Eco Abt Flashcards
The branch of economics that tries to address situation facing the economy as a whole.
Marco economics
The point beyond which additional consumption reduces total utility.
Satiation point
. A tabular representation which shows different quantities of commodities that an individual
consumer purchase at different prices over a given period of time.
Individual demand schedule
An increase in the demand for the product in one use, decreases its availability for another use.
Composite demand
A responsiveness of one variable to a change in the other variable
Elasticity of demand
- A situation where the labour supply decreases with a further increase in the wage rate. (Backward
bending labour supply curve)
Backward bending labour supply curve
The total expenditure incurred by a firm on the factors of production required for the production of
goods & services.
Total cost)
- The cost incurred by the firm to create more demand for its product and to increase the volume of
sales.
Selling cost)
An index which is constructed from a group of variables.
Composite index
- The gross market value of all final goods & services produced within the domestic territory of a
country, during a period of one year.
Gross Domestic product
The expenditure which results in generation of employment, increase in production & price stability.
Development expenditure
- The policy by which a government adjust its spending levels and tax rates to monitor and influence
a nation’s economy.
Fiscal policy
Deposits which are withdrawable on demand.
Demand deposit
- The institutions which provide medium term and long-term financial assistance to the private sector.
DFIs
The difference between the value of a country’s export and import for a given period.
Balance of trade
