Skip to Main Content

Economics

This guide provides a starting place for economic research. Find data, analyses, and more.

Common Terminology

Gross Domestic Product (GDP): the total market value, expressed in dollars, of all final goods and services produced in an economy in a given year.

Interest Rates: the percentage of the amount of a loan that is charged for a loan. Also, the percentage paid on a savings account.

Inflation: a general, sustained upward movement of prices for goods and services in an economy.

Economic Growth: a sustained rise over time in a nation's production of goods and services.

Stock: a company that pools investors' money and then issues shares to its investors.

Bonds: a certificate of indebtedness issued by a government or corporation.

Mutual Funds: a company that pools investors' money and then issues shares to its investors.

Fiscal Policy: spending and taxing policies of the federal government to influence the economy.

Law of Supply: as the price of a good or service rises, the quantity supplied of that good or service rises. Likewise, as the price of a good or service falls, the quantity supplied of that good or service falls. 

Law of Demand: as the price of a good or service rises, the quantity demanded of that good or service falls. Likewise, as the price of a good or service falls, the quantity demanded of that good or service rises.

Business Cycle: the fluctuating levels of economic activity in an economy over a period of time measured from the beginning of one recession to the beginning of the next.

Macroeconomics: the study of the broad economy, such as how an economy grows and how growth is maintained.

Microeconomics: the study of the markets that make up the broad economy.

More definitions can be found here: https://www.stlouisfed.org/education/glossary