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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

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
Unit 8. Government Budget and Economy	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.

Begin your journey towards academic excellence in Commerce with our comprehensive Commerce courses . Master the CBSE syllabus with expert guidance and ace your exams. Enroll now!”

Related Links
Investing Activities: Definition, Investing Activities in Accounting	Errors of Omission
Short Run Supply Curve of a Firm	Entrepreneurship and Small Business Management

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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List of 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
Unit 8. Government Budget and Economy	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

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.

Begin your journey towards academic excellence in Commerce with our comprehensive Commerce courses . Master the CBSE syllabus with expert guidance and ace your exams. Enroll now!”

Related Links
Investing Activities: Definition, Investing Activities in Accounting	Errors of Omission
Short Run Supply Curve of a Firm	Entrepreneurship and Small Business Management

List of Abbreviations Used in Economics

Enroll Now For Commerce Course

List of Abbreviations Used In Microeconomics

List of Abbreviations Used in Economics

List of Abbreviations Used in Economics FAQs

What is the economic abbreviation for GDP?

Is GDP denoted as Y?

List of Abbreviations Used in Economics FAQs

What is the economic abbreviation for GDP?

Is GDP denoted as Y?

List of Abbreviations Used in Economics

Enroll Now For Commerce Course

List of Abbreviations Used In Microeconomics

List of Abbreviations Used in Economics