Glossary of economics terms and concepts meaning

 

 

 

Glossary of economics terms and concepts meaning

 

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Glossary of economics terms and concepts meaning

 

  • ability-to-pay principle
  • acreage allotment program
  • actual investment
  • actual reserves
  • adjustable pegs
  • adverse selection problem
  • advertising
  • affirmative action
  • AFL-CIO
  • agency shop
  • aggregate
  • aggregate demand
  • aggregate demand–aggregate supply (AD-AS) model
  • aggregate expenditures
  • aggregate expenditures–domestic output approach
  • aggregate expenditures schedule
  • aggregate supply
  • aggregate supply shocks
  • Alcoa case
  • allocative efficiency
  • anticipated inflation
  • antitrust laws
  • antitrust policy
  • appreciation (of the dollar)
  • asset
  • asset demand for money
  • asymmetric information
  • average fixed cost (AFC)
  • average product (AP)
  • average propensity to consume
  • average propensity to save (APS)
  • average revenue
  • average tax rate
  • average total cost (ATC)
  • average variable cost (AVC)
  • backflows
  • balance of payments
  • balance-of-payments deficit
  • balance-of-payments surplus
  • balance on current account
  • balance on goods and services
  • balance sheet
  • bank deposits
  • bankers' bank
  • bank reserves
  • barrier to entry
  • barter
  • base year
  • benefit-reduction rate
  • benefits-received principle
  • bilateral monopoly
  • Board of Governors
  • bond
  • break-even income
  • break-even output
  • break-even point
  • Bretton Woods system
  • budget constraint
  • budget deficit
  • budget line
  • budget surplus
  • built-in stabilizer
  • Bureau of Economic Analysis (BEA)
  • business cycle
  • business firm
  • business unionism
  • capital
  • capital and financial account
  • capital and financial account deficit
  • capital and financial account surplus
  • capital gain
  • capital goods
  • capital-intensive commodity
  • capitalism
  • capital stock
  • cartel
  • causation
  • CEA
  • cease-and-desist order
  • ceiling price
  • Celler-Kefauver Act
  • central bank
  • central economic planning
  • ceteris paribus assumption
  • change in demand
  • change in quantity demanded
  • change in quantity supplied
  • change in supply
  • checkable deposit
  • checkable-deposit multiplier
  • check clearing
  • checking account
  • circular flow diagram
  • Civil Rights Act of 1964
  • classical economics
  • Clayton Act
  • closed economy
  • closed shop
  • Coase theorem
  • coincidence of wants
  • COLA
  • collective bargaining
  • collective voice
  • collusion
  • command system
  • commercial bank
  • commercial banking system
  • communism
  • comparative advantage
  • compensating differences
  • compensation to employees
  • competition
  • competitive industry's short-run supply curve
  • competitive labor market
  • complementary goods
  • concentration ratio
  • conglomerate merger
  • conglomerates
  • constant-cost industry
  • constant opportunity cost
  • constant returns to scale
  • consumer goods
  • Consumer Price Index (CPI)
  • consumer sovereignty
  • consumer surplus
  • consumption of fixed capital
  • consumption schedule
  • contractionary fiscal policy
  • coordination failure
  • copayment
  • copyright
  • corporate income tax
  • corporation
  • correlation
  • cost-benefit analysis
  • cost-of-living adjustment (COLA)
  • cost-push inflation
  • Council of Economic Advisers (CEA)
  • countercyclical payments (CCPs)
  • craft union
  • creative destruction
  • credit
  • credit union
  • cross elasticity of demand
  • crowding model of occupational discrimination
  • crowding-out effect
  • currency
  • currency appreciation
  • currency depreciation
  • currency intervention
  • current account
  • cyclical asymmetry
  • cyclical deficit
  • cyclical unemployment
  • deadweight loss
  • debit
  • declining industry
  • decreasing-cost industry
  • deductible
  • defensive medicine
  • deflating
  • deflation
  • demand
  • demand curve
  • demand factor (in growth)
  • demand management
  • demand-pull inflation
  • demand schedule
  • dependent variable
  • depository institutions
  • depreciation
  • depreciation (of the dollar)
  • derived demand
  • determinants of aggregate demand
  • determinants of aggregate supply
  • determinants of demand
  • determinants of supply
  • devaluation
  • developing countries
  • diagnosis-related group (DRG) system
  • differentiated oligopoly
  • differentiated product
  • diffusion
  • dilemma of regulation
  • diminishing marginal returns
  • direct foreign investment
  • direct payments
  • direct relationship
  • discount rate
  • discouraged workers
  • discretionary fiscal policy
  • discrimination
  • discrimination coefficient
  • diseconomies of scale
  • disinflation
  • disposable income (DI)
  • dissaving
  • dividends
  • division of labor
  • Doha Round
  • dollar votes
  • domestic capital formation
  • domestic output
  • domestic price
  • dumping
  • DuPont cellophane case
  • durable good
  • earned-income tax credit (EITC)
  • earnings
  • economic concentration
  • economic cost
  • economic efficiency
  • economic growth
  • economic law
  • economic model
  • economic perspective
  • economic policy
  • economic principle
  • economic profit
  • economic regulation
  • economic rent
  • economic resources
  • economics
  • economic system
  • economic theory
  • economies of scale
  • economizing problem
  • efficiency factors (in growth)
  • efficiency loss
  • efficiency loss of a tax
  • efficiency wage
  • efficient allocation of resources
  • elastic demand
  • elasticity coefficient
  • elasticity formula
  • elasticity of resource demand
  • elastic supply
  • electronic payments
  • employment discrimination
  • employment rate
  • entitlement programs
  • entrepreneurial ability
  • equality-efficiency tradeoff
  • Equal Pay Act of 1963
  • equation of exchange
  • equilibrium GDP
  • equilibrium position
  • equilibrium price
  • equilibrium price level
  • equilibrium quantity
  • equilibrium real domestic output
  • equilibrium real output
  • euro
  • European Union (EU)
  • excess capacity
  • excess reserves
  • exchange control
  • exchange rate
  • exchange-rate appreciation
  • exchange-rate depreciation
  • exchange-rate determinant
  • excise tax
  • exclusive unionism
  • exhaustive expenditure
  • exit mechanism
  • expanding industry
  • expansion
  • expansionary fiscal policy
  • expansionary monetary policy
  • expectations
  • expected rate of return
  • expected-rate-of return curve
  • expenditures approach
  • expenditures-output approach
  • explicit cost
  • exports
  • export subsidies
  • export supply curve
  • export transaction
  • external benefit
  • external cost
  • external debt
  • externality
  • external public debt
  • face value
  • factors of production
  • fair-return price
  • fallacy of composition
  • Farm Act of 2002
  • farm commodities
  • fast-second strategy
  • FDIC
  • Federal Deposit Insurance Corporation (FDIC)
  • Federal funds rate
  • Federal government
  • Federal Open Market Committee (FOMC)
  • Federal Reserve Banks
  • Federal Reserve Note
  • Federal Reserve System
  • Federal Trade Commission (FTC)
  • Federal Trade Commission Act
  • fee for service
  • fiat money
  • final goods and services
  • financial capital
  • financial services industry
  • firm
  • fiscal policy
  • fixed cost
  • fixed exchange rate
  • fixed resource
  • flexible exchange rate
  • floating exchange rate
  • food products
  • food-stamp program
  • foreign competition
  • foreign exchange control
  • foreign exchange market
  • foreign exchange rate
  • foreign purchase effect
  • 45° line
  • fractional reserve banking system
  • freedom of choice
  • freedom of enterprise
  • Freedom to Farm Act
  • free-rider problem
  • free trade
  • frictional unemployment
  • fringe benefits
  • full employment
  • full-employment unemployment rate
  • functional distribution of income
  • gains from trade
  • game theory
  • GDP
  • GDP gap
  • GDP price index
  • G8 nations
  • General Agreement on Tariffs and Trade (GATT)
  • generalization
  • Gini ratio
  • gold standard
  • government failure
  • government purchases
  • government transfer payment
  • grievance procedure
  • gross domestic product (GDP)
  • gross private domestic investment
  • growth accounting
  • guiding function of prices
  • health maintenance organizations (HMOs)
  • health savings accounts (HSAs)
  • Herfindahl index
  • homogeneous oligopoly
  • horizontal axis
  • horizontal merger
  • household
  • human capital
  • human capital discrimination
  • human capital investment
  • hyperinflation
  • hypothesis
  • illegal immigrant
  • IMF
  • imitation problem
  • immobility
  • imperfect competition
  • implicit cost
  • import competition
  • import demand curve
  • import quota
  • imports
  • import transaction
  • incentive function of price
  • incentive pay plan
  • inclusive unionism
  • income
  • income approach
  • income effect
  • income elasticity of demand
  • income inequality
  • income-maintenance system
  • income mobility
  • increase in demand
  • increase in supply
  • increasing-cost industry
  • increasing marginal returns
  • increasing returns
  • independent goods
  • independent unions
  • independent variable
  • indifference curve
  • indifference map
  • individual demand
  • individual supply
  • industrially advanced countries
  • industrial regulation
  • industrial union
  • industry
  • inelastic demand
  • inelastic supply
  • inferior good
  • inflating
  • inflation
  • inflationary expectations
  • inflationary expenditure gap
  • inflation premium
  • inflation targeting
  • information technology
  • infrastructure
  • injection
  • injunction
  • in-kind transfer
  • innovation
  • inpayments
  • insider-outsider theory
  • insurable risk
  • interest
  • interest income
  • interest rate
  • interest-rate-cost-of-funds curve
  • interest-rate effect
  • interindustry competition
  • interlocking directorate
  • intermediate goods
  • internally held public debt
  • international balance of payments
  • international balance-of-payments deficit
  • international balance-of-payments surplus
  • international gold standard
  • International Monetary Fund (IMF)
  • international monetary reserves
  • international value of the dollar
  • intrinsic value
  • invention
  • inventories
  • inverse relationship
  • inverted-U theory
  • investment
  • investment demand curve
  • investment goods
  • investment in human capital
  • investment schedule
  • "invisible hand"
  • Joint Economic Committee (JEC)
  • Keynesian economics
  • Keynesianism
  • kinked-demand curve
  • labor
  • labor force
  • labor-force participation rate
  • labor-intensive commodity
  • labor market discrimination
  • labor productivity
  • labor union
  • Laffer Curve
  • laissez-faire capitalism
  • land
  • land-intensive commodity
  • law of demand
  • law of diminishing marginal utility
  • law of diminishing returns
  • law of increasing opportunity costs
  • law of supply
  • leakage
  • learning by doing
  • least-cost combination of resources
  • legal cartel theory of regulation
  • legal immigrant
  • legal tender
  • lending potential of an individual commercial bank
  • lending potential of the banking system
  • liability
  • limited liability
  • liquidity
  • loanable funds
  • loanable funds theory of interest
  • lockout
  • logrolling
  • long run
  • long-run aggregate supply curve
  • long-run competitive equilibrium
  • long-run supply
  • long-run vertical Phillips Curve
  • Lorenz curve
  • lump-sum tax
  • M1
  • M2
  • macroeconomics
  • managed floating exchange rate
  • managerial-opposition hypothesis
  • managerial prerogatives
  • marginal analysis
  • marginal benefit
  • marginal cost (MC)
  • marginal cost-marginal benefit rule
  • marginal product
  • marginal productivity theory of income distribution
  • marginal propensity to consume (MPC)
  • marginal propensity to save (MPS)
  • marginal rate of substitution (MRS)
  • marginal resource cost (MRC)
  • marginal revenue
  • marginal-revenue–marginal-cost approach
  • marginal revenue product (MRP)
  • marginal tax rate
  • marginal utility
  • market
  • market demand
  • market economy
  • market failure
  • market for externality rights
  • market period
  • market system
  • marketing loan program
  • median-voter model
  • Medicaid
  • Medicare
  • Medicare Part D
  • medium of exchange
  • menu costs
  • merger
  • microeconomics
  • Microsoft case
  • midpoint formula
  • minimum efficient scale (MES)
  • minimum wage
  • monetarism
  • monetary multiplier
  • monetary policy
  • monetary rule
  • money
  • money capital
  • money income
  • money market
  • money market deposit accounts (MMDAs)
  • money market deposit accounts (MMDAs)
  • money supply
  • monopolistic competition
  • monopoly
  • monopsony
  • moral hazard problem
  • most-favored-nation (MFN) status
  • MR= MC rule
  • MRP= MRC rule
  • multinational corporations
  • multiple counting
  • multiplier
  • multiplier effect
  • mutual interdependence
  • MZM
  • national bank
  • National Credit Union Administration (NCUA)
  • national health insurance (NHI)
  • national income
  • national income accounting
  • National Labor Relations Act (Wagner Act of 1935)
  • National Labor Relations Board (NLRB)
  • natural monopoly
  • natural rate of unemployment (NRU)
  • near-money
  • negative externality
  • negative GDP gap
  • negative relationship
  • net domestic product
  • net exports
  • net foreign factor income
  • net investment income
  • net private domestic investment
  • net taxes
  • net transfers
  • network effects
  • net worth
  • new classical economics
  • New Economy
  • NLRB
  • nominal gross domestic product (GDP)
  • nominal income
  • nominal interest rate
  • nominal wage
  • noncash transfer
  • noncollusive oligopoly
  • noncompeting groups
  • nondiscretionary fiscal policy
  • nondurable good
  • nonexcludability
  • nonexhaustive expenditure
  • nonincome determinants of consumption and saving
  • noninterest determinants of investment
  • noninvestment transaction
  • nonmarket transactions
  • nonprice competition
  • nonproduction transaction
  • nonrivalry
  • nontariff barriers (NTBs)
  • normal good
  • normal profit
  • normative economics
  • North American Free Trade Agreement (NAFTA)
  • occupation
  • occupational discrimination
  • occupational licensure
  • occupational segregation
  • official reserves
  • offshoring
  • Okun's law
  • oligopoly
  • OPEC
  • open economy
  • open-market operations
  • open shop
  • opportunity cost
  • opportunity-cost ratio
  • optimal amount of R&D
  • optimal reduction of an externality
  • Organization of Petroleum Exporting Countries (OPEC)
  • other-things-equal assumption
  • outpayments
  • output effect
  • paper money
  • paradox of voting
  • parity concept
  • parity ratio
  • partnership
  • patent
  • payments deficit
  • payments surplus
  • payroll tax
  • P= MC rule
  • peak
  • per capita GDP
  • per capita income
  • perfectly elastic demand
  • perfectly elastic supply
  • perfectly inelastic demand
  • perfectly inelastic supply
  • per se violations
  • personal consumption expenditures
  • personal distribution of income
  • personal income (PI)
  • personal income tax
  • Personal Responsibility Act
  • personal saving
  • per-unit production cost
  • Phillips Curve
  • planned investment
  • plant
  • "play or pay"
  • policy economics
  • political business cycle
  • positive economics
  • positive externality
  • positive GDP gap
  • positive relationship
  • post hoc, ergo propter hoc fallacy
  • potential competition
  • potential output
  • poverty
  • poverty rate
  • preferred provider organization (PPO)
  • price
  • price ceiling
  • price discrimination
  • price elasticity of demand
  • price elasticity of supply
  • price fixing
  • price floor
  • price index
  • price leadership
  • price level
  • price-level stability
  • price-level surprises
  • price maker
  • price support
  • price taker
  • price war
  • prime interest rate
  • principal-agent problem
  • private good
  • private property
  • private sector
  • process innovation
  • producer surplus
  • product differentiation
  • product innovation
  • production possibilities curve
  • productive efficiency
  • productivity
  • productivity growth
  • product market
  • profit
  • profit-maximizing combination of resources
  • profit-sharing plan
  • progressive tax
  • property tax
  • proportional tax
  • proprietor's income
  • protective tariff
  • public assistance programs
  • public choice theory
  • public debt
  • public good
  • public interest theory of regulation
  • public investments
  • public sector
  • public utility
  • purchasing power
  • purchasing power parity
  • pure competition
  • purely competitive labor market
  • pure monopoly
  • pure profit
  • pure rate of interest
  • quantity demanded
  • quantity supplied
  • quasi-public bank
  • quasi-public good
  • R&D
  • rate of exchange
  • rate of return
  • rational behavior
  • rational expectations theory
  • rationing function of prices
  • real-balances effect
  • real-business-cycle theory
  • real capital
  • real GDP
  • real GDP per capita
  • real gross domestic product (GDP)
  • real income
  • real interest rate
  • real wage
  • recession
  • recessionary expenditure gap
  • Reciprocal Trade Agreements Act
  • refinancing the public debt
  • regressive tax
  • regulatory agency
  • rental income
  • rent-seeking behavior
  • required reserves
  • reserve requirement
  • resource
  • resource market
  • restrictive monetary policy
  • revenue tariff
  • reverse discrimination
  • right-to-work law
  • rule of reason
  • rule of 70
  • sales tax
  • saving
  • savings account
  • savings and loan association (S&L)
  • saving schedule
  • savings deposit
  • savings institution
  • Say's law
  • scarce resources
  • scientific method
  • seasonal variations
  • secular trend
  • self-interest
  • seniority
  • separation of ownership and control
  • service
  • Sherman Act
  • shirking
  • shortage
  • short run
  • short-run aggregate supply curve
  • short-run competitive equilibrium
  • short-run supply curve
  • shutdown case
  • simple multiplier
  • simultaneous consumption
  • slope of a line
  • Smoot-Hawley Tariff Act
  • social insurance programs
  • socially optimal price
  • social regulation
  • Social Security
  • Social Security trust fund
  • sole proprietorship
  • special-interest effect
  • specialization
  • speculation
  • SSI
  • stagflation
  • standardized budget
  • standardized product
  • Standard Oil case
  • start-up (firm)
  • state bank
  • static economy
  • statistical discrimination
  • stock (corporate)
  • stock options
  • store of value
  • strategic behavior
  • strategic trade policy
  • strike
  • structural-change hypothesis
  • structural unemployment
  • subsidy
  • substitute goods
  • substitution effect
  • sunk cost
  • Supplemental Security Income (SSI)
  • supply
  • supply curve
  • supply factor (in growth)
  • supply schedule
  • supply-side economics
  • surplus
  • surplus payment
  • tacit understanding
  • TANF
  • tariff
  • taste-for-discrimination model
  • tax
  • taxes on production and imports
  • tax incidence
  • tax subsidy
  • tax-transfer disincentives
  • Taylor rule
  • technological advance
  • technology
  • Temporary Assistance for Needy Families (TANF)
  • terms of trade
  • theoretical economics
  • theory of human capital
  • thrift institution
  • till money
  • time deposit
  • total cost
  • total demand
  • total demand for money
  • total product (TP)
  • total revenue (TR)
  • total-revenue test
  • total spending
  • total supply
  • total utility
  • Trade Adjustment Assistance Act
  • trade balance
  • trade bloc
  • trade controls
  • trade deficit
  • trademark
  • tradeoff
  • trade surplus
  • trading possibilities line
  • tragedy of the commons
  • transactions demand for money
  • transfer payment
  • tying contract
  • unanticipated inflation
  • unauthorized immigrant
  • underemployment
  • undistributed corporate profits
  • unemployment
  • unemployment compensation
  • unemployment insurance
  • unemployment rate
  • uninsurable risk
  • union shop
  • unit elasticity
  • unit labor cost
  • unit of account
  • unlimited liability
  • unlimited wants
  • unplanned changes in inventories
  • unplanned investment
  • Uruguay Round
  • U.S. securities
  • U.S. Steel case
  • usury laws
  • utility
  • utility-maximizing rule
  • value added
  • value-added tax
  • value judgment
  • value of money
  • variable cost
  • VAT
  • vault cash
  • velocity
  • venture capital
  • vertical axis
  • vertical integration
  • vertical intercept
  • vertical merger
  • very long run
  • voice mechanism
  • voluntary export restrictions
  • wage
  • wage differential
  • wage discrimination
  • wage rate
  • wages
  • wealth
  • wealth effect
  • welfare programs
  • Wheeler-Lea Act
  • World Bank
  • world price
  • World Trade Organization (WTO)
  • WTO
  • X-inefficiency

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