List of Abbreviations Used in Economics
list of abbreviations used in economic concepts and metrics are fundamental to understanding the dynamics of economies. Check these terms can greatly enhance your comprehension of economic discussions and literature
Shruti Dutta18 Jun, 2024
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List of Abbreviations : Economics, with its vast array of concepts, theories, and models, often utilises abbreviations to simplify and streamline communication. This list of Abbreviations helps to convey complex ideas and is commonly used in economic surveys, reports, academic literature, and everyday discussions. Below is a comprehensive list of abbreviations frequently used in economics, covering various units such as microeconomics, macroeconomics, national income accounting, money and banking, and international trade. This guide is a handy reference for students, professionals, and anyone interested in the language of economics. Check out the List of Abbreviations used in economics.
List of Abbreviations Used In Microeconomics
Microeconomics, a branch of economics that focuses on the behaviour of individuals and firms in making decisions regarding the allocation of resources, uses various abbreviations to represent key concepts and metrics. This list of abbreviations simplifies complex ideas and facilitates efficient communication among economists, students, and professionals. Here is a list of common abbreviations used in microeconomics:| List of Abbreviations Used In Microeconomics | ||
| Unit | Term | Abbreviation |
| Unit 1. Introduction | Production Possibility Frontier | PPF |
| Production Possibility Set | PPS | |
| Production Possibility Curve | PPC | |
| Indifference Curve | IC | |
| Unit 2. Consumer’s Equilibrium and Demand | Marginal Rate of Substitution | MRS |
| Marginal Rate of Transformation | MRT | |
| Total Utility | TU | |
| Marginal Utility | MU | |
| Elasticity of Demand | ED | |
| Elasticity of Supply | ES | |
| Unit 3. Producer Behaviour and Supply | Total Product | TP |
| Average Product | AP | |
| Marginal Product | MP | |
| Total Cost | TC | |
| Total Variable Cost | TVC | |
| Total Fixed Cost | TFC | |
| Marginal Cost | MC | |
| Short-Run Average Cost | SAC | |
| Short-Run Marginal Cost | SMC | |
| Average Fixed Cost | AFC | |
| Average Variable Cost | AVC | |
| Long-Run Average Cost | LRAC | |
| Long-Run Marginal Cost | LRMC | |
| Returns to Scale | RTS | |
| Increasing Returns to Scale | IRS | |
| Constant Returns to Scale | CRS | |
| Diminishing Returns to Scale | DRS | |
| Total Revenue | TR | |
| Average Revenue | AR | |
| Marginal Revenue | MR | |
| Marginal Revenue Product of Labour | MRPL | |
| Value Marginal Product of Labour | VMPL | |
| Unit 5. National Income and Related Aggregates | Gross Domestic Product | GDP |
| Gross Domestic Product at Market Price | GDP MP | |
| Gross Domestic Product at Factor Cost | GDP FC | |
| Net National Product at Market Price | NNP MP | |
| Net National Product at Factor Cost | NNP FC | |
| Net Domestic Product at Market Price | NDP MP | |
| Net Domestic Product at Factor Cost | NDP FC | |
| Personal Income | PI | |
| Personal Disposable Income | PDI | |
| Gross Value Added | GVA | |
| Net Value Added | NVA | |
| Unit 6. Money and Banking | Legal Reserve Requirement | LRR |
| Cash Reserve Ratio | CRR | |
| Statutory Liquidity Ratio | SLR | |
| Open Market Operation | OMO | |
| Reserve Bank of India | RBI | |
| Government of India | GOI | |
| Money Demand | MD | |
| Money Supply | MS | |
| Unit 7. Income and Employment Determination | Average Propensity to Consume | APC |
| Average Propensity to Save | APS | |
| Marginal Propensity to Consume | MPC | |
| Marginal Propensity to Save | MPS | |
| Aggregate Demand | AD | |
| Aggregate Supply | AS | |
| Unit 8. Government Budget and Economy | Public Sector Undertakings | PSUs |
| Fiscal Responsibility and Budget Management Act | FRBMA | |
| Unit 9. Balance of Payment | Balance of Payment | BOP |
| Balance of Trade | BOT | |
| Purchasing Power Parity | PPP | |
| Nominal Effective Exchange Rate | NEER | |
| Foreign Direct Investment | FDI | |
| Also Read | |
| Intermediate Good | Difference between Fixed Assets and Liquid Assets |
| Incidental Trading Activity | Depreciation Expense |
List of Abbreviations Used in Economics
In economics, various abbreviations are frequently used to represent complex concepts, measures, and institutions. Understanding this list of abbreviations is crucial for knowing economic discussions and literature. Here is a table of common abbreviations used in economics:| Abbreviation | Full Form | Description |
| GDP | Gross Domestic Product | A measure of the total value of goods and services produced within a country's borders over a specific period. |
| GNI | Gross National Income | The total income a country's residents earn, including domestic and foreign income. |
| FDI | Foreign Direct Investment | Investment made by a company or individual in one country in business interests in another country. |
| FII | Foreign Institutional Investors | Institutional investors from outside the country, such as mutual funds, pension funds, and insurance companies, invest in the financial markets of another country. |
| CPI | Consumer Price Index | A measure that examines the average change in prices of a basket of goods and services consumed by households over time. |
| WPI | Wholesale Price Index | A measure that tracks the changes in the prices of goods at the wholesale level. |
| Fiscal Deficit | The difference between the government's total revenue and total expenditure. | |
| CAD | Current Account Deficit | The difference between a country's savings and its investment. |
| Fiscal Policy | Government policy related to taxation and public spending influences the economy. | |
| Monetary Policy | The central bank's policy regarding control of money supply and interest rates to achieve economic objectives. | |
| RBI | Reserve Bank of India | The Central Bank of India is responsible for monetary policy and regulation of the banking sector. |
| SEBI | Securities and Exchange Board of India | The regulatory body for the securities market in India. |
| GST | Goods and Services Tax | A value-added tax levied on most goods and services sold for domestic consumption. |
| NPA | Non-Performing Asset | A loan where the borrower has stopped paying interest or principal repayments. |
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List of Abbreviations Used in Economics FAQs
What is the economic abbreviation for GDP?
One of the most common economic abbreviations is GDP, which stands for Gross Domestic Product.
Is GDP denoted as Y?
In macroeconomics, "Y" represents an economy's aggregate output or income. It is often a shorthand for real GDP (Gross Domestic Product) or national income.
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