Economics

Money: forms, functions, history, and uses Money An overview of money as a medium of exchange, its main functions and forms, a brief history from barter to digital accounts, and practical distinctions such as fiat, commodity, and…

Money supply: definitions, measures, and economic role Money supply Comprehensive overview of money supply: common definitions (M0–M3), how central banks measure and publish it, its historical development, economic importance, and limitations for p…

Monopolistic competition: definition, features, history, and examples Monopolistic competition Monopolistic competition is a market structure with many sellers offering differentiated products. Firms have limited pricing power, nonprice competition is common, and free entry…

Monopoly (economics) — definition, causes, effects, and regulation Monopoly A monopoly is a market structure in which a single supplier dominates. This article explains its characteristics, how it forms, economic effects, measurement, common examples and r…

Monopoly (board game) — overview, rules, history, and strategy Monopoly (game) Monopoly is a competitive property trading board game where players buy, develop, and trade real estate to bankrupt opponents. This article covers components, core rules, history,…

Monopsony: market with a single buyer and its economic effects Monopsony Monopsony describes a market dominated by a single purchaser who can influence prices and quantities. Covers definition, mechanics, history, examples, economic consequences and pol…

Moral hazard: causes, examples, and ways to reduce risky behavior Moral hazard Moral hazard occurs when one party can take risks because another bears the cost. This article explains the concept, common situations, history, and practical ways to limit it.

Mortgage: definition, how it works, types, uses, and important considerations Mortgage A mortgage is a loan secured by real property. This article explains how mortgages work, key terms, types, costs, historical notes and risks like foreclosure and market crises.

Moscow Stock Exchange (MOEX) — overview, markets, history and role Moscow Stock Exchange The Moscow Stock Exchange (MOEX) is Russia’s principal securities exchange. It operates equity, bond, derivatives, FX and commodity markets, and provides clearing, settlement and d…

Mozambican metical Mozambique's official currency, the metical (ISO MZN), introduced in 1980 and redenominated in 2006. Issued by the Bank of Mozambique and subdivided into 100 centavos, it is used f…

NASDAQ NASDAQ is an American electronic stock exchange founded in 1971. It lists thousands of companies and is known for technology and growth stocks, operating as a global marketplace ow…

Nash equilibrium A core concept in non-cooperative game theory describing strategy profiles where no single player benefits by unilaterally changing their choice. Covers definition, types, examples…

Pakistan Stock Exchange — National Stock Exchange of Pakistan National Stock Exchange of Pakistan National securities exchange of Pakistan, created by merging regional bourses. Covers history, structure, main indices, instruments, regulation, and its role in the Pakistani econo…

Natural monopoly A natural monopoly arises when a single firm can supply an entire market more efficiently than multiple firms, typically because of large fixed costs and strong economies of scale.

Neo‑Keynesian economics Neo-Keynesian economics Post–World War II school of macroeconomic thought that synthesized Keynesian ideas with neoclassical methods; it shaped mid‑20th century policy and later evolved into New Keynesian…

Neoclassical economics: principles, history, and debates Neoclassical economics An overview of neoclassical economics covering its core assumptions, historical origins, standard models, policy implications, and major criticisms and refinements.

Neoliberalism: ideas, history, policies and debates Neoliberalism Overview of neoliberalism: its core ideas, historical development, common policies, notable examples, and the debates and criticisms surrounding its social and economic impact.

Net income Net income is a company’s or individual's total earnings after subtracting all expenses and losses; used for dividends, retained earnings, and performance measures, distinct from g…

Net worth: definition, components, calculation and significance Net worth Net worth is the monetary difference between assets and liabilities for an individual, company, government or sector; it measures accumulated wealth or equity and has limits tied t…

New Economic Policy (NEP) — Lenin's Mixed-Economy Reform in Soviet Russia New Economic Policy The NEP was Lenin's 1921 policy that replaced War Communism with a mixed economy: limited private trade and small business alongside state control of key industries. It revived the…

New Taiwan dollar (TWD) New Taiwan dollar The official currency of Taiwan, issued as the New Taiwan dollar (NT$, currency code TWD). Overview of denominations, history, issuance, designs, and practical use in commerce and…

New York Mercantile Exchange (NYMEX) New York Mercantile Exchange NYMEX is a major U.S. futures exchange in New York City that trades energy, metal and other commodity contracts, providing price discovery, hedging tools and benchmark prices for g…

New York Stock Exchange (NYSE) New York Stock Exchange The NYSE is a major U.S. securities exchange on Wall Street, known for its trading floor, listing standards, and central role in global capital markets.

Newly industrialized country Overview of the newly industrialized country (NIC) designation: features, historical development, economic and social impacts, common examples, and distinctions from developing and…

Next Eleven (N-11): Emerging Economies Identified by Goldman Sachs Next Eleven The Next Eleven (N-11) are eleven countries selected in 2005 by Goldman Sachs as having strong potential to join the world's largest economies; this article explains members, origi…

Nicaraguan córdoba The córdoba (sign C$, ISO code NIO) is Nicaragua’s national currency, subdivided into 100 centavos. This article explains its features, history, uses, and notable distinctions.

Nickel (United States coin) A United States five-cent coin commonly called the nickel. Covers its composition, design history (including the Jefferson nickel), circulation, uses, and notable variations.

Nigerian naira: currency, history, denominations, and management Nigerian naira Overview of the naira (₦), Nigeria's official currency: subunits, typical banknotes and coins, history since decimalisation, and the Central Bank of Nigeria's role in issuance and…

Nordic model: welfare capitalism and social democracy in the Nordic countries Nordic model A concise overview of the Nordic model: its core institutions, history, policy mix of market economy and comprehensive welfare state, outcomes, variations across the Nordic countri…

Normal good (economics) Normal good A normal good is a product or service for which demand rises as consumer income increases; contrasted with inferior or luxury goods and measured by income elasticity of demand.

North American Free Trade Agreement (NAFTA) North American Free Trade Agreement NAFTA was a trilateral trade pact among the United States, Canada and Mexico (1994–2020) that removed many tariffs, set rules for trade and investment, and added side accords on la…

Offshore investment Offshore investment: placing assets or capital in financial vehicles outside one’s country of residence to pursue tax planning, asset protection, diversification, and regulatory op…

Oligopoly: market structure dominated by a few interdependent firms Oligopoly An oligopoly is a market structure in which a small number of firms exert significant control over prices and output. It features interdependence, barriers to entry, non-price comp…

Oligopsony: market power when few buyers dominate Oligopsony An oligopsony is a market structure with few buyers who can influence prices and terms. This article explains its features, history, examples, effects on sellers and labor, and pol…

Opportunity cost: the value of the next-best alternative foregone Opportunity cost Opportunity cost is the value of the best alternative you give up when choosing one option; a central concept in economics, decision making, and cost–benefit analysis.

Outsourcing: practice, models, history and implications Outsourcing Outsourcing is the practice of delegating business activities to external providers. This article explains its models, history, benefits, risks, governance and sectors where it is…

Pakistani rupee (PKR): currency of Pakistan Pakistani rupee The Pakistani rupee (symbol Rs, ISO code PKR) is Pakistan's official currency. Issued by the State Bank of Pakistan, it is subdivided into paisa and widely counted using lakh and c…

Panic of 1873: causes, course, and international consequences Panic of 1873 A major 19th-century financial crisis that triggered a prolonged economic downturn across Europe and North America, linked to speculative bubbles, bank failures and monetary strain…

Pareto efficiency (Pareto optimality) Pareto efficiency Pareto efficiency describes allocations where no individual can be made better off without making someone else worse off. It is a central concept in economics, optimization and wel…

Pawn shop (pawnbroker): definition, process, history and uses Pawn shop An overview of pawn shops: how pawnbrokers make collateral loans, typical items, regulatory safeguards, economic role, and differences from other short-term credit options.

Peak oil: concept, history, and implications Peak oil Peak oil is the point of maximum production of crude oil for a well, region, or the world. This article explains the concept, history, drivers, consequences, and modern debates aro…

Penny (coin) Penny A penny is a low-value coin used in several English-speaking countries. This article covers its etymology, design, history, national varieties, circulation issues and cultural role…

Penny (British coin) Penny sterling The penny (plural pence) is one hundredth of the pound sterling, the United Kingdom's basic coin unit. It was decimalised in 1971 and remains the lowest-denomination coin in everyd…

Per Capita Income: Definition, Calculation, Uses and Limitations Per capita income Per capita income is the average income per person in a population. This article explains how it is calculated, common uses, measurement issues, and complementary indicators such a…

Perestroika: Soviet restructuring and reform under Mikhail Gorbachev Perestroika Perestroika was a program of economic and political reforms launched in the mid-1980s to restructure the Soviet planned economy and institutions. It had mixed results and is linked…

Perfect competition Perfect competition is an idealized market model where numerous firms sell identical products, firms are price takers, and free entry and perfect information yield efficiency bench…

Perverse incentive: when rewards produce harmful or opposite outcomes Perverse incentive A perverse incentive is a reward or penalty that unintentionally encourages behavior contrary to the designer's goals. This article explains how they arise, examples, and ways to a…

Peso (currency) — origins, use, and characteristics Peso Peso is the name of several national currencies, originating from the Spanish coin 'peso' or 'piece of eight'; used across Latin America and the Philippines with symbols like $ and…