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Economic terms to know - 50 Economics Ideas You Really Need to Know 50 Ideas Amazon.co.uk Edmund Conway 9781848660106 Books

federal law enacted by Congress in 1980 for the purpose of cleaning up existing toxic sites.

Still, based on the number of Bachelor s degrees available on Business Studies, we managed to create this nifty little list of popular countries. Instead, critics turned their fire on Asian cronyism, banking and lack of. A measure of the opportunity costs of the variable inputs in their next best use.


In the United States, monopoly policy has been built on the Sherman Antitrust Act of 1890. This amount is calculated based on the account value on December 31 of the prior year divided by the factor on the IRS RMD table. Net worth The value of that person s assets minus the value of his or her liabilities. OANDA, one of the most prestigious names in FOREX trading, has developed an app that can be used to track fluctuations in currency exchanges. Special purpose districts Government entities existing to support a special function, such as fire protection, libraries, or mass transit. mortgage ARM A mortgage that permits the lender to periodically adjust the interest rate on the basis of changes in a specified index.

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Budget surplus Government collections taxes and fees exceed government spending expenditures for a given period, usually a fiscal year.

Supply and demand helps the masses understand why that hot toy they stood in line for hours to buy for their kid s Christmas is a quarter of the price by March. Auction A sale of property to the highest bidder. Medical professionals also recognize the importance of information for detection, diagnosis, treatment and evaluation. This means that economists are interested in the NEXT decision being made. Senior secured debt Generally, refers to borrowing by a financial or nonfinancial firm that is secured by real physical assets and has prior claim to incoming cash flows before other debt. A principle which states that a development plan must not compromise the welfare of future generations for the benefit of present generations. However, you don t know which category a particular car is in. Present bias Choosing what makes one happy in the moment.


First, we start our tutorial with a brief overview of what economics is and go over some basic concepts before proceeding. Changes in unemployment attributed to cyclical behavior in economic activity. Khan Academy is a world famous learning platform, and can be considered the Duolingo of learning social and physical sciences. Social Security A federal system of old-age, survivors, disability, and hospital care insurance that requires employers to withhold or transfer wages from employees paychecks and deposit that money in designated accounts.


403 b Tax Sheltered Annuities A qualified retirement plan for eligible employees of public schools, tax-exempt organizations and eligible ministers. Like Fannie Mae, Freddie Mac operates in the secondary mortgage market. A decline in the aggregate price level over some defined time period. The experience of countries that have pursued this Utopian ideal by substituting domestic production for imports is an unhappy one.


The payments made to the factors of production rents, wages, interest, and profits. Economists are quick to invade fields they find interesting, and the practicioners of those subjects may take time to notice that they have become of economic interest. But economic thought also includes a long and deep tradition of thinking about ethical issues, about what constitutes a just society, about rights and entitlements 10 and about the possible conflicts between equity and efficiency and the frequent necessity for choices among societal objectives.

Patent A license that gives the inventor of a new product the exclusive right to sell it for a specific period of time.

Inefficiency A condition that results when production of goods and services involves wasted resources or when it is possible to reallocate resources in a way that would generate greater consumer satisfaction. The level of a company s debt related to its equity capital, usually expressed in percentage form. Moral hazard The risk that one party to a transaction will engage in behavior that is undesirable from the other party s view. Heavy spending on advertising may also create a barrier to entry, as a firm entering the market would have to spend a lot on advertising too.


Ignorance is obviously dangerous in the face of an epidemic, or for a person who faces a risk but is unaware of it or does not respond to information about it. Costs and opportunity costs The most common use of the word cost is a monetary cost.

Net worth The value of that person s assets minus the value of his or her liabilities.

Salaries are generally an annual amount paid monthly or bimonthly for a specified number of hours, usually 40 hours per week. and Rose Friedman show us how the market economy is crucial to a free society and the only way to flourish and grow. A Glossary of Macroeconomic Terms A Glossary of Macroeconomics Terms A parameter that defines the relationship between national income and required capital stock. Of course, this can lead to frustration, because the new ideas may be hard to put into practice and can lead to friction with one s own colleagues. Free markets make property a reality instead of an airy thought and they establish the only just price. Let s close our eyes and imagine you finished your Bachelor s and are ready to get a grown-up job and acquire grown-up Someone is absolutely poor if their income does not allow them to consume enough to purchase a minimum bundle of consumer goods and services including shelter, food, and clothing.

Rebalancing The process of buying or selling securities over time in order to maintain your desired asset allocation. Credit score A number based on information in a credit report, which indicates a person s credit risk. Unemployment rate The percentage of the labor force that is willing and able to work, does not currently have a job, and is actively looking for employment. Understanding these techniques will help you to evaluate the validity of research across all social science disciplines. Price discrimination The practice of selling the same good or service at different prices to different customers.


Theory is developed by pinning down those invariant relationships through both and formal logical deductions called. Terms of Trade The relative prices of goods and services traded in international markets.


A country s currency appreciates when its value compared to other currencies grows it depreciates when its value falls. Repossess To retake possession of something when the buyer fails to make payments.

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