Synopsis This glossary has been prepared as a convenience for students, teachers, journalists, businessmen, and other interested laymen who wish to follow the progress of current and future knowledge of microeconomics. The chief concern of compiling and updating a dictionary of microeconomics is to record the changes taking place in contemporary economics, to include new notions and new meanings of old notions. Each new age brings with it new developments and new attitudes and this is as true of Economics as of anything else. Language is ever-changing. It is, after all, the very substance of communication. As people develop and widen their interests and capabilities, the language develops with them. Dictionaries, which should be faithful recorders of the language, must follow suit.