods for and the minimum price it would be willing to sell for.

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In The Spotlight

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Feature What Is Economics?

Economics 101, the Boycewire guide to everything economics. Let us guide you through Economics from start to finish.

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Daily Definition

Social Capital /səʊʃəl kæpɪtl/

Social capital refers to the links and bonds people form through friendships and acquaintances. These links can form through friendship groups, i.e. knowing a friend of a friend. Or, they can occur through daily social interactions.

Full Definition
Budget Deficit /‘bʌdʒɪt ‘dɛfɪsɪt/

A budget deficit occurs when the government spends more than it receives through taxation. For example, if it receives $2 trillion in tax receipts, but spends $2.5 trillion on public services – it has a budget deficit of $500 billion

Full Definition
Net Present Value /nɛt ‘prɛznt ‘væljuː/

Net Present Value (NPV) is the total value of future revenues, subtracted against any cash outflows during the same period. In other words, it calculates future streams of income and brings it in line to its present value. At the same time, it also factors in outflows.

Full Definition