Terms & Definitions

It is the contract on parcel allocation concluded between the investor and the OSB following the delivery to the OSB of the notarised Investment Commitment Letter by the real or legal persons found eligible for parcel allocation in Organised Industrial Zones.

The work of determining, by the state and tying to a plan, the locations, areas, boundaries, values and legal statuses of all the lands, plots and properties in a country, with the aim of establishing an orderly and sound land registry. Leverage Ratio: the ratio showing what part of an enterprise's assets are financed with foreign resources.

It gives the option holder the right to purchase the underlying good, value or financial indicator at the price stated in the contract without creating any obligation at contract maturity.

Written call options are treated as liabilities.( Written call options are treated as liabilities.

İngilizce tanım: Contracts giving the right to buy an asset.

It is an indicator that rates the actual capacity utilisation of the workplaces operating in the manufacturing industry according to their current physical capacity.

An indicator produced on the basis of the results of the Business Tendency Survey, aiming to capture the actual capacity utilization of workplaces operating in the manufacturing industry sector in the relevant period according to their existing physical capacities. To access the Manufacturing Industry Capacity Utilization Rate

It contains the flows arising through the acquisition and disposal of non-produced, non-financial assets (intangible assets such as a piece of land, and intangible assets such as franchises, trademarks and leases — transferable contracts) and capital transfers (such as debt forgiveness and other capital transfers).

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 in the event of losses arising from deterioration in economic and financial indicators.

They are international capital flows occurring outside the knowledge and control of the state.

They are the markets in which long-term investment instruments are issued and traded.

It is the situation in a given period in which the amount of capital demanded in the market equals the amount of capital supplied.

It is the notion that the benefit consumers derive from goods and services can be measured numerically.

It consists of borrowing in a lower-interest-rate (cheaper) currency and investing the borrowed amount in a higher-interest-rate (higher-yielding) currency. The net return on the carry trade is, assuming the credit risk remains constant, determined by exchange rate movements.

Or currency carry trade, the transaction of borrowing in a low-interest-rate currency and investing in a high-interest-rate currency in order to make a profit.

It is a corporate structure formed by firms or states coming together in order to control the price and quantity of a given product.

It is the hypothesis that per capita income in poor countries tends to grow faster than in rich countries.

Under the European Union's new approach directives, a document that must be complied with for certain products, showing that products sold within the European Community are inspected according to minimum safety, health and environmental protection requirements. CIF: an abbreviation of 'Cost, Insurance and Freight', referring to the delivery term in which the cost of the goods, insurance and freight expenses are borne by the seller. Ciro (turnover): the amount an enterprise obtains within a certain period before its expenses and costs are deducted

It is the public institution that undertakes the task of managing the monetary system of one or more countries.

It is the ability of monetary authorities to take institutional, managerial, financial and monetary policy decisions independently of any pressure.

Means the central bank's being able to freely choose, without needing the approval of the government or another authority, the monetary policy instruments and methods it will use to reach its final aim set by law, and its being able to use these instruments freely. For central banks, independence mostly expresses instrument independence.

The making of purchases and sales by central banks in the markets, directed toward realizing their short- and long-term monetary policy aims. With the intervention, the aim is to lower/raise the market prices of the variables intervened in, such as exchange rates and interest, to the levels foreseen in the policy. Intervention methods can differ. Central banks can intervene directly and openly by being counterparty and showing themselves, or they can intervene indirectly. Similarly, central bank interventions can be announced in advance in terms of time and amount, or can be carried out without any announcement. The situations requiring intervention take shape within the framework of the monetary policy aims being implemented.

It is the institution that, by assuming the role of seller to the buyer and buyer to the seller among the parties to financial contracts traded on one or more markets, undertakes to complete the transactions.

; The main budget title consists of three parts: General Budget, Special Budget, and Budget of Regulatory and Supervisory Agencies.

It is the budget balance found by deducting budget expenditures from the total budget revenues of general-budget administrations, special-budget administrations and regulatory and supervisory institutions within the scope of central government.

It is the budget balance found by deducting budget expenditures excluding interest from the total budget revenues of general-budget administrations, special-budget administrations and regulatory and supervisory institutions within the scope of central government.

Refers to the risk an investor is exposed to because of lending to a country other than the one where it is resident, or lending to an institution/organization guaranteed by the government of the said country. Risks such as the reduction of the value of foreign-currency liabilities by the alteration of exchange rate regulations by the central bank or competent authority of the country invested in, or the non-realization of direct debt or interest payments, constitute sovereign risk.

The central registration and depository institution operating to carry out the transactions relating to the book-entry registration of capital market instruments, to track by book entry, electronically, these registered instruments and the rights attached to them by members and rights holders, and to carry out their central depository. At present, the share certificates of the companies whose shares trade on Borsa Istanbul, exchange-traded funds, investment funds, government domestic debt securities, private sector debt instruments, asset-backed securities and lease certificates are tracked by book entry by MKK. The clearing and settlement of the purchase and sale transactions relating to those of the said capital market instruments tracked by book entry at MKK that trade on Borsa Istanbul is carried out through the integrated system between MKK and Takasbank. The settlement of the said transactions realized on Borsa Istanbul is completed when the transfer of the securities in the investors' accounts at MKK takes place, in line with the customer-based netted transaction results received from Takasbank. Within this scope, for the untroubled realization of the clearing and settlement of the purchase and sale transactions of the said capital market instruments traded on Borsa Istanbul, the MKK system must operate in coordination with Takasbank's system.

They are institutions in the legal form of a joint-stock company with private-law legal personality that provide the central custody of capital market instruments and the services for exercising the rights related to them.

It is the economic system in which the state decides what is produced, how and for whom.

It is a series of figures measuring real income estimates for different periods using average prices from the preceding period.

They are professional organisations established by law that have legal personality, aimed at ensuring solidarity among industrialists, working to solve their common problems and protecting their common interests.

A document given to the industrial enterprises evaluated within the scope of Article 1 of the Industrial Registry Law No. 6948, and to the enterprises making continuous and serial repairs and the large construction sites such as power plants producing electricity or other energy and shipbuilding, which must be obtained within 2 (two) months from the date on which the enterprise began its production activity. The said document is drawn up by the Provincial Directorates of Industry and Technology.

It is an oligopoly model in which two identical firms producing homogeneous products make their output choices aware of the mutual dependence between them.

According to the view of academics, most of them from the University of Chicago, the goal of competition laws should be the protection of consumers rather than the protection of rival undertakings. Accordingly, vertical agreements and price discrimination can be excused as they do not harm consumers, while cartels leading to price fixing and market sharing, mergers creating monopoly, and dominant undertakings applying predatory prices should be subject to scrutiny. According to the Chicago School, in matters outside these

The document determining the areas of authority and responsibility of the persons acting on behalf of the relevant organization, prepared upon application by legal persons to the notary. For natural persons, instead of this document, a signature declaration document is drawn up. Innovation: the realization of a new or significantly improved good, service, process or method. Usufruct: the right of use granted to certain person or persons over a good or right whose ownership belongs to someone else.

It is the doctrine holding that nominal magnitudes such as prices and the money supply do not affect real magnitudes such as production and purchasing power.

It is the school of thought holding that the economy is always at full-employment income level and advocating that the state should not intervene in the economy.

A classification aiming at the collection of regional statistics, their development, the making of the regions' socio-economic analyses, the determination of the framework of regional policies, and the creation of a comparable statistical database compatible with the European Union Regional Statistics System. In our country, according to this classification, 12 regions have been determined as 'Level 1', 26 sub-regions as 'Level 2', and 81 provinces as 'Level 3'.

They are the processing of transfer orders sent to a payment or securities settlement system, the exchange of these orders between the parties, the intermediation of the provision in cases where pre-settlement provisions are taken, and in some cases the netting of these orders.

Or market-clearing price, the price at which transactions take place when the market is in equilibrium.

It is a self-sufficient economy that does not trade with the rest of the world to a significant extent.

Or mixed goods, goods that are excludable in consumption but do not create rivalry.

It is a working model in which manufacturing firms operating in the same or a similar line of business, geographically close to each other, cooperating and competing with one another, and the companies and institutions supporting them come together.

It is a cash contribution committed to be provided by the grant recipient for expenditure on supported projects or activities.

It is a mathematical resolution showing that in cases where transaction costs are low, the parties can remove the externality problem by agreement.

The instruments, such as bank guarantee letters, Credit Guarantee Fund Inc. (KGF) suretyship letters, real estates and securities, requested by the financing institutions from the investors during their applications, and by which they secure to a certain extent the financing risk they will bear, through the speed at which they can be converted into money. Assignment: the transfer of the receivable right to someone else.

A term of international cooperation relating to competition policies. In the case of negative comity, each country party to the international cooperation undertakes to take into account the important interests of other countries when applying its own competition law. In the case of positive comity, the relevant authority in country A requests the competition authority of country B to act on anticompetitive practices existing in country B that significantly affect market conditions in country A

It is a country's removal of restrictions on exports and imports and its adoption of free trade policies.

It is the interest rate on short-term private placement certificates with a maturity of at most 270 days.

These are general payment instruments in the form of goods with a concrete use value.

These are goods that are not excludable in consumption but create rivalry.

It is the auction environment in which each participant values the object up for auction in dependence on the others and this value is decisive for everyone.

Companies' merging to form a larger company. While 'Merger' is a term generally used in the sense of a voluntarily carried-out merger, it can also be used for the transaction of one company's taking over another company. However, in one company's taking over another, unlike the 'merger', what is in question is an enterprise's putting an end to another enterprise's legal existence by purchasing its shares. Furthermore, in the case of a 'merger', differently from the acquisition transaction, the company formed from the merger takes a new name (generally the joint use of the two firms' names).

Example: The merger created the largest bank in the region.( The merger created the largest bank in the region.)

English definition: Combination of two entities into one.

They are the incomes such as wages and salaries earned by labour in the production process.

Competition advocacy comprises the initiatives of competition authorities, in addition to enforcing competition rules, essentially through relations with other public institutions and by raising public awareness of the benefits of competition, aimed at establishing a competitive environment and increasing competition. Many activities can be regarded as competition advocacy. For example, giving opinions on current legislation or draft legislation, and on state interventions that could encourage practices restricting competition

Seen in innovative markets with network effects and in tender markets. In innovative markets, when products are not compatible with one another, standards come to the fore. Competition concerns consumers first preferring a standard and, subsequently, owing to network effects, obtaining a large part of the market. What matters here is consumers' choices. If, with a good marketing tactic, consumers are convinced that one standard is better, the market

It is the price formed in a market where there are no market frictions or violations of competition and where supply and demand are freely determined. This price is expected to be close to marginal cost and marginal revenue.

They are products that are used together to a certain extent.

; The situation where all relevant parties have complete information about factors that could affect an economic activity, such as price, quality, quantity, and production method.

These are investments aimed at the production of goods and services, containing main machinery and equipment together with auxiliary facilities and, where necessary, land and building costs, which are made at the place of investment without an existing facility for the same production or without infrastructure integrity with an existing facility.

It is the basic decision-making principle stating that consumers can always choose by ranking different product packages.

It is the interest applied on the total amount obtained after the interest earned on the principal held at the bank by an investor has been added to the principal.

It is the interest showing the return obtained when the interest earned by an investment over the investment period is also reinvested. In other words, it is interest earning interest.

Or abbreviated as CR, a measure of market concentration calculated by summing the market shares of a given number of the largest firms in a market.

It is an agreement reached among creditors and approved by the court under which they collect their claims according to a certain plan, following the debtor's financial distress.

It is seeking out information that supports one's own view and ignoring contradicting evidence; it leads to one-sided evidence gathering in analysis.

It refers to a debt not paid by the debtor being restructured, mandatorily or voluntarily, in terms of maturity, interest, type and similar matters.

Example: Consolidation is mandatory for all subsidiaries controlled by the parent entity.(Consolidation is required for all subsidiaries controlled by the parent entity.)

İngilizce tanım: The process of combining the financial statements of a parent and its subsidiaries into a single set of financial statements.

It is an industry in which firms' average total cost does not change as the market grows.

It is an increase in total product by the same proportion when all production factors are increased by a given proportion.

It is an indicator that summarises the combined evaluation of the answers given to the different questions of the Consumer Sentiment Survey in order to monitor developments in consumer confidence.

It is the situation in which the consumer's total utility is maximised under budget and product price constraints.

Or abbreviated as CPI (TÜFE), the price index based on the goods and services that the average household consumes, using the basket of goods as the reference.

Example: The economy was considered hyperinflationary because the cumulative consumer price index exceeded 100 per cent over three years.(The economy was considered hyperinflationary because the cumulative consumer price index exceeded 100 per cent over three years.)

İngilizce tanım: A measure of the average change over time in the prices paid by consumers for a basket of goods and services.

An index measuring changes in the prices of goods and services purchased by consumers. In calculating the CPI, first the expenditures made over a year on goods and services by a sample population representing the country as a whole are compiled. According to this expenditure structure, the relative weights of goods and services within the index are determined; goods and services consumed in large amounts by the sample population carry higher weights, while less-consumed ones carry lower weights. The prices of the determined goods and services are collected from all provinces on specific days of each month. The CPI is calculated using the collected prices and the weights set at the start of the year.

It is the difference between the highest price a buyer is willing to pay for a product and the lower of its prices on the market.

It is a survey conducted monthly to measure consumers' personal financial situations, their assessment of the current state of the general economy, their expectations for the coming period and their spending and saving tendencies in the near future.

Refers to the individual benefits consumers obtain from the consumption of goods and services. Individual welfare is defined theoretically as the individual assessments individuals make about their own satisfaction. Therefore, for consumer welfare to be measured exactly, individual preferences must be known exactly. In practice, the concept of consumer surplus is used to measure consumer welfare. Total consumer welfare is the consumer surplus for all consumers

It is a mathematical relationship showing how private consumption expenditure changes depending on fundamental variables such as the income level in an economy.

Or depreciation, the share of physical capital that is worn out or obsolete.

It is the basic decision-making principle stating that consumers' preferences may not be skipped or interrupted.

It is the expected average income that economic units expect to earn over their lifetime, as distinct from the income earned in the current period.

It is a fiscal policy aimed at reducing aggregate demand and real GDP.

Or in other words negative output gap, the situation in which real GDP in the short term is below potential GDP and the economy is therefore considered to be in a recession.

It is a monetary policy aimed at reducing aggregate demand and real GDP.

It denotes the time that passes between a change in policy rates and the final effect observed on inflation. For Turkey the control horizon is defined as 1 year.

Refers to the bringing together of two or more unrelated economic activities in order to increase efficiency in the organization of the production process or in the market structure. The use of the fiber optic infrastructure capacity established in the energy sector also for the provision of telecommunication services is an example of convergence.

It is the free convertibility of a country's currency into another country's currency in foreign exchange markets and its usability as a medium of exchange in international trade transactions.

It is the second-order term that measures the curvature of the price-yield curve; for large interest rate movements it corrects the estimate made with duration alone: ΔP ≈ −D*Δy + ½·C·(Δy)².

It is an oligopoly model in which different sellers come together and make their price-output choice through open or tacit collusion.

They are legal rights held over an idea or work of art for a certain period.

Example: Copyright was recognized as an intangible non-current asset.( (Copyright was recognised as an intangible asset.)

English definition: A legal right over creative works.

The permanent component of inflation stripped of temporary or one-off effects. Excluding certain items from the index, statistical analysis and model-based methods are frequently used in calculating core inflation; however, the most widely followed core inflation indicators are those obtained by the exclusion method. For this purpose, energy prices, basic food prices and indirect taxes, which are more exposed to external effects (energy prices, seasonal conditions, fiscal policy, etc.) and can be temporary in nature, are the main elements excluded from such inflation calculations. The purpose of using core inflation is to identify the elements that make the change in the general price level persistent. Although the inflation target is set on headline CPI inflation, the course of core inflation indicators is also taken into account so that more realistic policy decisions can be taken. In particular, in countries moving toward inflation targeting, rather than a single core inflation indicator, alternative indices calculated in different ways are followed, considering the advantages and disadvantages of all calculation methods.

The deposit-based funding that the banking sector obtains from savholders domestically is generally called core liabilities. Since core liabilities grow in proportion to the economy's size and the household's wealth, they are accepted as a source compatible with the economy's fundamentals for banks' credit expansion. In the credit expansion periods in which credits grow faster than deposits, banks can turn to non-core liabilities and thereby feed the macro-financial vulnerabilities in the financial system.

Banking Supervision: the Core Principles for Effective Banking Supervision published by the Basel Committee in 1997. The 15th of the 25 fundamental principles published relates to money laundering. According to this principle, the institutions authorized in banking supervision should ensure that banks have sufficient and appropriate policies, including the 'know your customer' principle, that secure high ethical standards in the financial sector and prevent banks from being misused by criminals

It is the covariance normalised by the product of the two standard deviations; it ranges between −1 and +1 and indicates the strength of co-movement.

It is the selection of the input combination that minimises total cost for a given level of production when factor prices are given.

It is a decision-making method that studies mathematically the favourable and unfavourable outcomes that different alternatives would bring.

It is the inflation resulting from an increase in the prices of factors of production or raw materials in the economy.

It is the banknote whose counterfeiting was established by a court decision.

Refers to the probability of loss to which any bank or institution holding, in its portfolio, the direct and/or indirect risk of the debtors in a foreign country is exposed, as a result of the debtors in that country (central government, corporate or other) failing to fulfill, or avoiding, their external obligations owing to the events and uncertainties affecting the economic, social and political conditions. Besides the deteriorated economic, political and social conditions increasing the probability of default in a country; events such as expropriation, moratorium, repudiation of debt, devaluation, and the lack of transparency in the practices of the country's supervisory authority also fall within the scope of country risk. Country risk fundamentally covers sovereign risk, transfer risk and contagion risk, and also includes the categories of indirect exchange rate risk, macroeconomic risk and indirect country risk.

These are fixed payments made to the bondholder at certain intervals.

Example: The bond pays a fixed annual coupon. ( The bond pays a fixed annual coupon.

English definition: The interest payment on a bond.

Refers to the periodic interest payment of a security. For example, for a security with a nominal value of 100.000 TL, paying 5% coupon interest every 3 months, with a maturity of 1 year, an interest (coupon) payment of 5.000 TL is made to its investor every 3 months, and at the end of 1 year its principal, 100.000 TL, is paid.

It is a duopoly model in which two identical firms producing homogeneous products make their output choices independently and simultaneously.

It measures the direction in which the returns of two assets change together; it is the founding term of portfolio variance and should not be skipped in the 9-term expansion.

It is the fixed foreign exchange rate regime in which nominal exchange rates are adjusted regularly according to selected economic indicators.

It is a foreign exchange rate regime in which exchange rates are allowed to move within a certain band around the central parity and in which the central parity is also changed from time to time.

These are loans given by banks in return for an interest rate or a share of profit.

It refers to a situation in which liquidity in the economy declines, it becomes harder to obtain investment capital and, as a result, the supply of credit contracts.

It is the risk that a financial institution will not discharge its obligations fully and on time, now or in the future.

Example: The business disclosed its maximum exposure to credit risk. ( The entity disclosed its maximum exposure to credit risk.)

İngilizce tanım: The risk that a counterparty fails to meet its obligations.

It is a severe and prolonged recession that, although there is no precise definition, affects more than one country and in which total output falls by more than 10 percent.

It is used in the sense of a measurement and comparison criterion. For example, in portfolio management, the benchmark portfolio is the portfolio taken as the basis for measuring the performance (in the sense of return and risk) success of the portfolios formed outside this structure. Another example: benchmark securities are the instruments that have enough liquidity in the market, whose maintenance of this property by the issuing institution is in question, and that form a reference in the market for similar issues.

It is an exchange rate calculated using a third currency between two foreign currencies.

Or cross price elasticity of demand, abbreviated as ε, a basic type of elasticity showing by what percentage the quantity demanded of a related product changes as a result of a one percent increase in the price of a product.

In the international markets, since exchange rates are generally expressed as the rate of exchange between the US dollar and the local currencies, the rate of exchange between two currencies other than the US dollar can be calculated indirectly according to their prices in US dollars. The cross rate is the exchange rate defined as the parity between two foreign currencies and each of these two currencies with a third foreign currency (usually the US dollar). In other words, the indirect rate of exchange between two currency units is called the cross rate.

A cross-licensing agreement is a type of agreement in which two or more patent-owning undertakings grant licenses to one another or to a third party. Despite the pro-competitive aspects of such an agreement structure, such as the reduction of transaction costs and the bringing together of complementary technologies, in certain cases they can have restrictive effects on competition.

Or cross price elasticity, abbreviated as ε, a basic type of elasticity showing by what percentage the quantity demanded of a related product changes as a result of a one percent increase in the price of a product.

The collection of money from the public through authorized platforms, with the aim of providing the funds needed by a project or a start-up company. KGF: the abbreviation of Credit Guarantee Fund, the funding source that supports small and medium-sized enterprises with the suretyship it provides for them, making it possible for them to use bank credits in the financing of their investments and businesses.

It is the situation in which the state's consumption and investment expenditures replace private consumption and investment.

These are payment instruments that are held and tracked as encrypted records on distributed computer networks.

It is the exchange rate regime that allows money to be printed only up to the amount of foreign exchange held.

Or abbreviated as carry trade, the transaction of borrowing in a low-interest-rate currency and investing in a high-interest-rate currency in order to make a profit.

It is the amount obtained by subtracting the banknote and coin amounts held in bank vaults from the total of banknotes in circulation.

Refers to the possibility of incurring losses due to changes in assets and/or liabilities resulting from fluctuations in the future exchange rate. Methods to hedge against exchange rate risk include investors taking positions in both financial and goods markets, investing in the financial markets of multiple countries, and using derivative products or markets.

Example: The entity discloses its currency risk exposure by currency and maturity.(The entity discloses its currency risk exposure by currency and maturity.)

İngilizce tanım: The risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.

It is an economics and accounting term meaning valid or in force.

It is the main heading in the balance of payments that shows trade and income flows.

It refers to the rate used in the purchase and sale of foreign currency that is settled on the same day in the foreign exchange markets.

It is the ratio of current assets to short-term liabilities; a value above 1 indicates that short-term debts can be covered by current assets.

It is the value of real assets that changes from year to year depending on current market conditions and supply-demand balances, and is also called market value.

They are services relating to capital market instruments that have been deposited or delivered in book entry or physically for the purpose of carrying out capital market activities, or by virtue of being a custodian, or for administration, or as collateral, or under any other name whatsoever.

It is the document completed in accordance with the customs legislation on exports and submitted to the customs administration after being approved by the relevant exporters' association.

It is the deficit or surplus of the public budget balance arising from business cycles.

It is a type of unemployment that arises as a result of a fall in total production in the economy due to business cycles.

Refers to the estimation, by economic methods, of the harm suffered by consumers or customers owing to undertakings' practices in cartel or abuse-of-dominance investigations. In the analysis, fundamentally, the price and quantity levels that could have formed in the market had the infringing practice not existed are compared with the price and quantity levels actually observed, and the welfare loss caused by the difference is assessed.

Or social loss, the decline in economic surplus resulting from more or fewer goods being bought and sold than the level at which economic efficiency is achieved in the market.

It is the decline in economic surplus resulting from a lower or higher volume of goods bought and sold relative to the level at which economic efficiency is achieved in the market.

It is the name given to persons and institutions that act on their own account and on their own behalf.

It is the ratio of total liabilities to equity; it indicates the level of financial leverage. The higher the ratio, the greater the financial risk.

Example: The entity's debt-to-equity ratio remained within the covenant limits agreed with its lender.(The entity's debt-to-equity ratio remained within the covenant limits agreed with its lender.)

İngilizce tanım: A financial ratio measuring total liabilities against shareholders' equity, indicating financial leverage and risk.

It is an industry in which firms' average total cost decreases as the market grows.

It is an increase in total product by a smaller proportion when all production factors are increased by a given proportion.

It refers to the risk of a debt not being repaid.

It is a net settlement method in which the reconciliation is carried out at the end of the predefined reconciliation cycle according to the netting principle.

It refers to a sustained decline in the general level of prices.

It denotes the price index used to convert the value of an economic magnitude expressed in monetary (nominal) terms (for example wages, raw material prices, costs, etc.) into real terms.

In sectors where transportation costs are significant, if sellers and buyers are dispersed across regions far from one another, final prices can differ substantially. In such sectors, if the product is homogeneous and demand elasticity is low, undertakings seeking agreement on price setting can overcome this problem with 'delivered pricing'. There are various delivered pricing arrangements: Single Basing Point System: for this method to be applied, the primary

It is the first derivative of the option price with respect to the underlying asset price (Δ = ∂C/∂S = N(d1)); in Black-Scholes the delta hedge is built with this ratio.

It is the basic economics concept describing how much of a product the buyers in the market want to buy and are able to buy in a given period.

A graphical tool showing the relationship between the price of a good and the quantity demanded, other things being equal.

These are bank accounts into which money can be deposited and withdrawn at any time, or that can be used for payment purposes.

Example: A demand deposit is classified as a current liability because it can be repaid on demand.(Demand deposits are classified as current liabilities because they are repayable on call.)

İngilizce tanım: Deposits that the depositor may withdraw at any time without prior notice.

Or abbreviated as DK, the total amount of capital that all units in the economy want to lease depending on the interest rate in a given period.

Or abbreviated as MD, the amount of money that all units in the economy want to hold depending on the interest rate in a given period.

It is a list showing how much of a product is demanded at different price levels in a given period.

It is a change in aggregate demand in the economy caused by a factor other than the general price level.

It is the inflation resulting from an increase in total product demand in the economy.

It is a package of goods purchased in the consumer balance.

They are institutions that accept deposits and extend credit in return for interest and provide various financial services.

It is the interest rate paid by banks on the deposits they have collected.

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

Example: Depreciation is charged on a straight-line basis.( Depreciation is calculated on a straight-line basis.)

İngilizce tanım: Allocating a tangible asset's cost over its life.

Or depression; although it has no precise definition, it is a severe and prolonged recession affecting more than one country in which total output falls by more than 10%.

The markets operating within the exchange in which standardized derivative transaction contracts are bought and sold forward, and the settlements carried out are guaranteed by an institution. The derivative market transactions — futures, forwards, options and swaps — can be used by market players with the aim of hedging against risk or making profit.

The financial instruments whose return is linked to another instrument's return — in other words, derived from another instrument's return. Futures and option contracts are examples of these instruments. Such instruments can be derived over any kind of product, such as currency, interest and gold. In such a case, for example, in an option contract written on foreign currency, the return of the option contract will depend on the movement in the market of the currency from whose return it was derived.

These are transactions in which the maturity, amount and price of an instrument (foreign exchange, interest, commodity) for settlement on a forward date beyond the trade date (two business days) are determined today and fixed in the contract. Forwards, futures, swaps and options are examples of such transactions.

Or indirect demand; the situation in which the demand for an object depends on the demand for the goods, services or investment instruments that are produced or acquired with that object.

Or the Dutch auction, a type of auction in which participants submit open bids and the price is progressively reduced from a high starting level until a buyer emerges.

It denotes a decrease in the value of the national currency against foreign currencies in a fixed exchange rate regime. For example, a fall in the value of one Turkish lira from 2.0 TL to 2.2 TL against one US dollar means that the Turkish lira has lost 10% of its value against the US dollar (the US dollar has appreciated).

It is a state bank established in line with Türkiye's sustainable development priorities to meet entrepreneurs' financing needs, contribute to the diffusion of capital to the grassroots and to structural transformation, and provide advisory support.

They are long-term plans that entered into force in 1963, offer a road map for national development, are binding for the public and guiding for the private sector.

Products containing real or perceived physical differences or features, on account of which one is preferred over the other, are considered differentiated. Products are differentiated by undertakings with the aim of selling at a higher price and/or increasing sales. Differentiation can be based on physical appearance, quality, durability, tied services (warranties, after-sales services and information), image and geographic location. When a product is differentiated,

The case where, while all production factors increase at the same rate, the quantity of output increases less than the increase rate of the production factors. Hence the rate of increase in output is smaller compared to the increase in input quantity. In this case, as the quantity produced rises, long-run average cost increases.

One of the open market operations the CBRT uses, within the framework of its monetary policy targets, with the aim of effectively regulating the money supply and the liquidity of the economy. It generally refers, in cases of a permanent liquidity surplus in the market, to the CBRT's selling securities from its own portfolio to the market (to institutions authorized to conduct open market operations) and permanently withdrawing the liquidity surplus from the system in return.

They are the practices by which the state influences the market through price or quantity regulation.

Or abbreviated as E, the exchange rate showing how much domestic currency can be bought for one unit of foreign currency.

They are taxes paid at intervals by the taxpayer that depend on income or wealth.

The direction-of-investment principle is based on determining the direction of direct investment, that is, whether the investment is made inbound or abroad.

Refers to the stripping of a coupon-bearing security so that its principal and coupons can be traded separately. The aim is, in particular, to broaden the scope of use of long-term coupon-bearing issues from the investor's perspective and to increase demand for such issues. For this purpose, the Undersecretariat of Treasury can strip the Government Domestic Debt Securities it has auctioned and the Lease Certificates it has sold directly into their principals and coupons.

It refers to a credit transaction that enables commercial papers to be purchased before maturity and converted into cash with certain discounts.

It is the interest rate used when discounting future cash flows to their present value; it reflects the opportunity cost and the risk premium.

Example: A pre-tax discount rate has been applied to the projections.( A pre-tax discount rate was applied to the projections.)

İngilizce tanım: The rate used to convert future cash flows to present value.

If the rebate systems applied by undertakings are made conditional on the buyer's fulfilling the purchase condition relating to a single product/market, such rebates are called 'single-product rebates'. For example, a tire shop's earning a premium in return for making a certain amount of sales annually is a kind of single-product rebate.

People who no longer look for work because they no longer believe they will find a suitable job, but who are ready to start work.

They are fiscal policies decided by policymakers in necessary cases and put into practice.

The act of putting the parties to transactions at a disadvantage in competition by applying unequal rules for equal exchanges. Discrimination by proposing different conditions to buyers in equal positions for equal rights, obligations and performances can be evaluated as one of the forms of abuse of a dominant position.

It means a slowdown in the rate of price increases. It refers to the process of falling inflation experienced when moving from high inflation to low inflation.

It is the income that remains in the hands of a country's citizens after income tax and can be used for consumption or saving.

It is the tendency to sell a winning position early and hold a losing one; it is the behavioural result of loss aversion.

( Distributor of supplier A and B) 96 COMPETITION TERMS GLOSSARY I It is defined as "aftermarket". Markets that include complementary products or services such as repair, spare parts, add-ons, etc., which are needed after the purchase of a main product, are aftermarket markets.

Refers to practices such as the relevant undertakings separating a certain asset, business or line of business from their structure and transferring it to other undertakings, or the transfer of the shares providing control of an undertaking, in order to remedy the competition problems that arise or may arise.

The person appointed by the parties with the aim of continuously monitoring, on behalf of the competition authority until the closing of the transaction, whether the commitments accepted in merger or acquisition decisions are being complied with, and of contributing to the implementations. In Turkish practice, this appointment by the parties must be approved by the Board.

It shows how much of the net profit is distributed as dividend (Dividend / Net profit); the remainder is reinvested as internal capital.

It is the ratio of the annual dividend per share to the share price; it shows the investor's cash return.

Example: Dividend yield was used as an input in the valuation.( The dividend yield was used as an input in the valuation.)

İngilizce tanım: Annual dividend per share divided by the share price.

They are bonds and bills issued on the domestic market by the Ministry of Finance and Treasury.

The use by residents of a country of foreign currency instead of their own national currency as a medium of exchange, unit of account and store of value. Full dollarization is a country's completely abandoning its national currency and adopting a foreign currency as its official currency. Partial dollarization arises when economic units in a country, in an environment of high inflation and uncertainty, begin to prefer financial assets in foreign currency instead of financial assets in national currency, in order to protect themselves from the possible loss of value of the national currency. It is generally observed that the first stage of dollarization develops as 'asset substitution', the beginning of the use of foreign-currency assets as a store of value. On the other hand, the banking crises frequently experienced in the recent past, particularly in emerging markets, have added to the economics literature the concept of 'liability dollarization' in addition to asset dollarization. Liability dollarization is the holding of large amounts of foreign-currency liabilities by all economic units in the country, including the banking and public sectors. Both asset and liability dollarization can be gathered under a single heading and characterized as 'financial dollarization'. Financial dollarization is defined as the tendencies of residents of a country to hold both their assets and their liabilities in foreign currency.

It is the total amount of debt the state takes from households and firms domiciled domestically.

It is the total of final domestic demand and the stock change.

It is an index measuring the price changes in the consumer, intermediate and capital goods produced for domestic trade as well as in the energy sector.

It is a test taken into account in the assessment of merger and acquisition transactions under the Competition Act. In the dominance test, it is carried out by significantly reducing competition, creating dominance or strengthening an existing dominance.

In game theory, it is the strategy that yields the highest payoff to a player whatever the strategies of the other players are.

It is the situation in which the goods a person wishes to buy and sell are the same as those another person wishes to sell and buy in return.

The diligence due from financial institutions so that new technologies are not used as a tool in money laundering. Accordingly, financial institutions should exercise special care against new and advanced technologies that pose a money laundering danger by concealing identity information, and take the measures necessary to prevent these technologies from being used for money laundering purposes; in particular, they should have policies and procedures identifying the risks for business relations and transactions not carried out face to face

A market structure in which there are only two sellers of a good. Each producer generally has to take into account the other's reaction regarding any change it will make in price or production quantity. Since competition is between only two firms, their degrees of interdependence are quite high.

It is the analysis that breaks owners' equity profitability (ROE) into three components: ROE = Net Profit Margin × Asset Turnover × Equity Multiplier. It shows which item drove the profitability; it is not the 'earnings multiple' or a similar invented term.

These are goods that are not consumed immediately and provide benefit over a long period.

Due Diligence is the analysis containing all the necessary financial, legal and administrative information required for an investment decision to be made, showing the company's current situation and enabling the most accurate forecasts about its future. Fixed Assets: business assets that do not have the property of being converted into cash within one year.

It is the problem of other sectors of the economy, such as industry, stagnating or failing to develop as a result of rapid enrichment based on natural resources.

Or the descending price auction, a type of auction in which participants submit open bids and the price is progressively reduced from a high starting level until a buyer emerges.