A social dilemma in which self-interested individuals acting independently deplete a common resource, lowering the payoffs of all. See also: […]

The sum of related expenses over and above the sticker price of a good. An example of a transaction cost […]

Costs that impede the bargaining process or the agreement of a contract. They include costs of acquiring information about the […]

An item for which ownership can be sold or given from one party to another.

The likely impossibility that any country, in a globalized world, can simultaneously maintain deep market integration (across borders), national sovereignty, […]

People, planet, profit. The bottom line was originally considered as just profit. In recent years, with the growth in popularity […]

A product sold primarily for the purpose of building a relationship with a new customer rather than increasing the bottom […]

A measurement for gold, silver and other precious metals. It is slightly more than 31.1 grams.

The total sales of a business or company during a specified period.

A common fee structure for hedge funds. Firms will often charge 2% of their funds’ size each year plus 20% […]