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Economics > Definitions > Flashcards

Definitions Flashcards

0
Q

Household

A

Group of people whose spending decisions are connected

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1
Q

Economics

A

The study of How to allocate scarce resource between unlimited and competing wants.

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2
Q

Microeconomics

A

The study of how households and firms make decisions in markets

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3
Q

Macroeconomics

A

The study of issues that affect economies as a whole

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4
Q

Model

A

A simplified view of reality that is used by economists as a means of explaining economic relationships.

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5
Q

Factor of production

A

The resource inputs that are available in an economy for the production of goods and services

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6
Q

Goods

A

Tangible products. Products that can be seen and touched.

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7
Q

Services

A

Intangible products, products that cannot be seen or touched.

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8
Q

Land

A

Natural resources in an economy

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9
Q

Factor endowment

A

Amount of factors of production that can be exploited within a country. Countries with higher factor endowments tend to be more prosperous.

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10
Q

Want

A

Anyone you would like. Irrespective of whether you have the money to purchase it.

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11
Q

Scarcity

A

A situation where there are insufficient resources to meet all wants

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12
Q

Opportunity cost

A

The cost of the next best alternative. Which is usually gone when a choice is made.

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13
Q

The 3 questions of economics

A

What to produce? (what to use resources for?)
How to produce? (large businesses, small businesses, gov. Etc)
For whom to produce? (who gets it?)

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14
Q

Labour

A

Human resource in any economy. Quality and quantity are both very important.

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15
Q

Capital

A

Physical resource that covers anything regarded as a man made aid for production. Such as machinery

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16
Q

Enterprise/entrepreneurship

A

Refers to enterprise where factors of production are organized in order to produce goods and services. And refers to ability and inventiveness of individuals who take risks. I.e Richard Branson

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17
Q

Economic problem

A

Resources are scarce, in relation to this desires are unlimited, leading to choices having to be made.

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18
Q

Economic activity

A

The process of combining resources to add value and produce goods and services of use to consumers.

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19
Q

Production possibility curve

A

This shows the maximum quantities of different combinations of output of two products, given current resources and the state of technology.

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20
Q

Developed economy

A

Economy with a high level of income per head

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21
Q

Developing economy

A

Economy with a relatively low level of income per head

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22
Q

Trade off

A

A calculation involved in deciding on whether to give up on good for another

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23
Q

Economic growth (short run)

A

An increase in real GDP

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24
Q

Productive potential

A

The maximum output that an economy is capable of achieving

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25
Q

Market

A

Where buyers and sellers meet to trade or exchange products

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26
Q

Consumer confidence:

A

How optimistic consumers are about future economic prospects.

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27
Q

Aggregate Demand (AD)

A

The total demand for a country’s good and services at a given price level and in a given time period.

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28
Q

Aggregate supply (AS)

A

The total amount that producers in an economy are willing and able to supply at a given price level in a given time period

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29
Q

Allocative efficiency

A

Where consumer satisfaction is maximised.

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30
Q

Arithmetic mean

A

The sum of the items divided by the number of items

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31
Q

Asymmetric information

A

Information not equally shared between two parties

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32
Q

Automatic stabilisers

A

Forms of government spending and taxation that change automatically to offset fluctuations in economic activity

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33
Q

Average propensity to consumer (APC)

A

The proportion of disposable income spent. It is consumer expenditure divided by disposable income.

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34
Q

Average Propensity to Save (APS)

A

The proportion of disposable income saved. It is saving divided by disposable income.

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35
Q

Balance of payments

A

A record of money coming in and going out of a country.

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36
Q

Capacity utilisation

A

The extent to which firms are using their capital goods

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37
Q

Capital

A

Man made aids to production

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38
Q

Choice

A

The selection of appropriate alternatives

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39
Q

Circular flow of income

A

The movement of spending and income throughout the economy

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40
Q

Claimant amount

A

A measure of unemployment that includes those receiving unemployment-related benefits.

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41
Q

Command economy

A

An economic system in which resources are state owned and also allocated centrally

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42
Q

Consumer confidence

A

How optimistic consumers are about future economic prospects

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43
Q

Consumer expenditure

A

Spending by households on consumer products

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44
Q

Consumer price index

A

A measure of changes in the price of a representative basket of consumer goods and services.

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45
Q

Corporation tax

A

A tax on firm’s profits.

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46
Q

Cost push inflation

A

Increase in the price level caused by increases in the costs of production

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47
Q

Cross elasticity of demand (XED)

A

The responsiveness of demand for one product in relation to a change in the price of another

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48
Q

Current account deficit

A

When more money is leaving the country than is coming in, as a result of sales of its exports, income and current transfers from abroad being less than imports, income and current transfers going abroad.

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49
Q

Cyclical unemployment.

A

Unemployment rising from a lack of aggregate demand

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50
Q

Deflation

A

A sustained fall in the general price level

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51
Q

Demand

A

The quantity of a product that consumers are willing and able to buy at a specified market price over a given period of time.

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52
Q

Demand curve

A

A curve that shows the relationship between quantity demanded and the price of a product.

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53
Q

Demand pull inflation

A

Increases in the price level caused by increases in aggregate demand.

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54
Q

Demand schedule

A

The data that is used to draw the demand curve for a product

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55
Q

Demerit goods

A

Their consumption is more harmful than actually realised

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56
Q

Developed economy

A

An economy with a high level of income per head

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57
Q

Developing economy

A

An economy with a low level of income per head

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58
Q

Direct tax

A

One that taxes income Of people and firms and that cannot be avoided

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59
Q

Disposable income

A

Income after taxes on income have been deducted and state benefits have been added

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60
Q

Dissave

A

Spending more than disposable income

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61
Q

Distribution of income

A

How income is shared out between households in a country

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62
Q

Division of labour

A

The specialisation of labour where the production process is broken down into different parts

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63
Q

Economic cycle

A

The the tendency for economic activity to fluctuate outside its trend growth rate, moving from high level of economic activity (boom) to negative economic activity (recession)

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64
Q

Economic efficiency

A

Where both allocative and productive efficiency are achieved.

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65
Q

Economic growth in the short run

A

An increase in real GDP

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66
Q

Long run economic growth

A

An increase in productive capacity ( the maximum output that the economy can produce)

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67
Q

Economically inactive

A

People of working age who are neither employed nor unemployed

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68
Q

Economic problem

A

How to allocate scarce resources among unlimited and competing wants

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69
Q

Economics

A

The study of how to allocate scarce resources in the most effective way

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70
Q

Economic Growth (Long run)

A

An increase in productive capacity, that is, the maximum output that an economy can produce

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71
Q

Economic system

A

The way in which production is organised in a country or countries

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72
Q

Effective demand

A

The willingness and ability to buy a product

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73
Q

Efficiency

A

Where the best use of resources is made for the benefit of consumers

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74
Q

Elastic

A

Responsive to a change in market conditions

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75
Q

Elasticity

A

The extent to which buyers and sellers respond to a change in market conditions

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76
Q

Entrepreneur

A

Someone who bears the risks of the business and who organises production

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77
Q

Entrepreneurship

A

The willingness of an entrepreneur to take risks and organise production

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78
Q

Equilibrium price

A

The price where demand and supply are equal

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79
Q

Equilibrium quantity

A

The quantity that is demanded and supplied at the equilibrium price

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80
Q

Exchange

A

The process by which goods and services are traded

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81
Q

Exchange rate

A

The price of one currency in terms of another currency or currencies

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82
Q

Exports

A

Products sold abroad

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83
Q

External benefits

A

The benefits that accrue as a consequence of externalities to third parties

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84
Q

External costs

A

The costs that are a consequence of externalities to third parties

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85
Q

Externality

A

Spillover effects on third parties arising from production or consumption

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86
Q

Deflationary

A

Policy measures designed to reduce aggregate demand

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87
Q

Discretionary fiscal policy

A

Deliberate changes in government spending and taxation designed to influence aggregate demand

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88
Q

Disequilibrium

A

Any position in the market where demand and supply are not equal

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89
Q

Factor endowment

A

The stock of factors of production

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90
Q

Factor of production

A

The resource inputs that are available in an economy for the production of goods and services

91
Q

Factor services

A

The services provided by the factors or production

92
Q

Fiscal drag

A

People’s income being dragged into higher tax bands as a result of tax brackets not being adjusted in line with inflation

93
Q

Fiscal policy

A

The taxation and spending decisions of a government

94
Q

Specialisation

A

The concentration by a worker or workers, region or whole economy on a narrow range of goods and services.

96
Q

Frictional unemployment

A

Short term unemployment occurring when workers are in between jobs

97
Q

Full employment

A

A situation where those who wanting and able to find work can find employment at the going wage rate.

98
Q

Goods

A

Tangible products e.g products that can be seen or touched. Such as cars, food and ovens.

99
Q

Government bond

A

A financial asset issued by the government.

100
Q

Government spending

A

Spending by the central bank and local government on goods and services.

101
Q

Gross domestic product

A

The total value of goods and services produced in an economy in a given time

102
Q

Household

A

A group of people whose spending decisions are connected.

103
Q

Human capital

A

Education, training and experience that a worker, or group of workers, possesses.

104
Q

Hyperinflation

A

Inflation rate above 50%

105
Q

Hysteresis

A

Unemployment causing unemployment

106
Q

Imports

A

Products bought from abroad.

107
Q

Income elastic

A

Goods for which a change in income produces a greater proportionate change in demand.

108
Q

Income elasticity of demand

A

The responsiveness of demand to a change in income.

109
Q

Income inelastic

A

Goods for which a change in income produces less than a proportionate change in demand.

110
Q

Index number

A

A number showing the variation in, for example wages or price, as compared with a chosen base period or date.

111
Q

Indirect tax

A

Tax levied on goods and services

112
Q

Inefficiency

A

Any situation where economic efficiency is not achieved.

113
Q

Inferior goods

A

Goods for which an increase in income leads to a fall in demand

114
Q

Inflation

A

A general and persistent rise in the price level;

The percentage increase in the price level over a period of time

115
Q

Inflationary noise

A

The distortion of price signals caused by inflation

116
Q

Informal economy

A

Economic activity that is not recorded or registered with the authorities in order to avoid paying tax or complying with regulations, or because the activity is illegal.

117
Q

Information failure

A

A lack of information resulting in consumers and/ or consumers making decisions that do not maximize their own welfare

118
Q

Injections

A

Additions of extra spending into the circular flow of income

119
Q

International labour organisation (ILO)

A

A member organisation of the united nations that collects statistics on labour market conditions and seeks to improve working conditions.

120
Q

International monetary fund (IMF)

A

An international organisation that helps co-ordinate the international monetary system.

121
Q

Investment

A

Spending on capital goods (usually by firms)

122
Q

Labour

A

The quantity and quality of human resources

123
Q

Labour force

A

The people who are employed and unemployed, that is, those who are economically active

124
Q

Labour force survey

A

A measure of unemployment based on a survey using the ILO definition of unemployment

125
Q

Labour productivity

A

Output of a good or service per worker in a given time period

126
Q

Land

A

Natural resources in an economy

127
Q

Leakages

A

Withdrawals of possible spending from the circular flow of income

128
Q

Long term unemployment

A

Unemployment lasting for more than a year

129
Q

Macro economic equilibrium

A

A situation where aggregate demand equals aggregate supply and real GDP is not changing

130
Q

Macro economics

A

The study of issues that affect an economy as a whole

131
Q

Market

A

A place where buyers and sellers meet to exchange goods and services

132
Q

Market economy

A

An economic system whereby resources are allocated through the free market mechanism

133
Q

Market failure

A

Where the free market mechanism fails to achieve economic efficiency

134
Q

Menu costs

A

Costs of changing prices due to inflation

135
Q

Merit goods

A

Goods/services that actually have more private benefits that their consumers actually realize

136
Q

Micro economics

A

The study of how households and firms make decisions in markets

137
Q

Mixed economy

A

An economics system in which resources are allocated through a mixture of the market and direct public sector involvement

138
Q

Monetary policy

A

Government actions to control the amount of money in an economy and therefore the levels of C and I (and X and M)

139
Q

Monetary policy committee

A

Monetary policy committee a committee of the Bank of England with responsibility for setting the interest rate in order to meet the government’s inflation target

140
Q

Movement along the demand curve

A

This is in response to a change in the price of a product

141
Q

Multiplier effect

A

The process by which any change in a component of aggregate demand results in a greater final change in real GDP

142
Q

Negative externality

A

Where the social cost of an activity is greater than the private cost

143
Q

Net exports

A

The value of exports minus the value of imports

144
Q

Net savers

A

People who save more than they borrow

145
Q

Nominal GDP

A

Output measured in current prices and so not adjusted for inflation

146
Q

Non-excludability

A

Situation existing where individual consumers cannot be excluded from consumption

147
Q

Non-rivalry

A

Situation existing where consumption by one person does not affect the consumption of all others

148
Q

Normal goods

A

Goods for which an increase in income leads to an increase in demand. Goods with a positive income elasticity of demand

149
Q

Notional demand

A

The desire for a product

150
Q

Occupational immobility of labour

A

Difficulty in moving from one type of job to another

151
Q

Opportunity cost

A

The cost of a decision in terms of the next best alternative. Which is usually forgone when a decision is made.

152
Q

Output gap

A

The difference between an economy’s actual and potential real GDP

153
Q

Overheating

A

The growth in aggregate demand outstripping the growth in aggregate supply, resulting in inflation.

154
Q

Polluter pays principle

A

Any measure, such as a green tax, whereby the polluter pays explicitly for the pollution involved

155
Q

Positive externality

A

Where the social benefits of an activity exceed the private benefits

156
Q

Price

A

The amount of money that is paid for a given amount of a good or service

157
Q

Price elastic (or price sensitive)

A

Where the percentage change in quantity demanded is sensitive to a change in price

158
Q

Price elasticity of demand (PED)

A

The responsiveness of the quantity demanded of a product, relative to a change in price

159
Q

Price inelastic (or price insensitive)

A

Where the percentage change in the quantity demanded is insensitive to a change in price

160
Q

Price level

A

The average of the prices of all the products produced in an economy

161
Q

Price system

A

A method of allocating resources by the free movement of prices

226
Q

Free market mechanism

A

The system by which the market forces of demand and supply determine prices and the decisions made by consumers and firms.

227
Q

Free rider

A

Someone who directly benefits from the consumption of a public good but who does not contribute towards its provision.

228
Q

Real GDP

A

The country’s output measured in constant prices and so adjusted for inflation

229
Q

Real interest rate

A

The nominal interest rate - the inflation rate

230
Q

Recession

A

A fall in real GDP over a period of 6 months or more

231
Q

Reflationary

A

Of policy measures designed to increase aggregate demand

232
Q

Private benefits

A

The benefits directly accruing to those taking a particular action (consuming the good or service)

233
Q

Private costs

A

Costs incurred by those taking a particular action

the cost to the firms producing the good or service

234
Q

Privatization

A

Transfer of assets from public to private sector

235
Q

Producer surplus

A

The difference between the price a firm/producer is willing to accept and what is actually paid

236
Q

Production

A

The output of goods and services

237
Q

Production possibility curve

A

Shows the maximum output combinations of two goods/services, given current resources and state of technology

238
Q

Productive efficiency

A

Where production takes place using the least amount of scarce resources

239
Q

Productive potential

A

The maximum output that an economy is capable of producing

240
Q

Productivity

A

Output, or production of a good or service per worker

241
Q

Profit

A

Revenue - costs

The difference between the total revenue (sales revenue) of a producer and total cost

242
Q

Progressive tax

A

A tax that takes a higher percentage of income from the rich

243
Q

Protectionism

A

The protection of domestic industries from foreign competition

244
Q

Public goods

A

Goods that are collectively consumers and have the characteristics of non-excludability and non-rivalry

245
Q

Quasi-public goods

A

Goods having some but not all the characteristics of a public good

246
Q

Quota

A

A limit on imports

247
Q

Rate of interest

A

The charge for borrowing money and the amount paid for lending money

248
Q

Real disposable income

A

Income after taxes on income have been deducted and state benefits have been added. The result has been adjusted to take into account changes in the price level

249
Q

Real GDP

A

The country’s output measured in constant prices and so adjusted for inflation

250
Q

Real interest rate

A

The nominal interest rate minus the inflation rate

251
Q

Recession

A

A fall in real GDP over a period of 6 months

252
Q

Reflationary

A

A policy of measures designed to increase aggregate demand

253
Q

Regressive tax

A

Tex that takes a great percentage of income from the poor

254
Q

Retained profits

A

Profit kept by firms to finance investment

255
Q

Saving

A

Real disposable income minus spending

256
Q

Savings ratio

A

Savings as a proportion of disposable income

257
Q

Scarcity

A

A situation where there are insufficient resources to meet all the wants

258
Q

Services

A

Intangible products, products that cannot be seen or touched such as banking, therapy and insurance

259
Q

Shoe leather costs

A

Costs in terms of the extra time and effort involved in reducing money holdings

260
Q

Shortage

A

An excess of demand over supply

261
Q

Social benefits

A

The total benefits of a particular action

262
Q

Social costs

A

The total costs of a particular action

263
Q

Specialisation

A

The concentration of a worker, firm, region or country on a narrow range of goods and services

264
Q

Structural unemployment

A

Unemployment caused by the decline of certain industries and occupations due to changes in demand and supply

265
Q

Sub market

A

A recognized or distinguishable part of a market, also known as a sub market.

266
Q

Subsidy

A

A payment, usually from the government, to encourage production or consumption of a product

267
Q

Substitute

A

A competing good

268
Q

Supply

A

The quantity of a product that producers and willing and able to provide at different market prices over a given period of time

269
Q

Supply curve

A

Shows the relationship between the quantity supplied of a product and it’s price.

270
Q

Supply schedule

A

The data used to draw up a supply curve

271
Q

Supply-side policies

A

Policies designed to increase aggregate supply by improving the efficiency of labour and product markets.

272
Q

Surplus

A

An excess of supply over demand

273
Q

Sustainable economic growth

A

Economic growth that can continue over time and does not endanger future generations ability to expand productive capacity

274
Q

Target savers

A

People who save with a target figure in mind

275
Q

Tariff

A

A tax on imports

276
Q

Third party

A

Those not directly involved in making a decision

277
Q

Time series

A

Information shown at successive points or intervals of time

278
Q

Tradable permit

A

A permit that allows the owner to emit a certain amount of pollution and that, if unused or only partially used, can be sold to another polluter.

279
Q

Trade off

A

The calculation involved in deciding on whether to give up one good for another

280
Q

Trade deficit

A

The value of imports exceeding the value of exports

281
Q

Trade surplus

A

The value of imports exceeding the value or exports

282
Q

Trend growth

A

The expected increase in potential output over time. It is a measure of how fast the economy can grow without generating inflation

283
Q

Unemployment

A

A situation where people are out of work but are willing and able to work

284
Q

Unemployment rate

A

The percentage of the labour force who are out of work

285
Q

Unit cost

A

Average cost per unit of output

286
Q

Voluntary export restraint

A

Limit placed on imports from a country with the agreement of that country’s government

287
Q

Want

A

Anything you would like,regardless of whether or not you have the resources to purchase it

288
Q

Wealth

A

A stock of assets e.g property, shares and money held in a savings account

289
Q

Weighted average

A

Am average that takes into account the relative importance of the different items

290
Q

World trade organisation

A

An international organisation that promotes free international trade and rules on international trade disputes

Economics (9 decks)

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