A residential mortgage issued to a high-risk borrower, for example, a borrower with a history of bankruptcy and delayed repayments. […]

Money or resources given to a producer by a third party (often a government). Subsidies are often intended to increase […]

The level of living standards (measured by consumption or income) such that the population will not grow or decline.

Judgements based on the characteristics of the allocation itself, not how it was determined. See also: procedural judgements of fairness.

A good or service that fills the same needs as another good. The closer to being a perfect substitute, the […]

Two goods for which an increase in the price of one leads to an increase in the quantity demanded of […]

The effect that is only due to changes in the price or opportunity cost, given the new level of utility.

A rapid increase in stock prices due to hype rather than increases in underlying value. In this context, the ‘suckers’ […]

Money that has already been spent.

The common, but mistaken, belief that one should take previous money spent into account when considering a decision. This is […]