Economics 101 Flashcards
1
Q
What is amortisation?
A
Decreasing the debt in a loan.
2
Q
What is wage arbitrage?
A
Taking advantage of wage differences between markets.
3
Q
What are agency costs?
A
The costs, and inefficiencies, of having an agent run your business.
4
Q
What is Nash equalibirium?
A
A stable state in which no player can gain advantage through a unilateral change of strategy assuming the others do not change what they are doing.
