Terms & Definitions

An unconventional monetary policy approach, meaning central banks' increasing the money supply by purchasing financial assets from commercial banks or other private institutions. After the global financial crisis, the central banks of the United States in particular, and of England, Europe and Japan, applied quantitative expansion policies of different magnitudes in order to support the financial sector, increase private consumption expenditures and prevent inflation from falling below the target.

It is the market intervention applied by the state by determining the quantity supplied for a product.

It is the set of theories arguing that there is a direct and proportional relationship between the money supply and the general price level.

They are restrictions in the form of quantity or monetary value applied by the state to imported goods and services.

Ramsey pricing envisages that prices be set inversely proportional to demand elasticity, so that welfare losses can be brought down to the lowest level. In the case where there are demands of different elasticity (sensitivity) for the same product, on the other hand, Ramsey pricing envisages that this product be offered to different consumer groups at different prices according to consumers' sensitivity to price. While a low price is applied to the consumer group whose demand is elastic (price-sensitive), to the consumer group whose demand is inelastic

It is a set of outcomes, each with a certain probability of occurring.

It is the view that economic agents, when making forecasts about the future, take all information about the past and the future into account.

It refers to the sale of goods that have been purchased and are of foreign or Turkish origin and have been exported, whether transferred for processing or not, to another country in transit or directly, without being subject to the import and export regime provisions.

It is a mathematical relationship explaining how the behaviour of one economic unit changes depending on other economic units.

It is the school of thought that argues changes in real income in the short run stem from supply shocks and advocates government intervention in the economy with supply-oriented policies.

It is the real effective foreign exchange rate calculated taking into account relative price changes between countries.

Or abbreviated as RER, the foreign exchange rate calculated taking into account the difference in the general price level between two countries.

It is expressed by the export volume index. The export volume index measures the change in export volume provided that prices are constant. The export volume indices are calculated by TÜİK.

Or GDP in fixed prices, the national income method that measures the value of goods and services produced in a given period at the prices of a fixed base year.

It is expressed by the import volume index. The import volume index measures the change in import volume provided that prices are constant. The import volume indices are calculated by TÜİK.

It is interest rate adjusted for inflation; with the Fisher equation (1+real) = (1+nominal)/(1+inflation), approximately real ≈ nominal − inflation.

It is the nominal interest adjusted for inflation. Technically, it is obtained by subtracting the inflation rate expected from the nominal interest rate.

It is an indicator that summarises the answers given to the different questions of the Survey of Economic Expectations in order to bring out the general impressions of sector representatives regarding the economic outlook. In order to reach the Real Sector Confidence Index

The settlement of fund and securities transfers individually and instantaneously (continuously), in an order, without netting. Although classifiable in various respects, payment systems are classified, according to the settlement type, into real-time gross settlement systems and settlement systems based on netting. Today the great majority of payment systems of systemic importance operate with real-time gross settlement methods.

Rebate systems can emerge in very different forms under the dynamic conditions of commercial life, and vary in their structures, workings and effects. If the earning of the rebate in any rebate system is made conditional on the purchase of a single product, such rebates are accepted as 'single-product rebates'. However, if the purchase condition in the rebate system covers multiple products or markets, the said rebates are 'bundle rebates'

It is a period in which economic growth is negative or slow. It may also be defined as the presence of spare capacity in the economy, or as growth at a rate below the economy's long-term growth rate.

A type of bilateral (or multilateral) agreement made among undertakings in order to provide one another favorable conditions, or to buy from and sell to one another mutually. In reciprocity agreements, an undertaking can be obliged to purchase from the undertaking that purchases from it. Thanks to this agreement, the undertaking can obtain a price reduction by making its purchases from its own customers, or can activate its idle capacity. These competitive effects that reciprocity agreements can create

It is the time between the occurrence of an adverse situation in the economy and the recognition of this situation by economists.

The recovery of unusable recyclable waste materials into manufacturing processes again as raw material through various recycling methods. GES: the abbreviation of Solar Power Plant, systems converting the energy coming from the sun into electrical energy. Input: the in-kind and financial resources necessary for the realization of project activities and used in project activities.

It is the inclusion in the production process again of waste that can be re-evaluated, after being put through various physical and/or chemical processes, by being turned into a secondary raw material.

Example: For some items, recycling of gains on disposal is permitted.( Recycling of gains on disposal is permitted for some items.)

İngilizce tanım: Transferring amounts in other comprehensive income to profit or loss.

It is the repayment at the maturity date set at the time of issue of the debt securities, together with accrued interest and principal.

Example: The amortization of the patent is recorded as a monthly expense. ( Amortisation of the patent is charged monthly.

İngilizce tanım: Systematic allocation of the cost of an intangible asset over its useful life.

Refers to the rediscounting — the exchanging for a consideration again (rediscount) — of the instruments that have already been discounted, in other words exchanged for a consideration (discount). It is an instrument used by central banks in monetary policy implementations, under the name rediscount window, by subjecting various bills to discounting (re-discount), on the condition that they determine their own conditions.

It is the credit that the central bank provides to commercial banks against securities.

It is the interest rate applied by the central bank for rediscount loans.

These are practices aimed at transferring wealth directly or indirectly from high-income groups to low-income groups.

Corporate structures with legal personality that operate for the development of the region they are responsible for, increasing its competitiveness and reducing development gaps. In our country there are 4 Regional Development Administrations: the Eastern Anatolia Project (DAP) Regional Development Administration, the Eastern Black Sea Project (DOKAP) Regional Development Administration, the Konya Plain Project (KOP) Regional Development Administration, and the Southeastern Anatolia Project (GAP) Regional Development Administration.

The non-implementation by the relevant financial institutions of the transactions sought to be carried out at the financial institutions. These are the transactions in which the financial institutions could not carry out the identification and verification of the identity of the customer or of the person finally benefiting from the transaction, could not determine to whom the ownership and control belong in legal persons and partnerships, and could not have information about the type and purpose of the transaction being carried out

The economic analyses used in the enforcement of competition rules. In the early periods, when only legal assessments were made in competition rules, the necessity of the economic analysis of market conditions and of consumer and firm behavior came to be accepted over time. Within this framework, economic and econometric studies are used in the interpretation and enforcement of competition rules.

The rules concerning the preservation of competition. These rules contain the regulations necessary to establish and preserve an effective competitive environment in systems where the market economy, and hence free competition, is embraced. The prevention of agreements among undertakings, decisions of undertaking associations and practices that obstruct, distort or restrict competition, and the prevention of the abuse of dominance by undertakings dominant in the market; the review of merger or acquisition transactions for the establishment of competition in the markets

Another of the competition-based tests used in the control of concentrations, besides the dominance test, is the 'Substantial Lessening of Competition Test' (SLC Test). The difference between the two tests stems from the difference of approach to the causes of the anticompetitive effects of mergers, rather than the effects themselves. In the SLC test, a substantial lessening of competition occurs through the creation of market power or the strengthening of existing market power, while in the dominance test, the creation of a dominant position

It is the state of not having enough income to be able to afford the average living conditions of a country.

It is the ratio of the population with an income below the average income in a country to the total population.

Third Parties: The leaving, under certain conditions, by the financial institutions of the fulfillment of the measures relating to the identification and verification of the customer's and the beneficiary's identity, the determination of to whom the ownership and control belong in legal persons and partnerships, and the obtaining of information about the type and purpose of the transaction sought to be carried out, in the customer due diligence process, to intermediary institutions or other third parties. In this case, all the responsibility relating to the identification and verification of the customer's identity falls on the third party

It is energy obtained from the existing energy flow in continuous natural processes. Renewable energy sources can be listed as solar energy, wind energy, geothermal energy, hydraulic energy, biomass energy and hydrogen energy.

Or rent, the pre-determined price paid for using land or natural resources belonging to someone else.

It is a fixed amount paid for the use of land or natural resources belonging to someone else.

It is the attempt by economic agents to influence the state so as to secure benefits for themselves at the expense of others.

Or abbreviated as PK, the price paid for using one unit of capital in production.

Or abbreviated as PN, the price paid for using one unit of land or a natural resource in production.

It is generally used in cases where the liquidity tightness in the market is temporary, with the aim of increasing the banking system's liquidity for a temporary period. The central bank buys instruments with a commitment to resell them at a future date (at the price determined during the transaction) from the institutions authorized to conduct open market operations. The resale price is determined on the date the purchase transaction is made. The institution party to the transaction also undertakes to buy the instrument subject to the repo transaction at the transaction's maturity. From the central bank's perspective, the repo transaction expresses the temporary provision of liquidity to the market within the framework of open market operations, for the duration of the transaction's maturity, in return for the instruments subject to the repo.

Example: Securities sold under a repurchase agreement have been recorded as collateralized borrowing.(The securities sold under the repurchase agreement were recorded as a collateralised borrowing.)

İngilizce tanım: An agreement to sell securities with a commitment to buy them back at a later date.

They are general means of payment that have no significant intrinsic use value but can, on request, be converted into a certain amount of precious metal.

It is the money a bank is required to hold at the central bank account in proportion to the deposits it has gathered.

It is the total of the cash in banks' vaults and their accounts at the central bank.

Example: The revaluation reserve is presented within equity.( The revaluation reserve is presented within equity.

İngilizce tanım: A component of equity set aside for a purpose.

It is the main heading in the balance of payments that shows the central bank's official foreign exchange reserves.

Refers to the assets in foreign currency and gold held in the portfolios of central banks and international financial institutions. Accordingly, for a payment instrument to carry the property of reserve currency, its value against other currencies must be stable, it must belong to a country with a large share in world trade, and it must be readily bought and sold in the foreign exchange markets.

It is the currency unit held as an official reserve by central banks because it is widely used in international transactions.

They are the coefficients that determine the foreign exchange or gold equivalent that may be established per one unit of Turkish lira of required reserves under the Reserve Option Mechanism.

It is a practice that allows banks and other financial institutions to maintain a certain percentage of their Turkish lira reserve requirements in foreign currency and gold.

It is the ratio showing what percentage of banks' Turkish lira required reserves can be established in foreign exchange or gold under the Reserve Option Mechanism.

The statutory ratio showing the amount of reserves that banks and other financial institutions are required to hold at the central bank against the deposits, loans and similar liabilities on their balance sheets. The reserve requirement ratio may differ according to the type, maturity and currency of the liabilities. Central banks can use this ratio as a monetary policy instrument. If banks do not hold idle reserves, an increase in the reserve requirement ratio leads banks to call back the loans they have extended, which causes the money supply to contract. When the ratio is lowered, part of the required reserves turns into usable reserves, which increases the banks' lending base; the expansion of the banks' lending base in turn causes the money supply to grow.

According to the principle contributed to the industrial economics literature by E.A.G. Robinson for the first time in 1958, as the scale of a production unit increases, savings can be achieved in the proportion of the reserve capacity set aside to meet future demand. For example, the number of beds a large hospital leaves empty for sudden needs will be less than the number of beds left empty by two small hospitals half its size.

They are the expenditures made by resident economic units for the purchase of houses and buildings.

The subjection of a financial institution, as a result of the relevant authorities' establishing that it no longer possesses the capital necessary for it to be able to continue its activities, to a special intervention, with the aim of its liquidation, or of its being restored to the capital structure it needs in order to be able to continue its activities.

It refers to the source of capital taken from banks/financial institutions or from third parties with a different maturity when the internal funding of undertakings is insufficient.

Or the paradox of plenty; the phenomenon whereby natural resources such as oil bring conflict, war, poverty and deprivation in some countries instead of economic growth.

The designing by the undertaking of the new technology, although it is possible to design it in another way, in a way that other undertakings cannot use, in order to give itself an advantage — in other words, creating a barrier to market entry. This situation can be unlawful if carried out by the undertaking holding a dominant position and the other conditions are also present.

In a vertical relationship, the setting by the seller of the buyer's fixed or minimum resale price is prohibited under Article 4 of the Competition Act. However, on the condition that it does not turn into fixed or minimum resale prices, it is possible for the supplier to determine the buyer's maximum resale price or to recommend a resale price to the buyer. So that the maximum or recommended resale prices notified to the buyer do not turn into minimum or fixed prices, it is necessary that the said prices be published as maximum or recommended in the published price lists

All the activities of a financial market infrastructure institution — including the replenishment of the financial resources previously established but exhausted, and various liquidity arrangements — with the aim of resolving any unmet loss, liquidity shortage or capital insufficiency problem that has arisen because of participant default or other reasons (business, operational or other structural weaknesses), and that has remained unresolved despite the use of the normal mechanisms, in conformity with the relevant legislation it is subject to, its own internal rules and procedures, and its contractual obligations.

Example: The restructuring closed two production plants. ( The restructuring led to the closure of two production plants.)

İngilizce tanım: Programme that materially changes the scope or manner of operations.

The measurable, concrete situations expected to form within 1-3 years following the completion of the project, obtained in line with the specific aims determined at the outset. Social Enterprise: the type of venture that aims to make profit but uses the profit it obtains to produce benefit for society. Social Innovation: the term for the innovative works used in addressing the problems and needs arising in societies.

Example: The result for the year was reported after tax.( The result for the year was reported after tax.)

English definition: The profit or loss for a period.

As a component of the EFT System owned and operated by the CBRT, the system providing the real-time electronic settlement of the payments banks carry out on behalf of their customers, such as account-based and name-based customer payments, public payments, housing, workplace and other rent payments, salary and credit card payments.

It is the ratio of net profit to total assets (Net profit / Total assets); it shows how profitably the asset base generates profit.

It is the ratio of net profit to equity (Net profit / Equity); it is the basic profitability ratio measuring return per shareholder.

It expresses the increase in the value of the national currency against foreign currencies. For example, the rise of the Turkish lira against the US dollar from 1.3 TL to 1.2 TL (a depreciation of the US dollar) means that the TL gains 0.1 TL of value.

Example: The revaluation of the property increased its carrying amount and recognised the surplus in other comprehensive income.(A revaluation of the property increased its carrying amount and recognised the surplus in other comprehensive income.)

İngilizce tanım: The remeasurement of a non-current asset to its fair value, with the increase recognised in other comprehensive income.

It is a mathematical resolution showing that, under the assumption that participants are risk neutral and the value given to a product is person-specific, the same income is obtained on average from the four basic types of auction.

With the aim of increasing domestic savings, diversifying Government Domestic Debt Securities and broadening the investor base, the first Revenue-Indexed Securities (GES) issue was carried out by the Ministry of Treasury and Finance of the Republic of Türkiye on 28 January 2009. In GES issues, returns are indexed to the revenue shares transferred to the budget from the Türkiye Petrolleri Anonim Ortaklığı (TPAO), which has the status of a State Economic Enterprise, the State Supply Office (DMO), the State Airports Authority (DHMİ) and the General Directorate of Coastal Safety (KIYEM). With Revenue-Indexed Securities, an investment instrument has been created whose return is linked to state revenues. Thanks to the minimum coupon payment guarantee to be applied to the said securities, the investor is protected from being adversely affected by the change in the revenue share. Within this framework, in calculating the payments relating to the returns of the said securities, the total of the quarterly and semi-annual revenue shares transferred to the budget by TPAO, DMO, DHMİ and KIYEM is taken as the basis. If the realized revenue collection exceeds the maximum amounts announced in the budget, payment is made to investors based on the counterparts of the said maximum amounts.

Or fourth-degree price discrimination, the practice of selling a given product to each buyer at the same price even if its cost differs between buyers.

Reverse repo transactions are generally carried out, in cases of a temporary liquidity surplus in the market, with the aim of withdrawing the excess liquidity. The central bank sells the instruments in its portfolio to the institutions authorized to conduct open market operations, with a commitment to buy them back at a future date (at the price determined during the transaction). The repurchase price is likewise determined on the date the sale transaction is made. The institution party to the transaction also undertakes to sell the instrument subject to the reverse repo transaction to the central bank at the transaction's maturity. From the central bank's perspective, the reverse repo transaction expresses the temporary withdrawal of liquidity from the market, within the framework of open market operations, for the duration of the transaction's maturity, in return for the instruments given.

They are rights such as the right to lodge a complaint within the regulatory framework, the right to go to court against the decisions of the Board, the right to receive a reasoned decision, the right to be informed, the right to request that the name be kept confidential and the right to attend an oral defence hearing.

It is the extent to which the actual outcome of a future event may differ from the expected outcome.

Example: The entity discloses the nature and extent of the risks arising from financial instruments.(The entity discloses the nature and extent of the risks arising from financial instruments.)

İngilizce tanım: The possibility that actual outcomes will differ from expected outcomes, including financial risks such as credit, liquidity and market risk.

It is the desire to buy, which increases as positive expectations rise in financial markets and decreases as negative expectations grow.

It is a person who prefers the less risky of two options with the same expected value.

The concepts used to express an investor's preferences in the face of risk. While a risk-averse investor settles for a low but predictable return instead of an uncertain high return in the future, a risk-loving investor tends to take high risk even though the expected returns are equal. In contrast, a risk-neutral investor is the investor who makes no choice between risk and return.

It is a person who prefers the more risky of two options with the same expected value.

It is a person who is indifferent between two options with the same expected value.

It is a method of risk distribution in which more than one insurance company joins together and shares a certain risk.

It indicates the extra return that a risky asset or holding provides to the investor compared with a completely risk-free asset or holding. The risk premium of an asset or holding can also be regarded as an indicator of the compensation obtained compared with a completely risk-free investment instrument.

Refers to the relationship between the return expected to be obtained from an investment made in any asset or instrument and the risk assumed with the investment made in the said asset or instrument. In principle, there is a positive relationship between the risk assumed and the expected return. Hence, particularly in the financial markets, as the risk assumed increases, the return is expected to increase, and as the risk assumed decreases, the return is expected to decrease. Risk is generally expressed by the standard deviation of the investment's past returns (historical volatility). The expected return from the investment, on the other hand, is the average of the past returns. The risk-return curve formed by the maximum returns that can be obtained in return for a certain risk is called the 'efficient frontier', and its use is particularly for comparison and benchmark purposes.

It is the inability of others to consume a good or service at the same time as one person is using it.

It is a rule of thumb that approximately finds the number of periods needed for a variable to double as 70 / growth rate.

They are investments of strategic importance with the potential to increase our international competitiveness, directed at the production of goods that are highly import-dependent in order to reduce the current account deficit.

It refers to intermediate goods with a high import ratio, whose domestic production is encouraged through various support mechanisms in order to reduce the current account deficit.

It refers to the choices that economic agents make in order to achieve their objectives.

According to this approach, developed in the 1940s and playing a determining role in the American industrial economics literature between 1940 and 1970, an industry's performance depends, depending on the structure of the market, on the behaviors of the buyers and sellers in the market; the market structure in turn depends on fundamental conditions such as technology and demand. Hence structure is used as the predictor of conduct and performance. The market's structure (such as full competition, monopoly, monopolistic competition, oligopoly) is generally defined with concentration rates

The markets where persons with a poor credit history can obtain credit at a higher interest. If this credit has been taken for the purpose of buying a home, it is called 'subprime mortgage'. The institutions extending the credit can re-release these credits to the market by dividing them into risk groups and can seek investors who will purchase them.

It is an unconditional payment or tax reduction made by the state in the public interest.

It is long-term economic growth that can realistically be achieved within the framework of an action plan that takes limited natural resources and their environmental impacts into account.

Or the kinked demand curve model, an oligopoly model in which demand for a firm's product depends on its response to rival firms' price changes.

An analysis method, carried out concerning the current situation, based on the determination of the strengths, weaknesses, opportunities and threats. It is formed from the initial letters of the English words strengths, weaknesses, opportunities and threats. Completion Visa: the approval given that an investment made by obtaining an Investment Incentive Certificate has been completed.

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

Example: Revenue from sales is accounted for when control is transferred.( Revenue from the sale is recognised when control transfers.)

English definition: Transferring an asset in exchange for consideration.

The banknote whose possibility of circulation has been removed by the writing 'Örnektir Geçmez' (Sample — Not Valid) or 'Specimen' being printed or stapled on it, with the aim of introducing the banknotes to be put into circulation.

It refers to security issues made by foreigners in Japan and denominated in Japanese yen. They are mostly issues with a maturity of 5 years and above. The first issue was made in 1970 by the Asian Development Bank.

It is a type of workplace that, by its nature, does not harm the environment through effects such as noise, odour and hazardous waste. Therefore it does not need to be located outside the settlement areas.

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

It is the portion of income that is not spent on consumption as a result of postponing consumption to a future date. The desire to earn more in the future or the instinct to take precautions against unexpected situations that may arise later are among the reasons that increase individuals' savings propensity.

It is the amount of external financing required to cover investments in a period in which domestic total savings cannot cover domestic total investments.

Or excess demand, the situation in which the quantity demanded in the market exceeds the quantity supplied.

( A permit issued by a judicial authority (judge) for law enforcement to conduct a search. SECI (Southeast European Cooperation Initiative) is the Southeast European Cooperation Initiative established pursuant to the "Agreement on Cooperation and Combat Transborder Crime" signed in Bucharest on May 26, 1999. The purpose of the initiative is to assist each other in the prevention, detection, investigation and prosecution of transborder crimes among the participating countries. Its center is in Bucharest.

The level closest to the conditions of full competition. One of the most important justifications of competition policies is the thought that the fully competitive market leads societies to the highest welfare level, the 'first best'. However, it is known that full competition is a utopian model and that, in practice, it will not be possible to satisfy the conditions of full competition. For this reason, the aim of competition policies is to minimize the departures from the rules of full competition so that social welfare rises to the highest possible level — that is, the 'second best'

It is the practice of selling different quantities of a given product at different prices.

It is a type of auction in which participants submit sealed bids and the highest bidder wins and pays the second-highest price.

The secondary income account includes transfers defined as the provision, without a quid pro quo, of a real resource such as goods or services or a financial asset by a resident unit to a non-resident unit.

It refers to the markets in which securities are traded after their initial issues. Borsa İstanbul's Debt Instruments Market, where the debt securities issued by the Republic of Turkey Ministry of Finance and Treasury are traded after issue, is an example of a secondary market.

They are companies established to enable enterprises in the same production area to come together under one organisation for export purposes and gain access to foreign markets.

It is the general name for financial assets that carry monetary value and can be bought and sold for investment purposes.

It is the structure that provides the infrastructure needed for the swap and settlement (netting) transactions carried out in order to ensure the execution of securities transfers arising from transfer orders between three or more participants and that has common rules.

The real revenue the institution holding the authority to print money obtains by printing money by virtue of this authority. It is expressed as the ratio of the change in the money stock to the general price level. In the case where inflation stems only from the increase in the quantity of money, seigniorage and the inflation tax equal one another.

In the event that the debtor does not pay its debt of its own will, the seizure by the state (by the enforcement office), at the creditor's request, of the debtor's assets and rights (in an amount sufficient to cover the debt). Public Offering: the sale of a company's shares to a large number of previously unknown investors through solicitation or announcement.

It is the selective undercutting of prices among customers or products, independent of costs, in order to make it harder for dominant firms to compete.

It is the process of aggregate supply changing and bringing the economy back to potential GDP when real GDP moves away from potential GDP.

It is the fact that a false or unfounded expectation about the future leads to behaviour that causes that expectation to come true.

These are banknotes put into circulation with changes made to the authorised signatures, motifs or colours, the printing techniques used and the security features, apart from the graphic design and dimensions of the notes in circulation.

They are products that cannot be held or stored or that do not create ownership.

It is another name for the residence permit that foreigners who have decided to settle in Turkey for various reasons are required to obtain.

It is the performance of obligations arising from the transfer of funds or securities between two or more parties.

Example: The payment of the obligation occurred in the following period. ( Settlement of the obligation occurred in the following period.)

İngilizce tanım: Extinguishing a liability by paying or transferring resources.

Non-bank credit intermediation activities carrying risks like the banking sector. The shadow banking sector, not subject to regulations as strict as the banking sector's, carries out maturity transformation activities like banks, and is exposed to liquidity risk and risks arising from high leverage.

The sharing economy is an economic system based on the foundation of a good or service being shared by its owner, for a fee or free of charge, over an online platform. The sharing economy refers to the renting or sharing of goods rather than their purchase. In the sharing economy, the owner of a good, such as a house, a car or a bicycle, rents out a good it is not using to another person for a temporary period. The online platforms on which the sharing transaction is carried out depend on people being able to trust one another

It is the ratio of the portfolio surplus return to its standard deviation: (Rp − Rf) / σp. It measures premium per unit of total risk; beta is not used.

It is the opportunity cost of the time and effort spent in order to avoid the effects of inflation.

In the microeconomic context, the conceptual time interval in which entry into or exit from the market is not possible and at least one production factor is fixed. In the macroeconomic context, it is the conceptual time interval in which prices and wages are fixed and production factors can show limited mobility among regions and sectors.

Or abbreviated as SRAS, the diagrammatic tool showing the short-term relationship between the general price level and the quantity of aggregate supply, with everything else held constant.

Or abbreviated as SRPC, the diagrammatic tool showing the relationship between the unemployment and inflation rates when only past and present data are taken into account.

It is the transaction of selling an asset that is not held in the investor's portfolio for various reasons, starting with the expectation of a price decline, and then buying that asset from the market and delivering it when the time for delivery arrives.

The balance of the current, unconditional obligations requiring principal and/or interest payment(s) to be made within one year from the date of use, that have had their use realized as of any date and that the resident persons in an economy owe to non-residents. It consists of the short-term portion of the deposits at the CBRT, the short-term credits of banks and other sectors (including bonds issued abroad), the short-term trade credits of other sectors, the foreign currency deposit account (DTH) showing the foreign currency deposits of resident real and legal persons abroad (excluding banks) at resident domestic banks, the bank deposits showing the foreign currency deposits of banks resident abroad at resident domestic banks, and the deposit items showing the Turkish lira deposits of resident real and legal persons abroad (including banks) at resident domestic banks.

; the point where price equals average variable cost, which is the lowest price level at which a profit-maximizing firm will produce

It is the interest rate at which an investment earns only on its principal over the investment period.

It is the money multiplier in a situation where banks hold no excess reserves and the non-bank sector holds no cash.

It is the single-line diagram demanded in renewable energy investments that shows the electricity distribution system and that is approved by an electrical/electrical-electronics engineer.

( Single Zone Pricing System): A pricing method where the delivery price remains constant regardless of the destination. Once these pricing systems, especially base point methods, are implemented, they can generate anti-competitive results without the need for new agreements. However, it is not always possible to say that they are anti-competitive. For example, the applied method may be based on customer demand. Similarly, a small ent

Or abbreviated as μ, the measure showing by how many units the variable on the vertical axis increases or decreases as a result of a one unit increase in the variable shown on the horizontal axis.

The document prepared by enterprises, within the framework of the regulation on small and medium-sized enterprises and the definitions, qualities and classification of these enterprises, taking into account the enterprises' financial balance sheet, net sales revenue and annual work unit, showing the enterprises' classes and whether they are SMEs.

It is the concept expressing the bonds between individuals in social life such as unity, togetherness, solidarity, mutual aid, love, respect, trust and morality.

It is the portion of labour income paid to social security institutions.

It is the budget of public administrations such as the Social Security Institution and the Turkish Employment Agency that provide social security services.

It is a decision on which products are produced, how and for whom with limited natural resources, in a way that benefits society as a whole.

Special rights are the rights given by the state, through any legal, regulatory or administrative way, to a limited number of undertakings, to be within a certain geographical area. An exclusive right, on the other hand, is the right arising from the state's establishing a monopoly, through any legal instrument, in favor of a single undertaking (public or private) for the conduct of a certain economic activity in a certain geographical area for a certain period.

It is a reserve asset created for the purpose of contributing to the official reserves of member countries and allocated to member countries in proportion to their IMF quotas.

The price indices reached through the exclusion of some sub-items from the CPI. In order to be able to measure the effectiveness of the policies implemented within the framework of monetary policy, the items outside the monetary policy's control must be excluded from the CPI. However, since the shocks to inflation can be of different character by period, the probability of a single 'core inflation' indicator excluding all the elements outside monetary policy control is quite low. For this reason, instead of a single indicator that can be called core, special-scope indicators determined in ways that can assist the separation of the different external shocks are used.

It is the interest rate on bonds issued to the market by private banks and companies.

It is the auction environment in which each participant forms an independent value for the object up for auction that is independent of the other participants.

It is a risk that is specific to the company/sector and can be eliminated through adequate diversification; in Turkish it is also called 'unsystematic risk'.

It is a price index based on the basket of goods of the product groups in the CPI that have a high predictive power for future inflation.

It is the demand for money arising from the expectation of profiting from future price movements in financial or non-financial assets.

It is the market in which the Bid or sale of a product is carried out at a price determined on the trade date at the latest two business days later.

The realization, within two business days following the day on which the transaction is made, of the payments connected with a transaction carried out in the financial markets. If a transaction made with spot value date, for example, took place on Monday, the payments are made on Wednesday. In other words, the spot value date expresses the date on which the money will be ready for use. The difference between the transaction date and the date of use stems from operations such as the preparation of messages, the making of controls and the provision of funds requiring a certain time.

The interest rate on the borrowing facility that the TCMB grants to market-maker banks through repo transactions within the framework of open market operations, with its one-week repo auctions, is defined as the 'Stable Funding Rate 1', and the interest rate of the borrowing facility recognised to market-maker banks through repo transactions is defined as the 'Stable Funding Rate 2'.

It is a duopoly model in which one of two identical firms producing homogeneous products makes its output choice aware of the mutual dependence, while the other is not aware of it.

It refers to the situation occurring when inflation rises in an environment in which output has fallen or at least has not increased.

They are all the social parties with which the entity interacts, that are affected by the entity's activities and that in turn affect the entity with their activities.

It is the square-root measure of the deviation of returns from their average; the standard measure of total risk (volatility) in finance.

It means forward transactions. It envisages the delivery of a certain instrument, at a previously determined price, again on a previously determined date. Its difference from forward markets is that it trades over contracts standardized in organized markets (such as the quantity of a contract, the market release dates of the contracts, and having a collateral system under the name of margin). When done for speculative purposes, theoretically there is the possibility of infinite profit and loss.

It is a contract that gives an obligation to buy or sell an asset or value at a future date, at a price agreed by the parties, in standardised quality and quantity.

These are the start-up costs incurred for the buildings, vehicles, machinery, equipment, legal expenses, advertising, staff training and the like required to begin an activity. Where these costs are sunk in nature, market entry becomes considerably more difficult.

They are central or local authorities that affect the economy with the laws they enact and the policies they implement, and that also themselves carry out production and consumption.

Example: Government grants are recognised when received or receivable.( Government grants are recognised when received or receivable.)

English definition: Government, government agencies and similar bodies.

It is the inconsistency arising between related calculations because of components in macroeconomics that cannot be measured exactly and instantaneously.

They are the time limits set out in Articles 20 and 21 of Law No. 5326 on Misdemeanours, which prevent the Competition Authority from imposing an administrative fine (investigation statute of limitations) or from enforcing such a decision (enforcement statute of limitations).

The open market operations central banks make in order to balance the effects of the increases in the money supply arising for various reasons. For example, when the central bank buys foreign currency, it tries to withdraw the increase in the money supply from the market through the sale of securities, thereby sterilizing the intervention made in the foreign exchange market.

It is the concept describing the situation in which some prices cannot respond immediately to changes in supply and demand in the economy.

It is the concept describing the situation in which some wages cannot respond immediately to changes in supply and demand in the economy.

They are finished goods held for sale in order to generate income in the future.

It is the function and property of money that enables it to be used as a store of value in the future as well.

Acting strategically, taking into account also the behaviors of the other persons who can affect the decision. Instead of the assumption in classical economics that each person will take their decisions independently of the others' reactions, it is thought within the framework of game theory that persons will decide taking also the others' reactions into account.

( "Strategic Alliance) Agreements between two or more enterprises that, while maintaining their autonomy, jointly carry out specific activities such as technology, expertise, and production in which they have competitive advantages, or that aim to achieve common competitive goals, which are contract-based agreements that do not require the establishment of a new legal entity (transfer of control) and are located between simple commercial contracts and merger transactions, are short-term, flexible structured"

The reforms that came to the agenda with the emergence, along with the crisis, of the problems caused by the universal banking model offering many different products and services under the same roof, and that fundamentally envisage the gathering of the departments of banks conducting their risky and complex transactions under separate legal personalities.

The budget balance that would form in the case where the realized production level equals the potential production level; it is obtained by subtracting the cyclical budget balance from the realized budget balance. The structural budget balance is calculated with a three-stage method: in the first stage, the budget expenditures and revenues sensitive to cyclical movements must be determined, and the revenue and expenditure elasticities calculated. Secondly, potential output and output gap series are created in order to define the cyclical movements. In the third stage, the revenue and expenditure elements stemming from the cyclical movements are subtracted from the realized budget balance. In calculating the structural budget balance, the sifting out of the one-off revenue and expenditure items also carries importance.

It is a type of unemployment arising from the mismatch between the skills employers seek in labor and those possessed by job seekers.

The concept of an affiliated company refers to the company of which an undertaking has, directly or indirectly, more than half of its capital or its commercial assets, the authority to exercise more than half of the voting rights, the authority to appoint more than half of the members of the audit board, the board of directors or the organs legally authorized to represent the business, or the right to manage its business.

They are the payments or tax reductions granted by the state in return for production, regardless of quantity and value.

Substitutability refers to the ability of goods or services to be used in place of another good or service in production or consumption. Substitutability results in producers/consumers moving between the two products when the demands of the two products interact with one another and it is profitable. Substitute goods have a positive cross-price elasticity of demand. From the standpoint of competition law, whether the two products take place in the same market is determined according to the degree of substitution between the products

These are products that are substitutable for one another to a certain extent.

It is the change seen because a product or input becomes relatively cheaper or more expensive when its price changes.

The Islamic financing certificate issued for asset financing, based on the principle that the income to be obtained from the asset or investment purchased with the fund obtained through its issuance is paid to the sukuk holders at certain periods. In its simplest form, sukuk shows the ownership of an asset or the right to benefit from it. The right and claim contained in the sukuk is not only the right to a cash flow, but also the right of ownership. This differentiates the sukuk from conventional bonds. While conventional bonds consist of interest-bearing securities, the sukuk is fundamentally a security consisting of the right of ownership in an asset basket. The bond can be characterized as a debt-based certificate, and the sukuk as an asset-based certificate.

The notion of dominance is used to describe market power that approaches a monopoly as a result of the market power persisting over a long period. It corresponds to the power held by a monopoly or near-monopoly and is associated with a market share of approximately 90% or more.

ABİGEM: the European Union Türkiye Business Development Centers (ABİGEM), the organizations offering SMEs training and consultancy services in the areas they need, operating with the status of joint-stock companies established under the leadership of TOBB in the partnership of the relevant Chambers of Commerce and/or Industry.

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

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

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

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

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

Or excess supply, the situation in which the quantity supplied in the market exceeds the quantity demanded.

A survey applied monthly by the CBRT with the aim of obtaining the expectations of decision-makers and expert persons in the financial and real sectors regarding fundamental macroeconomic variables such as consumer inflation, the exchange rate, the current account balance, GDP growth rate and interest rates. To access the Market Participants Survey

It is a method of meeting the economic and social needs of today without restricting the opportunities of future generations and without harming nature.

Every kind of cost the customer encounters, outside the price of the good or service, at the stage of switching to a new provider. For example, in cases where number portability among operators is not possible, the customer's changing their GSM operator creates the cost of informing the persons in the phone book about the number change. The transaction cost of changing provider, the capacity to learn to use the new product, the necessity of the new product being compatible with the existing equipment, the untried brands

It is a risk that affects the whole market and cannot be eliminated by diversification (interest rate, inflation, currency shocks); beta measures this risk.

It is the risk of payment disruptions arising across the financial system due to adverse economic developments.

The interruption of financial services, in a part of or the whole financial system, in a way that can also lead to serious adverse consequences on economic activity, is called systemic risk. Whether any financial institution's financial insufficiency is a source of systemic risk depends on the effect stemming from this insufficiency being able to spread to the whole of the financial system and hence to the economy in general.