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Economic terms to know - 42 Important Financial Terms You Should Know


A short run production concept where increases in the variable factor of production lead to less and less additional output. However, the claim by some economists that all markets are basically alike, and that in particular markets work just as well in health care as anywhere else, is not well supported either theoretically or empirically but includes a large dose of ideology.


Poverty A state of having inadequate income or other resources to support a household or group of households at a basic standard of living. on the other hand, is rooted in empirical observations that existing theory could not explain. a protozoan single-celled organism that can infect humans, usually as a result of exposure to contaminated drinking water. In particular note that a policy that passes this criterion does not need to include the compensation, the compensation merely has to be possible Present Value Value today of a sum to be paid or collected in the future to buy a good or service. A long run production concept where a doubling of all factor inputs exactly doubles the amount of output. Carcinogens Substances that cause cancer Cartel a group of producers with an agreement to collude in setting prices and output Categorical Assistance public assistance aimed at a particular category of people, like the elderly or the disabled relationship that results when an change in one variable is not only correlated with but actually causes the change in another one Central Planning the system in which central government bureaucrats as opposed to private entrepreneurs or even local government bureaucrats determine what will be produced an how it will be produced Centralization organizational structure in which decision making is concentrated at the top an economy in which most decisions about resource allocation are made by the central government CERCLA Comprehensive Environmental Response, Compensation and Liability Act. Automatic transfer An online payment that is automatically deducted from the account balance on a recurring basis. Demand Site Management an attempt by utilities to reduce customers demand for electricity or energy by encouraging efficiency.


A ratio of any two prices or one particular price compared to a price index.

Ideally, better mutual understanding between medical professionals and economists will actually improve the efficiency of health care, and maybe even its equity. Some economic models go further and relax the traditional assumption of fully rational behaviour by simply assuming that people sometimes behave even if this may be against their self-interest. Bureau of Labor Statistics BLS A research agency of the U.

Provider University Level Beginner Duration 5 weeks Start Date 4 November 2014 30.

A measure of sensitivity of quantity demanded to changes in consumer income. Price discrimination The practice of selling the same good or service at different prices to different customers. The term comes from the cost incurred for printing new menus when a restaurant raises prices. Barriers To Entry factors that prevent firms from entering a market, such as government rules or patents Basic Competitive Model the model of the economy that pulls together the assumptions of consumers, profit maximizing firms, and perfectly competitive markets Benefit-Cost Analysis A tally comparison of expenditures and advantages in dollar terms resulting from various actions.

The mode is the number that occurs most often in a group of numbers.


This app actually belongs to the Federal Reserve Bank of St. A summary of a person s credit history, showing historical information such as bankruptcies, loans, late payments, and recent inquiries., which seeks to apply statistical and mathematical methods to economic analysis, is widely considered the third core area of economics.


You can suggest one and evaluate that only if a solution isn t already mentioned in the article.

For those of us who read economics books for fun in our free time.


The market is generally much more responsive in real life, and true are rare at least ones caused by the market are rare. Term insurance A policy providing coverage for a specific time period, such as 10 years. The reaction of a consumer s demand for goods based on changes in relative prices holding purchasing power or utility constant see Income Effect.


Greg Ayers Greg Ayers is a senior editor and production manager with the Institute for Faith, Work, and Economics. housing and mortgage markets by operating in the U. For instance, it is hard to know whether a manager who has expanded a firm through an acquisition that reduced its share price was pursuing his own interests or, say, was trying to maximise shareholder value but was unlucky. Further, many people around the world derive some benefit just from knowing that Bengal tigers exist in the wild.


A must listen that will help readers uncover hidden opportunities. This portfolio is sliced into different components called tranches.


Personal saving rate The ratio of personal saving to disposable personal income the fraction of income, after taxes, that is saved. They are considered rival in consumption and or excludable. Short-run aggregate supply curve A graphical depiction of the relationship between the aggregate price level and the quantity of aggregate output supplied.

Net worth The value of that person s assets minus the value of his or her liabilities. 8 Of course, what economists think they know is often a mixture of what they know and what they only think, including their more ideological positions and beliefs. His book An Inquiry into the Nature and Causes of the Wealth of Nations 1776 was the first fully elaborated attempt to understand why some nations prospered while others suffered widespread poverty. Goods and services that are purchased for direct consumption.

Also, on a quick side note, you should know that the field of Economics is vast and full of wonders, and you can choose and specialise in Accounting Banking Managerial economics Industrial economics Behavioural economics Political economy Financial history Where to study a Bachelor s degree in Economics? Diminishing Marginal Utility the principle that says that as an individual consumes more and more of a good, each successive unit increases her utility, or enjoyment, less and less Diminishing Relative Value The principle that if all other factors remain constant, and individuals relative value of a good will decline as more of that good is obtained.

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