Terms & Definitions

The transaction of the landowners, during the realization of the development plans, relinquishing the whole or a part of the real estate, with or without consideration, in conformity with the development plan, to the public benefit (road, green space, park, etc.). Contractor: the person who undertakes to carry out a work relating to construction and trade for someone else.

; The state of not having enough income to cover the most basic food, hygiene, health, and education services.

It is the ratio of the population living below the poverty line in a country to the total population.

Undertakings holding significant market power can influence competitive conditions in the market more easily than their rivals. The abuse by dominant undertakings of this power in ways that restrict competition in the market is prohibited under Article 6 of the Competition Act (Law No. 4054). What matters in assessments under Article 6 is that a dominant position itself is not prohibited. An undertaking's market power may result from technological superiority, efficiency or a quality product/service.

The support program applied to accelerate the development of technological products and technology-intensive start-up (early-stage) ventures. Support is given on matters such as hardware and operational expenses for activities like expansion into international markets, increasing exports, and taking part in advanced entrepreneurship ecosystems. Grant Support: the support type given without repayment.

It is the concept describing the extent to which economic agents can easily benefit from banking and insurance services.

Means that central banks are accountable to society for the decisions they take, their consequences and their corporate governance. Accountability is a requirement of central bank independence and can be fulfilled in various ways. These are listed as the obligations set by law, internal and external audits, and the transparency and communication policies implemented by central banks.

It is the profit calculation that takes only explicit costs into account.

The interest accumulated on an investment within the investment period, up to the payment date. For example, to purchase a government bond issued at 100 TL with a periodic 4% coupon payment every 6 months (182 days), the price to be paid 3 months later (91 days) is 102 TL, under the assumption that the market interest rate has not changed.

It is the liquidity ratio calculated by deducting inventories from current assets ((Current Assets - Inventories) / Short-term Liabilities); it measures the most liquid items.

It is the acquisition of control over a company by taking a majority or all of the shareholdings of another company.

; activities such as applying to a job-finding institution or directly to an employer, searching for a job via the Internet or newspapers, taking oral or written job exams or interviews, preparing to start one's own business.

It is a tax levied on the monetary value of the object taxed.

It is the view that economic agents base their forecasts for the future on information from the past.

The periodic movements repeating in the same periods of every year can be called seasonality. The calendar effect, on the other hand, includes the movements that can form due to effects such as the change in the number of working days in a period. In order to better evaluate the tendencies in the data and to compare consecutive periods, series are adjusted for seasonality and calendar effects by statistical methods.

They are prices determined by the enterprise or the public authority and which do not change in response to short-term fluctuations in supply/demand conditions. Some economists attribute this price stickiness to market power.

A public organization with legal personality and a special budget, related to the Ministry of Industry and Technology, established with the aim of increasing the share and effectiveness of small and medium-sized enterprises in meeting the country's economic and social needs, raising their competitive strengths and levels, and realizing integration in industry in a manner consistent with economic developments. Credit: the provision or transfer of purchasing power to someone, on the condition of taking it back after a certain period.

It is a lending transaction against commercial paper and documents taken as collateral and government bonds and bonds registered on the exchange.

Example: The customer paid an advance of 10.000 before the equipment was delivered.(The customer paid a 10.000 advance before delivery of the equipment.)

İngilizce tanım: A payment made by a customer before goods or services are delivered, creating an obligation on the seller.

It is the situation in which the party with less information about an economic activity is more likely than the other party to make the wrong choice.

Or abbreviated as AD, the total quantity of final goods and services that all units in the economy want to buy and are able to buy in a given period.

A graphical tool showing the relationship between the general price level and the total production demanded, other things being equal.

Or abbreviated as AS, the total quantity of final goods and services that all units in the economy want to produce and are able to produce in a given period.

It is an index that measures price changes related to agricultural activity within the framework of agriculture, hunting, forestry and fishing.

An algorithm is expressed as a path designed to reach a goal, a set of steps followed; in computer science it is defined as the method by which software performs a task. Algorithms can, for example, be used by undertakings as a price-setting tool in online shopping. An undertaking can monitor a rival's product prices through algorithms and set its own prices accordingly. At a more advanced level, algorithms cease to be a tool of competition

Or the Latin ceteris paribus, the assumption that all other effects are held constant when examining a particular economic relationship.

The allocation by a multi-product undertaking of its general expenses separately to the production costs of these products. While distributing general expenses among its products, the undertaking may take into account the demand elasticity of those products or the competitive constraints in the markets where they operate. For example, it may exclude general expenses from a product operating in a competitive market with high demand elasticity while keeping its price low in that market.

It is the production of goods and services in line with consumer preferences and demands.

Under the additional leniency rule, those who cannot benefit from the leniency program in an investigation concerning one market may, if they apply with respect to a cartel in another market, benefit from immunity for the second cartel and receive a reduction in the fines arising from the first cartel. In Turkish competition law, the provision on this subject is made in Article 7(2) of the Fining Regulation.

An analytical balance sheet is one in which the accounts on the asset and liability sides are netted against one another and consolidated under appropriate groupings. The CBRT Analytical Balance Sheet consolidates the items on the CBRT balance sheet taking into account the items relevant to the effective conduct of monetary policy, without detailed breakdowns. In line with the functioning of monetary policy, 'Foreign Assets', 'Domestic Assets' and 'Valuation Account' appear under 'Assets', while 'Total Foreign Currency Liabilities' and 'Central Bank Money' appear under 'Liabilities'. For the CBRT Analytical Balance Sheet

It is used to express the magnitudes taken as reference in the economic decision-making processes. For example, the concept of the exchange rate anchor expresses that, following a central bank's making certain commitments for the exchange rate, and with the other economic units also trusting this commitment, the changes in the exchange rate are taken as the basis in the economic decisions taken, and the decisions such as price, wage increase and investment take shape within the framework of the exchange rate policy. In the absence of trust in such an anchor (policy), the selected magnitudes lose these properties. The monetary magnitudes, interest rates, inflation and growth rates are the magnitudes used as 'anchors'. Particularly in recent years, the difficulties arising in the use of magnitudes such as the exchange rate and the interest rate as anchors have generalized the use of inflation for this purpose.

It is the investor's tendency to rely too heavily on the first number they see (the purchase price, the peak price); it may overshadow current information about the target price.

They are wealthy individuals who are described as a special type of investor making investments in the early stage of the enterprises and organisations they contain, which have high risk and high growth potential.

It is the annualisation of short-term returns or volatility; return is annualised with (1+r)^t−1 and volatility with σ√t (the square root rule).

It refers to secret or open agreements between enterprises that restrict competition among them. Such agreements can be horizontal or vertical.

The incentive implementation in which, in the event of investment in the sectors and under the conditions determined for the provinces located in 6 different regions according to their socio-economic development levels, the support elements of VAT Exemption, Customs Duty Exemption, Tax Reduction, Insurance Premium Employer's Share Support, Interest or Profit Share Support, Income Tax Withholding Support, Insurance Premium Support and Investment Site Allocation are offered.

It is an increase in the value of an asset or a currency relative to other assets or currencies due to market conditions.

The transaction of making a profit by simultaneously buying a security, currency or commodity in one market and selling it in another (exchanging the securities with one another). Arbitrage transactions lead to a reduction in price differences between markets. Today, with the growth of communication technology and the falling cost of accessing information, price differences between markets are extremely low, and any differences that appear are instantly eliminated by such transactions.

It is an elasticity calculation method used to find the average elasticity between two points on a curve or line.

Or English auction, the type of auction in which participants submit open bids and the price is progressively raised from a low starting level until a winner is determined.

The asset/liability principle is based on showing all loans and receivables from non-residents as gross assets and liabilities for stocks and by netting each category for flows.

The instruments of value that institutions can issue in return for the receivables that have arisen from their own commercial transactions. Consumer credits, housing credits and the receivables arising from export transactions are among the types of receivables that can be subject to this transaction. By selling asset-backed securities, banks can convert their receivables into cash beforehand.

It is the ratio of sales to total assets (Sales / Total Assets); it measures how efficiently assets generate sales. This is the Turkish standard used instead of 'asset turnover ratio'.

It is the section of the balance sheet showing the economic values an organisation holds or is entitled to.

Undertaking associations can from time to time direct their members through recommendation decisions in line with their founding purposes. Such recommendations may relate to sales prices and similar matters and may carry purposes and/or effects that restrict competition. It must be determined whether the recommendations of undertaking associations result directly in binding decisions of the association. Indeed, binding undertaking association decisions restrict competition

It is one of the parties to an economic activity having more information than the other.

In market economies, one of the methods of allocating various goods and financial values to individuals or institutions. In particular, if the good to be auctioned has no fixed or directly determinable price, or if the seller of the good is unsure about the good's market price, sale by auction eliminates this uncertainty under fully competitive conditions. Auctions can be conducted in different forms. The most common are the multiple-price (Dutch Auction) type auctions in which prices are ordered from largest to smallest, ensuring maximum revenue and minimum cost for the seller. In this auction, the transaction with each participant is made at the price it itself bid. Auctions in which prices are ordered from smallest to largest are called the 'English Auction'. Another auction method is the 'single price' auction. In this auction type, the price at which supply and demand are equated is applied to all the participants winning the auction. In other words, all the transactions are carried out at a single price. Both auction types have advantages and disadvantages relative to one another. In the single price auction, the cost of information gathering is lower and greater participation can be achieved. In the multiple price auction, more intense competition is in question and a lower cost may be in question for the seller. However, all these depend on the structure of the market and the conditions of the day.

It is the set of principles explaining how economic units behave under different conditions in transactions carried out under the best-offer method.

They are fiscal elements that operate automatically, quickly and effectively in establishing and maintaining economic equilibrium. Examples include progressive taxes and unemployment insurance payments.

They are elements of the public budget that come into operation automatically along with business cycles and have a dampening effect on fluctuations in the economy.

It is the fixed part of private consumption expenditure that is not income-dependent.

It is the fixed portion of planned investments that is independent of the return or interest rate.

; It is the fixed part of money demand that is not dependent on interest rate, income or general price level.

They are exogenous effects that do not depend on other variables in a mathematical model.

Or abbreviated as AE, the expenditure per unit of product.

Or abbreviated as AFC, the fixed cost incurred per unit of product.

Or abbreviated as APK, the quantity of product produced per unit of capital in a given period.

Or abbreviated as AR, the revenue obtained per unit of product.

They are costs obtained by dividing total costs, including variable and fixed costs, by the total production volume.

Or abbreviated as ATC, the total cost incurred per unit of product.

Or abbreviated as AVC, the variable cost incurred per unit of product.

These are goods that harm economic agents and have a negative market price.

It is the practice under which losses arising during resolution are borne jointly by the equity holders of the financial institutions as well as by those who extend credit to these institutions.

It is a statistical report prepared to obtain systematic records of the economic transactions carried out over a given period between residents of an economy (general government, central bank, banks, other sectors) and non-residents.

It is the coefficient showing how much impact a unit change in government expenditure, made in order to balance the budget, will have on equilibrium income.

These are payment instruments kept under an account record and monitored by the banking system.

Or bank run, the situation in which a large number of depositors wish to withdraw their deposits from a bank at the same time.

Or bank panic, the situation in which a large number of depositors wish to withdraw their deposits from a bank at the same time.

It refers to the additional core capital amount that banks are expected to hold in order to prevent equity from falling below the regulatory capital adequacy requirements if credit expansion in the financial sector reaches levels that could raise the overall level of risk.

It is a network of institutions made up of banks operating in a country and having a regular structure.

They are non-interest-bearing instruments whose payment of the amount stated on them is guaranteed by the issuing institution. They are legal tender. The TCMB is the only institution authorised to issue Turkish lira banknotes.

They are banknotes issued by the TCMB and still in circulation.

Or barrier to market entry, the natural or artificial restrictions that make it difficult to sell (Bid) or buy in a given market.

Or barrier to entry, the natural or artificial restrictions that make it difficult to sell (Bid) or buy in a given market.

Barriers to expansion are the obstacles in front of the firms already on the market in increasing their market shares.

Refers to the effect carried over to the period in which the change is calculated, when the reference period for the change contains a realization significantly lower or higher than normal. For example, in calculating the annual inflation rate for November 2014, the percentage change of the November 2014 consumer index relative to the November 2013 consumer index is taken. If the consumer index rose in November 2013 at a rate far below the normal average, a base effect raising the annual inflation in November 2014 will be observed.

It is the year used as the basis in calculations spanning more than one year.

An international organization operating under the umbrella of the Bank for International Settlements (BIS) based in Basel, Switzerland, which prepares prudential regulatory frameworks for the banking sector on a global scale. The Committee also provides cooperation on the supervision of banks. With the aim of consolidating global financial stability, the Committee issues regulatory frameworks, particularly in the fields of capital and liquidity, and monitors the implementation of these regulations in countries. The Committee submits its fundamental decisions and work programme to the Group of Central Bank Governors and Heads of Supervision (GHOS) for approval.

It is a unit of measurement expressing a change in interest rates. It corresponds to the fourth decimal place (0,0001). For example, if the interest rate rises from 5.25% to 6.75%, that is a rise of 150 basis points. In other words, a change of 100 basis points corresponds to a change of 1%.

Example: The interest rate increased by 25 basis points.( The interest rate rose by 25 basis points.

English definition: One hundredth of a percentage point.

Or market basket of goods, the list of goods determined in order to represent the economy as a whole or a particular sub-sector.

It refers to markets in which prices are falling.

It is the branch of economics that studies how psychological and sociological factors affect consumer choice.

It is the rate that forms the basis for the interest banks demand on credit.

It is the lowest interest rate that investors would demand for a security other than government paper.

Example: The benchmark interest rate was used to discount cash flows.( The observable interest rate was used to discount cash flows.)

İngilizce tanım: An interest rate directly observable in the market.

It is the examination by a company of the business techniques of other companies with high competitive strength in order to raise its own competitive strength, the comparison of those techniques with its own, and the application in its own business of the knowledge obtained from that comparison.

It is the sensitivity of the asset's return to the market return; β = 1 means moving with the market, while β > 1 means volatility above the market.

It is the price at which market participants are willing to buy the assets traded in the market (such as foreign exchange and securities).

It expresses the difference between the bid and ask prices of any traded value.

A narrow bid-ask spread indicates a liquid market.( A narrow bid-ask spread indicates a liquid market.

İngilizce tanım: The difference between the best bid and best ask price.

( (Tendering) Cartels formed by enterprises to raise prices, share quantities or regions, or reduce the quality of goods or services for buyers who want to obtain products or services through a tender process. Cartel members operate the cartel through methods such as determining the order of winning, sharing tenders among themselves, and giving shares to losers by the artificially winning bidder.

Big data refers to large-volume data sets that cannot be analyzed by traditional information methods and require new solutions to be processed, that can generally be produced in large quantities within a short time, that are collected from different sources, and that can contain structured or unstructured data. With the valuable insights it provides, big data gives an undertaking the opportunity to better analyze consumer preferences and behaviors, thereby enabling innovative and high-quality

It is a market structure in which a single seller faces a single buyer.

Securities with a maturity of less than one year, for which the issuing institution undertakes to pay a certain amount at the maturity it foresees. Issues with a maturity of less than one year made by the Ministry of Treasury and Finance of the Republic of Türkiye trade under the name Treasury Bills (Hazine Bonosu). The English equivalent 'Bond' refers to instruments with maturities longer than 10 years (maximum 30 years) for US Treasury issues. Similarly, 'Note' is used for issues of 1-10 years, and 'Bill' for issues of one year or shorter.

It is a renewable energy source defined as the mass of plant or animal organisms that they possess at a given time.

It is an illegal market where transactions take place outside state knowledge and control.

Used to describe the regulations granting exemption to certain types of agreements as a group. In Turkish competition law, these regulations are made through block exemption communiqués. Agreements within the scope of a block exemption are exempt from the prohibitions on restrictive agreements, provided they satisfy the conditions relating to the block exemption. Such agreements are automatically valid and enforceable.

They are securities with a maturity of one year or more for which the issuing institution undertakes a certain repayment at maturity.

Example: The bond is measured at amortised cost.( The bond is measured at amortised cost.

English definition: A debt security paying interest.

Refers to the holding of instruments in accounts in the electronic environment. For example, the instruments purchased from a Treasury auction can, as demanded physically by the participants (these instruments are printed by the CBRT), be transferred to the participants' accounts in the electronic environment against a receipt. Individuals too can have their instruments held in accounts against a receipt. The subsequent deposit of a physically held instrument into an account also brings the instrument into this form.

Agreements not to do business with certain individuals or undertakings are called boycotts, and such behavior can be prohibited, particularly when the boycotting undertakings hold market power. Group boycotts of this kind may, for example, be used in pursuit of a price-fixing agreement. Accordingly, some rivals may decide not to do business with the others unless certain conditions are met, and this will bring about an increase in price levels. Not doing business with others

The registration of any kind of sign, including personal names — words, shapes, colors, letters, numbers, sounds and the form of goods or their packaging — on the condition that it enables an undertaking's goods or services to be distinguished from other undertakings' goods or services, and that it can be shown in the registry in a way that the subject of the protection granted to the trademark owner can be clearly and precisely understood.

It is called the situation in which total income equals total expenses so that economic profit is zero.

It is the name given to intermediaries who mediate between purchase and sale transactions for a certain commission, carrying out transactions on their own account but on behalf of the person or institution they represent.

Brownfield investments are a type of foreign direct investment taking the form of buying or leasing a facility or firm that is already active. Budget: an estimation table showing the revenues to be obtained for a certain period and the expenditures planned to be made. C2C: a commerce (e-commerce) model carried out over the internet from consumer to consumer, whose English is 'Consumer to Consumer'.

In macroeconomic terms, it is the difference between the state's total revenues and its total expenditures in a given period.

; the situation where a government's total revenues are less than its total expenditures during a certain period and the amount of this shortfall.

It is a diagrammatic tool showing the components of goods and services that can be purchased with the same fixed expenditure.

; It is the budget of institutions established by special laws such as the Capital Markets Board, the Banking Regulation and Supervision Agency, and the Radio and Television Supreme Council.

; the situation where a government's total revenues are more than its total expenditures during a certain period and the amount of this excess.

It refers to a market in which prices are rising.

It refers to the transfer of the right to operate the enterprise's facilities under certain conditions and time periods and, where applicable, to market and distribute its products by natural or legal persons.

Or economic fluctuation; the rises and falls in total production, income and spending seen over multi-year periods in market economies.

A survey applied monthly with the aim of producing indicators that will reflect the short-term tendencies of manufacturing industry, by monitoring the assessments of the recent past, the views on the current situation and the forward-looking expectations of the senior managers of workplaces operating in manufacturing industry, on matters such as production, exports and domestic market orders, investment and employment. To access the Business Tendency Survey and the Real Sector Confidence Index

A delegation of representatives of institutions and organizations, media members, producers and importers brought to the country to purchase goods or services, coordinated by the Ministry of Trade in cooperation with exporters' associations and/or organizing bodies, with the aim of increasing exports.