Section 0 introduction economics as a social science. Join s of fellow economics teachers and students all getting the tutor2u economics teams latest resources and support delivered fresh in their inbox every morning. Create custom, printable flashcards appropriate for your grade level. Browse our glossary of economics and personal finance terms. Stockholders own company, shares show fraction of company owned, one vote per share. Some economic models in the field of behavioural economics assume that selfinterested individuals behave altruistically because they get some benefit, or utility, from doing so. If one person, firm or country can produce more of something with the same amount of effort and resources, they have an absolute advantage over other producers. The longrun propensity in a distributed lag model with the dependent and independent variables in logarithmic form.
It covers all aspects of economics including economic theory, applied microeconomics and macroeconomics, labour economics, public economics and public finance, monetary economics, environmental economics, and many others. This glossary of industrial organisation economics and competition law has been commissioned by the directorate for financial, fiscal and enterprise affairs in the framework of the centres work programme, to assist officials, academics and policy makers in the reforming central and eastern european. A glossary of microeconomics terms abundance a physical or economic condition where the quantity available of a resource exceeds the quantity desired in the absence of a rationing system. Including soviet terminology focuses on semantic development in the field of economics. The glossary also includes broader economic concepts relevant to health economics and the economics of development, where these are. Forotheruses, seeeconomicsdisambiguationandeconomictheory journal. In a sense, every university class is a foreign language class. Directors board of directors sets company policy, meets. Macroeconomicsglossary wikibooks, open books for an open world. Economic glossary is a list of over 2,000 common economic terms definitions. This glossary provides in one place a list of key terms with simple explanations of the ways in which they are technically used. Macroeconomics the branch of economics that is concerned with the overall ups and downs in the economy. His most famous work was the wealth of nations 1776 a study of the progress of nations where people act according to their own selfinterest which improves the public good.
Economic growth an increase over any given time period e. Poverty defined with respect to an absolute material standard of living. Complete economics dictionary complete economics dictionary a abnormal profit the surplus of revenue over costs enjoyed by a monopoly that is in excess of profit the same firm could expect to earn if it faced competition for its market. Some economists reckon that advertising merely manipulates. This glossary of economics is a list of definitions of terms and concepts used in economics, its subdisciplines, and related fields. This az pocket guide to understanding financial terms is just one of the achievements of ebss partnership with nala.
A glossary of microeconomics terms digital economist. A corporation can own property and borrow and can be sued in court. The first version of this book, a brief dictionary of economic terms, was prepared for. The book first offers information on the abbreviations used in economics and language indicators. Budget set different bundles of goods and services that are attainable to the consumer at given market prices and the consumers fixed level of income. Smiths discussion of the advantages of division of labour remains a potent idea in the economic literature. This glossary of economic terms has been put together by ken rea of the university of toronto, to support his teaching.
It has been compiled as an annotated text, building on material from a variety of sources and adapting it to the field of economics and finance of health services. A glossary of macroeconomics terms the accelerator a parameter that defines the relationship between national income and required capital stock. The glossary also includes broader economic concepts relevant to health economics and the economics of development, where these are particularly pertinent. To read a definition scroll your cursor over a term or click on the term. Mar 18, 20 this glossary of economic terms has been put together by ken rea of the university of toronto, to support his teaching. The following terms and their definitions are our first steps to do both.
Though claiming to be basic, this glossary covers a surprising range of economics related words, names and phrases, with short entries. Bilingual glossaries on economics and finance spanishenglish glossary of financial terms. These include the abbreviations for colloquial, feminine, masculine, neuter, plural, and indicators of the french and german languages. Download the as economics micro key term glossary pdf subscribe to email updates from tutor2u economics. Absolute advantage the ability of a country or region to produce a good or service at a lower. Aggregate monetary resources broad money without time deposits of post office savings organisation m3. We are often asked to explain behavioral economics terms and how our mindguidesm and brandembracesm services fit with existing concepts.
This glossary is for anyone who wants and needs to learn the terms related to the field of money and banking. Automatic stabilisers under certain spending and tax rules, expenditures that automatically increase or taxes that automatically. Macroeconomicsglossary wikibooks, open books for an. Many firms advertise their goods or services, but are they wasting economic resources. Glossary adam smith 1723 1790 regarded as the father of modern economics.
An asset anything of value owned by an individual, institution or economic agent. The page below contains most of the key terms from an introductory economics course. Economics terms dictionary contains 4,200 of the most frequent but however most difficult to find economic terms, expressions and idioms used by. Absolute advantage the advantage conferred on an individual in an activity if he or she can do it better than other people absolute value the value of a number without regard to a plus or minus sign accelerator principle the proposition that a higher rate of growth in real gdp results in a higher level of investment spending, and a lower growth rate in real gdp leads to lower. Glossary suddenly lose a lot of value 2 i,t if a computer crashes, or if you crash a computer, it suddenly and unexpectedly stops working crisis nplural crises c,u 1 a period or moment of great difficulty, danger, or uncertainty, especially in politics or economics adj, v n c adj, v t n c.
Glossary of behavioral economics terms we are often asked to explain behavioral economics terms and how our mindguidesm and brandembracesm services fit with existing concepts. Economic thinking circular flow diagram a diagram indicating that the economy consists of households and firms interacting in a goodsandservices market and a labor market direct relationship a relationship between two variables such that both either increase or decrease together. An authoritative and comprehensive dictionary containing 2,500 key economic terms with clear, concise definitions. Terms in this set 219 abnormal profits, supernormal profit or economic profit. Capitalist country or economy a country in which most of the production is. Whether it is an explanation of how firms work, or people vote, or customers buy, or governments subsidise, economists have examined evidence and produced theories which can be checked against practice. Employment a measure of those individuals in the labor force working, at least one hour per week, for pay. Financial economics basic terminology corporate structure a corporation has legal rights somewhat like a person. Marginal decision a decision made at the margin of an activity to do a bit more or a bit less of that activity. This glossary will eventually attempt to cover all of the terms and concepts from international economics, including both international trade and international finance, at least at the introductory level. A type of retirement plan which is sponsored by an employer and in which the employer may match a portion of the employees contributions.
There are strange words, like oligopsony, and words that are familiar but have different meanings to economists, like elasticity. Arm alliance for responsible mining 2010 oro verde green. Ziogas from the series oxford ib study guides learn with flashcards, games, and more for free. Glossary of economic terms administrative regulations. It covers all aspects of economics including economic theory, applied microeconomics and macroeconomics, labour economics, public. Wright, director of the thomas willing institute for the study of financial markets, institutions, and regulations and the nef family chair of political economy, augustana college sd this work is not ed. Absolute advantage this is the simplest yardstick of economic performance. Dictionary of economic terms edited by edward robert raupp and danna vance raupp great bay community college portsmouth, new hampshire blue. Economics is the basis of our daily lives, even if we do not always realise it.
This trilingual glossary english, french, spanish was. Complete economics dictionary complete economics dictionary. Because my own specialty is international trade, the coverage will inevitably be much more thorough for that. Glossary of economic terms united for a fair economy. This glossary contains nontechnical descriptions of all the terms in economics for everyone highlighted in small capitals. Assets things that have earning power or some other value to their owner. It is concerned with human beings and the social systems by which they organize their activities to satisfy basic material needs e. With our economics dictionary, you look up economic definitions and increase your economic vocabulary. This trilingual glossary english, french, spanish was developed by the. Glossary of behavioral economics terms behavioral science lab. Pdf on jan 1, 2001, coskun can aktan and others published glossary of economics terms find, read and cite all the research you need on researchgate. Essential as economics glossary sukromne gymnazium. Italicized terms within the definitions are themselves defined elsewhere in the glossary, for crossreference.
Click on a letter to go to the first item beginning with that letter of the alphabet or scroll down the list and click on the item to see the definition or explanation. The ilo applies the oecddac criteria for evaluating development assistance. Exam boardspecific versions of the as economics course companion. Economics the study of how a given society allocates scarce resources to meet or satisfy the unlimited wants and need of its members. It is hoped that the glossary will become a practical aid for policymakers and others engaged in reform of health services. The most comprehensive investing glossary on the web. Having launched it originally in 2004 we have now updated it with modern terminology to meet with the increasing demand for the book. The guide is an important resource that will help to create a much greater understanding of. Glossaries of economic terms in principles general the. Definitions from economics for the ib diploma by c.
A glossary of macroeconomics terms digital economist. The bis is governed by government appointees from the worlds largest capitalist economies. Geoff riley exam boardspecific versions of the as economics course companion 2005 are now available from the tutor2u online store. Economics glossary absolute advantage when an individual or entity can produce more of a good than another individual or entity capital man made resources that are used to produce goods ceteris paribus all things being equal comparative advantage when an individual or entity can produce a good at lower relative production costs consumer price. Fixed assets also known as longterm assets are things that have a useful life of more than one year, for example buildings and machinery.
Working on this glossary, we went through many authoritative glossaries to pick up the useful contemporary words for the readers of this. Pdf on jan 1, 2001, coskun can aktan and others published glossary of economics terms find, read and cite all the research you need on. Glossary of key terms in evaluation and resultsbased management pdf, 158 kb. The glossary also explores new fields, such as money laundering. Glossary of important business, economic, and financial history terms by robert e.
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