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• The Historical school of economics is an economic school of thought that emerged in 19th century Germany as a reaction to the ideas of the Classical School and Austrian School.
• Standard Oil was an American refining company from its foundation in 1870 to its breakup by the Supreme Court in 1911.
• Qualitative easing is a monetary policy whereby a central bank reduces the average quality of the assets backing its monetary base.
• An action axiom is an axiom that embodies a criterion for recommending action.
• Perfect competition is an imaginary construct used by some schools of thought to explain competition and monopoly in the economy.

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