Economics is the science that deals with the production, distribution and consumption of wealth. It studies the various problems oflabour, finance, taxation, etc. and tries to find a solution or the best possible way to tackle these problems. The subject not only deals with the present and future growth of a country's economy at the micro level, like the consumption of a household or an individual, but also studies the same at a bigger and more complex level or the macro level, like the national income or the production of an industry. The job of the economists is to identify the economic problems of a country's economy and find solutions for the same, thereby promoting a healthy and smooth economic growth.
There are two schools of thoughts in economics, viz. the Classical and the Modern. The economists belonging to these two schools have contributed a lot in the field of economics through a number of theories. But, as the human wants are endless, so are the economic problems unending and therefore, economists are continuously working towards finding solutions for these new problems.
The dictionary is made with the intent of providing the readers with a handy referral for the terminology used in the subject. The dictionary covers almost all the terms that form a part and parcel of economics in simple and easily comprehensible language. In order to enhance the readers knowledge and bring about more relevance, many examples and pictures have been used along with the definitions of the terms.