Economics terminology

Rational People - people who systematically and purposefully do their best to achieve their objectives Marginal Changes - small incremental adjustments to a plan of action Incentive - something that induces a person to act.

The same as "high-powered money": They will also help you extract a lot more information out of financial news. See also common market, customs union, free-trade area, trade creation, and trade diversion.

A person with a bad credit history will usually find it hard to get additional credit in the future. Economy The way a country manages its money and resources such as workers and land to produce, buy, and sell goods and services.

A check is a piece of paper that tells a bank to pay the holder a certain amount of money. Stocks of goods in the hands of producers.

Price Elastic Demand --When the percentage change in quantity demanded exceeds the percentage change in market price. Keynes became convinced that deflationary policies were the cause of the difficulties and published several works on money, notably a two volume work, The Treatise on Money.

It includes both additions to the capital stock net investment and investment to replace worn out capital to make up for depreciation.

Economics Questions - All Grades

These stocks are included in the definition of capital and an increase in inventories is considered to be investment. Taxes levied on a producer which the producer then passes on to the consumer as part of the price of a good.

Best known for his advocacy of monetary explanations of the course of economic events and fierce opposition to Keynesian economics, Friedman is usually credited with or blamed for establishing the "monetarist school" of economics which gained great influence on government policy in both the US and the UK in the s.

Inflation is the percentage increase in the prices of goods and services. A system of economic organization characterized by the private ownership of the means of production, private property, and largely market-based control over the production and distribution of goods and services.

He was joint winner with the American economist Kenneth Arrow of the Nobel prize in economics in When FIIs invest large amounts in the Indian share markets, it is seen as a seal of approval by sophisticated investors who back themselves with detailed diligence and study of the future prospects of the economy.

They use the phrase "Wall Street" to stand for big businesses and high-powered investors.

Glossary of business terms - A to Z

Often "externality" refers to the cost of pollution and other environmental impacts. It owes the rest to itself. A market situation in which there are so many sellers and buyers that no one seller or buyer can exert any influence on the price. Growth of the population due to an excess of births over deaths.

Then, a stockholder can sell his or stock and make a profit. Born in Norfolk, England. Constant Returns to Scale CRS --A long run production concept where a doubling of all factor inputs exactly doubles the amount of output. Bentham spent much of his life designing social institutions which he thought would bring all such interests into harmony with one another.

Whether the decision is personal or one made by business or government, the principle is the same. Competition --The process of consumers bidding prices upwards or producers cutting prices in order to allow those agents to be involved in a market trade.

Firms globalize their activities both to supply their home-country market more cheaply and to serve foreign markets more directly. A form of unincorporated business in which there is only one owner.

Disposable income may either be spent on consumption or saved. When a company is doing well that is, selling a lot of goods or services and making a lot of moneythe value of the company goes up. The "gifts of nature" which are economically useful.

Other investments are more risky. But if all customers want to withdraw all of their money at once, the bank must be able to produce the cash. They are used synonymously in the text, with custom or convenience governing the choice in each particular case. Apr 06,  · The modern economics profession made a collective decision, long ago, to develop a system of jargon in which words have multiple, sometimes contradictory meanings.

Agricultural economics – is an applied field of economics concerned with the application of economic theory in optimizing the production and distribution of food. Allocative efficiency – Antitrust law –. The Glossary is a collection of definitions of agricultural terms developed in conjunction with the creation of the NAL Agricultural Thesaurus.

Economy Terms and Definitions

The edition contains 5, terms ranging across agriculture and its many ancillary subjects. The objective of the papers of Elisabet Deig was to expand the economics vocabulary provided by the Government of Canada and the University Pompeu Fabra studying and analysing it in different branches such as: employment, national and international economy, the cost of living, production, savings among other fields of study.

The main task of this study was to complete 30 of the His major publication was The Economics of Control () which combined Keynesian principles with welfare economics to produce a complete system of economic management equally applicable to capitalist or socialist economies. Browse Economics terminology questions in English to Hungarian on the KudoZ™ network by Translators and others assist each other with translations or explanations of terms and short phrases.

Economics terminology
Rated 0/5 based on 42 review
Economic | Define Economic at