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This glossary of economics is a list of definitions of terms and concepts used in economics, its sub-disciplines, and related fields.
TANSTAAFL: a plan for a new economic world order by Pierre Dos Utt (1949) The earliest known occurrence of the full phrase (except for the "a"), in the form "There ain't no such thing as free lunch", appears as the punchline of a joke related in an article in the El Paso Herald-Post of June 27, 1938 (and other Scripps-Howard newspapers about the same time), entitled "Economics in Eight Words ...
Service (economics) A restaurant waiter is an example of a service-related occupation. A service is an act or use for which a consumer, company, or government is willing to pay. [1] Examples include work done by barbers, doctors, lawyers, mechanics, banks, insurance companies, and so on.
A meal voucher or luncheon voucher is a voucher for a meal given to employees as an employee benefit, allowing them to eat at outside restaurants, typically for lunch. In many countries, meal vouchers have had favorable tax treatment. Vouchers are typically in the form of paper tickets but are gradually being replaced by electronic vouchers in the form of a special payment card.
Free lunch. A free lunch is the providing of a meal at no cost, usually as a sales enticement to attract customers and increase revenues from other business. It was once a common tradition in saloons and taverns in many places in the United States, with the phrase appearing in U.S. literature from about 1870 to the 1920s.
The economics term cost, also known as economic cost or opportunity cost, refers to the potential gain that is lost by foregoing one opportunity in order to take advantage of another. The lost potential gain is the cost of the opportunity that is accepted. Sometimes this cost is explicit: for example, if a firm pays $100 for a machine, its cost ...
Food security is the state of having reliable access to a sufficient quantity of affordable, nutritious food. The availability of food for people of any class and state, gender or religion is another element of food security. Similarly, household food security is considered to exist when all the members of a family, at all times, have access to ...
Substitute good. In microeconomics, substitute goods are two goods that can be used for the same purpose by consumers. [1] That is, a consumer perceives both goods as similar or comparable, so that having more of one good causes the consumer to desire less of the other good. Contrary to complementary goods and independent goods, substitute ...