Why do we use words like “natural” in economics? Or what about the word “utility”? The answer can be traced all the way back to the 18th century. “It's really an encyclopedia,” said Matías Vernengo at ...

Earlier this month, Merriam Webster added over 300 new words to the dictionary. A number of econ terms were on the list. Earlier this month, Merriam-Webster added over 300 new words to the dictionary.

GDP(gross domestic product) adjusted for inflation. Real GDP provides the value of GDP in constant dollars, which is used as an indicator of the volume of the nation’s output. Interest rates adjusted ...

Events that impact the economy, come from outside it, and are unexpected and unpredictable (e.g., Hurricane Andrew in 1991, the rise in oil prices by OPEC). Corporation chartered by the Federal ...