Economics reference data
Economic theories, indicators, and systems.
Topic guide
What Economics covers
Economics reference data gives the working vocabulary of the field: how economies are organized (economic systems), how firms compete (market structures), what macroeconomists measure (GDP, inflation, unemployment and related indicators) and how governments and central banks try to steer the economy (fiscal and monetary policy tools). The definitions are standard, but the numbers that fill them in are not: indicators are measured differently across countries, revised after publication and sometimes politically contested, and policy effects depend on timing and expectations. An answer should give the definition and the caveat together.
Key ideas
- Opportunity cost
- What you give up by choosing one option over the next best one. The idea underlies most of microeconomics.
- Real vs nominal
- Nominal values are in current prices; real values are adjusted for inflation so they can be compared over time.
- Inflation
- A sustained rise in the general price level, commonly measured by a consumer price index.
- Fiscal vs monetary policy
- Fiscal policy uses government spending and taxation; monetary policy uses interest rates and the money supply, usually set by a central bank.
- Market structure
- How many firms there are, how similar their products are and how easily others can enter. It determines pricing power.
- Externality
- A cost or benefit of an activity that falls on people who did not choose it, such as pollution.
- Business cycle
- Recurring fluctuations in output and employment between expansion and recession.
Common pitfalls
- Quoting an economic indicator without its date, country and definition. Unemployment and inflation have several official measures.
- Treating GDP as a measure of well-being; it counts production, not distribution, leisure or unpaid work.
- Assuming a policy tool has the same effect in every situation; effects depend on expectations, institutions and timing.
- Presenting a contested school of thought's claim as consensus.
Using it from an agent
- Give both the definition and the usual measure, and say that specific figures change and should come from the national statistical agency or central bank.
- For policy questions, describe the mechanism and the main trade-offs, and say where economists disagree.
- Do not give personalized investment advice; explain the concepts and refer to a licensed professional for decisions.
Start with: Macroeconomic Indicators · Market Structures
Datasets in Economics
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Economic Systems
Major economic systems and their characteristics.
12 entries -
Fiscal Policy Tools
Government tools for managing the economy.
9 entries -
Macroeconomic Indicators
Key indicators used to assess economic health.
17 entries -
Market Structures
Types of market structures in economics.
10 entries -
Monetary Policy Tools
Central bank instruments for managing money supply and interest rates.
11 entries
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One request returns the category with all of its dataset summaries. Append
?format=yaml or ?format=toon for the other encodings.
GET https://yjtoon.com/api/category/economics?format=json