Definitions of Economics by Jim Stanford for preparations of Master of Economics or other Business Studies. These definitions is also useful for anyone who do business.
Wealth Tax: A tax in which owners of particular forms of wealth (such as financial wealth, real estate, or inheritances) must pay a specified proportion of that wealth to the government, usually on an annual basis.
Working Capital: A business requires a certain revolving fund of finance to pay for regular purchases of raw materials, initial labour, and other inputs to production. Working capital may refer to the actual physical inventory of raw materials and goods-in-production, or it may refer to the financial resources required on a normal basis to pay for those things.
World Bank: An international financial organization formed after World War II and based in Washington D.C. Its supposed goal is to promote the economic development of poor regions of the world through subsidized loans, economic advice, and other forms of assistance, but in practice it has played an important role in reinforcing neoliberal economic policies in developing countries, including through the aggressive use of conditionality strategies.
World Trade Organization: An international economic organization formed in 1995 and based in Geneva, Switzerland, which is dedicated to promoting greater trade and investment among its members. Most countries in the world now belong to the WTO, and hence have committed to reducing tariffs on imports, reducing non-tariff barriers to trade, reducing restrictions on foreign investment, and generally following a pro-market vision of economic development.
