Terms & Definitions

It is firms or states secretly agreeing and acting in a coordinated manner so as to benefit each other.

The central clearing institution authorized to conclude the cash and securities clearing of the transactions relating to the shares, debt instruments, foreign capital market instruments, derivatives and precious metals realized in the existing markets within Borsa Istanbul. The securities delivery and receipt commitments of the Borsa Istanbul members arising from their purchase and sale transactions, and the payment commitments against the securities subject to purchase and sale, are concluded through Takasbank on an account basis. The Takasbank Electronic Transfer System (TETS) offers intermediary institutions access to the national payment system (EFT-EMKT). As the 'National Numbering Institution', Takasbank assigns ISINs (International Securities Identification Numbers), identification numbers to international standards, to the securities issued in Türkiye.

It is the group or community targeted for the message intended to be delivered in communication activities.

They are taxes applied by the state to imported goods and services.

They are the payments the state legally and mandatorily collects from individuals and institutions in order to cover public expenditure.

Example: Current tax is measured at the amount expected to be paid to the tax authorities.(Current tax is measured at the amount expected to be paid to the tax authorities.)

İngilizce tanım: A compulsory charge levied by a government on income, profits or transactions.

The value or quantity taken as the basis in the calculation of the tax. The tax debt is calculated by applying a tax schedule to the base. Tax bases are of two kinds, value-based and quantity-based. An ad valorem base (value-based) is calculated taking the values of the economic elements as the basis, and a certain tax rate is set for this base. A specific base (quantity-based) is a base applied to tax subjects with low monetary value.

It is the transaction by which a person or group of persons who is liable to pay tax under tax laws is excluded from tax under the same or different tax laws.

It is the coefficient showing how much a unit change in autonomous taxes will affect equilibrium income.

It is the concept explaining how the tax is shared between buyers and sellers in the market.

An investor making an investment within the scope of an investment incentive certificate containing the tax reduction support element can pay income or corporate tax at reduced rates, varying according to the region where the investment is being made, and can continue benefiting from this reduction until reaching the investment contribution amount, at rates again varying by region.

They are taxes paid to the state regardless of the quantity or value of the goods and services produced.

It is the amount-weighted average interest rate of the TCMB's funding rates at different maturities.

The making of price forecasts for the future by analyzing past-period market movements on the basis of indicators such as price and volume. For this purpose, use is made of various chart formations and statistical methods. It rests on the assumption that the formations arising on the charts because of past price movements constitute an indicator for the future, and hence that such formations can be used as an indicator for purchases and sales. Such analyses predict, for example, that the lowest prices realized in the past — in other words, the points at which prices began to rise — are 'support points', and hence these points should be awaited (be the criterion) for purchases, and again that the highest prices realized in the past are 'resistance' points and should be taken into account for sales.

It is a method of forecasting possible future price movements by looking at past price movements in any investment instrument traded.

It is the support programme that development agencies provide, with their own staff or through service procurement in cases where it is compulsory, to non-profit institutions and organisations carrying out institutional and capacity-building activities for work that can contribute to local and regional development.

It is the body of knowledge about how resources are to be used in the production process.

The organized research and business center in which universities, research institutions and industrial organizations pursue their research, development and innovation activities in the same environment, produce value-added products, carry out knowledge and technology transfer among one another, and the academic, economic and social structure is integrated.

The organized research and business center in which universities, research institutions and industrial organizations pursue their research, development and innovation activities in the same environment, produce value-added products, carry out knowledge and technology transfer among one another, and the academic, economic and social structure is integrated.

It is the situation in which one or more undertakings have a decisive influence within the decision-making mechanism of another undertaking for a limited period of time.

It is the ratio of the export unit value index to the import unit value index. A terms-of-trade level above 100 shows that the export prices of goods traded internationally are higher than the import prices. The unit value indices are calculated by TÜİK.

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

It is an asset/facility/infrastructure without which a competitor or customer cannot continue its operations.

Or abbreviated as MPL, the change in the quantity of total product when the quantity of labour is increased by one unit.

Or abbreviated as PL, the price paid for using one unit of labour in production.

It is the practice of selling a given product at different prices to different buyer groups.

Transactions made on over-the-counter (OTC) markets are called Tertiary Markets transactions.

It is the doctrine arguing that in a closed economy income will fall if more is saved for the sake of thrift, and that savings will therefore decline as attempts to increase them continue.

They are bank accounts that provide a monetary return in return for a predetermined period of non-use.

They are people who are employed, work less than 40 hours in total per week, wish to work longer and are able to work more hours if they find a job.

It refers to an official document issued by the Land Registry Directorate that shows the owner of a real property. Beyond real property, a deed of title can also be issued for the establishment of independent and term rights.

The list determined by the Ministry of Industry and Technology, taking into account various criteria such as foreign trade data, demand development and competition intensity, containing the products in the medium-high and high-technology sectors and the products critical for these sectors' development. TSE: the abbreviation of the Turkish Standards Institution, the institution authorized to determine the Turkish standards made compulsory or precautionary by legal regulations within Türkiye, in respect of all kinds of articles and products and of procedures and services.

Or abbreviated as TC, the total of all costs incurred for a given quantity of product.

Or abbreviated as TFC, the total of all fixed costs incurred for a given quantity of product.

Or total product, abbreviated as TP, the quantity of goods obtained depending on the quantity of production factors used in a given period.

Or total output, abbreviated as TP, the quantity of goods obtained depending on the quantity of production factors used in a given period.

Or abbreviated as TR, the revenue obtained in return for selling a given quantity of product at a certain price.

Or abbreviated as TU, the amount of utility obtained from all the goods consumed in a given period.

Or abbreviated as TVC, the total of all variable costs incurred for a given quantity of product.

They are the bodies at which the reporting of the purchase and sale transaction data carried out on over-the-counter derivatives markets, defined within the scope of the OTC derivatives market reform, is submitted.

It is the demand for money arising from the need for cash for daily transactions.

It is an economic concept describing the disappearance of or damage to shared resources used by everyone in society as a result of individual interest and greed.

It is the training programme that those wishing to benefit from the support KOSGEB offers to entrepreneurs who want to set up their own business are required to attend beforehand.

They are legal payments made by the state without receiving goods or services in return.

It is the basic decision-making principle stating that consumers rank their preferences in a rational and consistent manner.

For central banks, transparency is the provision of the information that will enable the monetary policy strategy, its aims and its implementations to be understood by the public. In this respect, transparency expresses not only the central banks' providing more information to the public, but also the being of this information understandable by the public. Transparency, a reflection of accountability, carries importance for the effectiveness of central banks' policies, because it contributes to the disclosure to the public of the monetary policy implementations and the justifications of these implementations, and thereby to the expectations forming in line with the policy targets, to the extent of credibility.

Example: The transparency of disclosures increased investor confidence. ( Transparency of disclosures improved investor confidence.

English definition: Open and clear disclosure of relevant information.

These are short-term debt securities with a maturity of less than one year issued by the T.C. Ministry of Finance.

It is the ratio of systematic risk to excess return: (Rp − Rf) / βp. It is an alternative to Sharpe for well-diversified portfolios.

It is the point at which economic activity reaches its lowest level at the end of the recession process.

It is the state of not knowing exactly how a future event will turn out.

They are the persons who cannot work enough in a paid job or cannot fully use the knowledge and skills they possess.

They are the businesses and productions that take place outside the knowledge and control of the state in a country.

It is the asset that determines the value of the derivative contract (stock, foreign exchange, index, commodity); it is the underlying asset on which the derivative trades.

Example: The option's value follows the underlying asset's price.( (The value of the option follows the price of the underlying asset.)

İngilizce tanım: Asset whose price determines the value of a derivative.

The units that are real and legal persons producing, marketing and selling goods or services in the market, that can take decisions independently, and that constitute an economic whole. (See Competition Act, Art. 3) Since the principle of economic unity is adopted in the said definition, a subsidiary is evaluated not on its own, but together with the other company or companies to which it is affiliated.

Refers to the decisions taken by the undertaking associations. According to Article 4 of the Competition Act, the decisions and actions of the undertaking associations carrying the aim of preventing, distorting or restricting competition directly or indirectly in a certain market for goods or services, or producing or being capable of producing this effect, are unlawful and prohibited.

They are people aged 15 and over who are not employed, have used at least one of the active job-seeking channels in the last four weeks and are able to start work within two weeks.

Persons who do not have a job, are looking for work and have taken steps in this regard are defined as unemployed.

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

It is compulsory insurance that covers, for a certain period and to a certain extent, the loss of income suffered by people who lose their job through no fault of their own.

It is defined as the ratio of the unemployed to the labour force.

Number: the unique transaction reference number, expressing the combination of letters, numbers and symbols determined by the payment service provider, in conformity with the payment and settlement or messaging system protocols used for electronic transfer. UN Convention against Corruption: the UN Convention against Corruption, adopted by the UN General Assembly on 31 October 2003. The Convention contains the measures that the public and private sectors must take within the scope of preventing corruption, the anti-corruption units, and

It is a one-percent response of one variable resulting from a one-percent increase in another variable.

Refers to the average labor expenditures required to produce one unit of output. It is calculated by dividing total wage payments by production. It can also be expressed as the ratio of hourly wages to labor productivity. An increase in hourly wages raises unit labor cost, while an increase in productivity lowers it. From the firm's perspective, an increase in unit labor cost is a factor that reduces profitability and weakens competitiveness.

It is the function and property of being used as the unit of account in exchange and Accounting transactions of money.

Example: The unit of account determined how the financial instrument was measured.(The unit of account determined how the financial instrument was measured.)

İngilizce tanım: The level at which an asset or liability is aggregated or disaggregated for recognition and measurement.

It is the fact that inflation makes money a less reliable unit of account.

They are defined as workplaces posing a risk of biologically, chemically, physically, psychologically or socially harming those around them during their operation, or of contaminating natural resources.

The abbreviation of the Program for the Support of the Development of International Competitiveness, offered by the Ministry of Trade to the enterprises in similar sectors that export or are considering exporting. US-97 Code: the abbreviation of the expression 'national activity and product classification' describing the good and service the enterprises will produce, during the application for the investment incentive certificate.

It is an industrial property right that grants its owner the right to produce and market the product to which the invention applicable in industry can be put.

It is lending on unethical or oppressive terms.

It is the theoretical unit of measure used in calculating cardinal utility.

Or abbreviated as U, the conceptual measure showing the satisfaction and benefits the consumer obtains from a particular good or service.

Example: Employees receive a post-retirement benefit after retirement.( Employees receive a pension benefit after retirement.

İngilizce tanım: An advantage or entitlement received under a plan or contract.

It is a mathematical relationship showing how total benefit changes depending on the quantity consumed.

It is the selection of the product component that maximises total utility by using a given budget when product prices are given.

It is the set of principles that explains which goods a consumer wishing to improve their standard of living will consume and in what quantity, or can obtain.

It is the difference between the value a good or service has when it enters a production stage and when it leaves that stage.

The statistical method used to measure the riskiness of the financial assets in a company or an investment portfolio. The method points to the highest loss level that can occur in the value of a portfolio, within a certain confidence interval, over a predetermined period. Risk managers aim, with the VaR method, to measure and control the risk assumed.

Example: Value at risk estimates potential losses over a specific period.( Value-at-risk estimates potential losses over a given period.)

English definition: A statistical measure of potential loss.

It shows the maximum loss that the portfolio value could suffer at a given confidence level and horizon; VaR = z·σ·Portfolio value. For multi-day horizons the scaling factor is the square root (10 days = √10 times, NOT 10 times).

It is the date on which an agreed transaction will actually be performed, for example the date on which reciprocal amounts will be entered as receivable and payable. Similarly, it expresses the date on which a fund, for example a deposit, can actually be used by its owner.

They are expenses such as raw material and electricity consumption that vary depending on the volume of production.

Or variable input, the production factors whose quantity can be changed at any time.

Or variable factor, the production factors whose quantity can be changed at any time.

Within the framework of the arrangements made with the Value Added Tax Law No. 3065, the Decree on State Aids in Investments No. 3305, and the general communiqués, internal circulars, general letters and brochures published by the Ministry of Treasury and Finance, the transaction of firms being exempted from the VAT amount they are obliged to pay.

It is a status good for which the quantity demanded increases, rather than decreases, as its price rises.

It is the sensitivity of the option price to a one percent change in volatility; an increase in volatility raises the value of call and put options.

It shows how many units of goods or services one unit of money can change hands for. It is expressed as GDP / Money Supply.

It is the merger of two companies relating to different parts or production stages of a certain product or product group.

It expresses the variability of the price of an asset. It is usually measured by standard deviation. High volatility is an indicator of increasing uncertainty.

; payments made to workers on an hourly, daily, or piece-rate basis for a specific job

It is the self-reinforcing process in which the increase in wages raises production costs, reduces total supply and thereby raises the general price level, which in turn raises wages again.

It is the regular and continuous storage of solid, liquid and gaseous waste, its elimination by incineration and its conversion into products and energy for recovery. An Avan Project is a draft project prepared before the implementation project, giving an idea about the main project.

It is the fact that in a common value auction the partner making the highest bid purchases the product above its original value.

It is a permit document issued in official form by the Ministry of Family, Labour and Social Services, granting foreigners the right to work and reside in Turkey within its validity period.

According to the definition widely used in Türkiye and many other countries, it is the population covering individuals over the age of 15.

An international organization established after 1944 under the name 'International Bank for Reconstruction and Development (IBRD)' for the reconstruction of Europe. It mainly provides long-term project credits to developing countries. In recent years, the concepts of developing countries' external debts and the fight against poverty have also entered its mandate.

It refers to the increase in welfare loss resulting from a monopolistic firm not reducing its costs to the lowest possible level (high wage payments, excessive employment etc.) because it feels no competitive pressure, a concept put forward by Leibenstein in 1956.

The graphical expression of the relationship, in any time interval, between the various maturities of an investment instrument and the returns at those maturities. The vertical axis holds return/yield, the horizontal axis the maturities. They are classified as positively sloped (normal) yield curves, negatively sloped (inverted) yield curves, flat yield curves and yield curves expressing high returns at medium maturities (bell shape). The movements of the curve over time — its steepening ('steeping': if a positively sloped curve is in question, the distant part of the curve rising and the near part falling, the slope increasing), its flattening ('flattening': in positively sloped yield curves, the distant part falling, the near part rising, the slope decreasing) and the curve moving up or down without changing its shape ('parallel shift') — are so named. An increase in the curve's slope reflects the expectation that interest rates (inflation) will rise in the long term. A decrease in the slope — in other words, the flattening of a positively sloped yield curve (the near side rising, the distant side falling) — expresses investors, with the expectation that interest rates will fall in the future, turning toward the long term in order to benefit from the current interest rates for longer, and hence, with the increasing demand, the return at that maturity falling; and those demanding funds, with the expectation that the opportunity of borrowing at lower interest rates will arise in the future, preferring the short term, and hence, with the excess supply, the return rising.

It expresses the return obtained from holding a security until its maturity. It is also called “effective rate of return”.

It is the percentage showing the share of young unemployed people aged 15-24 in the young labour force in an economy.

It is the situation in which the gain obtained by one participant is offset by an equal loss belonging to other participants.

The zero-price economy is the business model, seen particularly in multi-sided markets, based on goods or services offered to the consumer or user having no price whatsoever, but being offered in return for the consumer or user incurring a cost other than money (for example the provision of their personal data or being exposed to advertisements).

They are the maps on which areas such as industrial, commercial, residential, public service, green space, agricultural area and conservation area are marked out, prepared by the Ministry of Environment and Urbanisation and the local authorities for the planned development of settlement areas.