Here are Economics Terms beginning with G

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Here are Economics Terms beginning with G

Please note these definitions are all copyright of BusinessEconomics.com and no one is allowed to use them without express written confirmation from   BusinessEconomics.com.

Copyright BusinessEconomics.com

Game theory is a branch of economics (also used extensively in psychology, politics, psychology and biology) in which mathematical modelling of strategic decision making by economics agents is analysed. Players (agents) are assumed to be rational and the outcome of a game will depend on the decisions taken by other other players (agents).

GDP stands for Gross Domestic Product which is the total value of goods (including investment  and services produced within an economy over a period of time, typically measured on a per annum basis.

GDP deflator is a broad price index measuring the change in the price level of all the components that make up the GDP, that is consumption expenditure, investment, government expenditure, exports and imports. As such it can be used as a broader measure of inflation than the consumer price index.

Gearing is the term used to describe a company's debt to equity ratio. The higher the ratio the higher the Gearing.

General equilibrium is a situation in which all markets, that is goods and factor markets are in equilibrium in the economy such that demand equals supply in each market.

General government debt is the total amount of central and local government debt outstanding.

General government deficit/surplus is the annual deficit/surplus of combined central and local government measured as the gap between revenues and expenditure.

Geographical mobility refers to the ease with which factors of production can move between one region of a country to another region of the country.

Gini coefficient measures the income distribution within an economy. A coefficient of 0 measures perfect equality whereas a coefficient of unity measures perfect inequality.

Gold standard an exchange rate system whereby currencies were both fixed to each other and also to the price of gold it operated between 1870-10914.

Goodharts law named after Professor Charles Goodhart "Any observed statistical regularity will tend to collapse once pressure is placed upon it for control purpose" The law asserts that once an economic variable is chosen as a target variable by policy makers then it loses the information content that makes it a useful target to achieve.

Government bond is a debt security paying either a fixed or variable coupon. It is usually redeemable at its face value upon maturity. Government bonds are primarily used to finance existing debt as it matures or the fiscal deficit.

Granfathering when existing firms are allowed to continue to produce under the old system, quotas while new firms have to comply with the new system and quotas.

Green tax (or Ecotax) is a tax on economic production of goods and services which is designed to reflect the adverse effects of that production on the environment. For example there are carbon taxes on the use of fossil fuels but not on renewable energy sources.

Gross Domestic Product (GDP) is the total value of goods (including investment  and services produced within an economy over a period of time, typically measured on a per annum basis.

Gross National Product (GNP) is GDP plus net property income from abroad which can be positive or negative as its is the difference between interest, profits and dividends received from foreign resident less interest, profits and dividends paid to foreign residents. 

Gross Value Added (GVA) is a measure of the value added at basic prices by all industries within an economy over the course of a year.
GVA = GDP - taxes + subsidies
Where taxes are both direct and indirect taxes.

Growth maximization theory is a theory of the firm in which the objective is to maximize the growth of sales revenue rather than the profits of the firm.