G L O S S A R YJohn Wiley Sons.docx
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G L O S S A R YJohn Wiley Sons.docx
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GLOSSARYJohnWileySons
GLOSSARY
ABCDEFGHILMNOPQRSTUV
A
Absoluteadvantage
Whenaproductisproducedmoreefficiently(usinglessresources)inonecountry,thatcountryhasanabsoluteadvantageinthatproduct.Itismeasuredbycomparingrelativeoutputacrosscountries.Seealsocomparativeadvantage.
Aggregatedemand(AD)
Thedemandforoutput(ofallgoodsandservices)atdifferentpricelevels.
Aggregateeconomicactivity
Seenationaleconomicactivity.
Aggregateexpenditurefunction
Indicatestotalplannedexpenditureinaneconomyfordifferentlevelsofincomeoroutput(denotedY).
Aggregatesupply(AS)
Theamountofoutputfirmsarewillingtosupplyatdifferentpricelevels.
Anticipatedinflation
Expectedinflationthatistakenintoaccountineconomicdecision-making.Seealsounanticipatedinflation.
Appreciation
Theincreaseinvalueofanassetovertime.AnappreciationofSterlingoccurswhen£1buysmoreforeigncurrencytodaythanitdidyesterday(whenitcostsmoreintermsofforeigncurrencytobuy£1).Seealsodepreciation.
Arbitrage
Thepossibilityofbuyinganassetinonemarketandsellingitatahigherpriceinanothermarket.
Arcpriceelasticityofdemand(arcPED)
Amethodforestimatingelasticityofdemand,baseduponaveragepriceandaveragequantitydemanded.Itiscalculatedasfollows:
Itismostappropriatelyusedforlargepricechanges.
Arcpriceelasticityofsupply(arcPES)
Amethodforestimatingelasticityofsupply,baseduponaveragepriceandaveragequantitysupplied.Itiscalculatedasfollows:
Asymmetricshocks
Economicshocksthataffectoneeconomyorapartofoneeconomymorethanothereconomiesorotherpartsofaneconomy.
Automaticstabilizers
Measuresthatautomaticallycounterthebusinesscyclewithoutgovernmentaction.TheyresultinreducingtheresponseofGDPtochangesinautonomousspending.
Autonomousconsumption
Consumptionexpenditurethatisindependentofthelevelofincome.Itoccursifpeopleborrowtobuyconsumptiongoodsoriftheyspendtheirsavings(orborrow)whentheyhavenoincometopayforconsumptiongoods.
Averagecost(AC)
Totalcostsperunitofoutput.ACiscomputedastotalcostsdividedbyoutput(TC/Q).
Averageproductoflabour
Totaloutputdividedbythenumberofworkers:
Q/L.
Averagetotalcost(ATC)
Averagevariablecost(AVC)plusaveragefixedcost(AFC):
ATC=AVC+AFC.
B
Balanceofpayments
Acountry’snationalaccountwhichincludestransactionsbetweendomesticresidentsandtherestoftheworldoveraspecifiedperiod.Itconsistsofacurrentaccountandacapitalaccount.
Barrierstoentry
Existwhennewfirmscannotfreelyenterandcompeteinamarket.Withnobarriers,allfirmscompetinginthesamemarketwouldhaveaccesstosimilartechnologyallowingthemtohavesimilarcoststructures.
Bond
Representsanagreementbetweentwopartiesinatransactionwhereonepartylendsmoneytotheotherforanagreedrateofinterest(usually)overaspecifiedperiodandwherethelenderreceivesbackthetotalvalueoftheirinvestmentwhenthebondmatures.
Businesscycles
Thetendencyforrealoutputtoriseandfallovertimeinareasonablyregularpattern.
C
Capital
Afactorofproductionthathasbeenproduced(e.g.machines,factories,tools)andisusedwithlabourtoproduceand/ormarketmoregoodsandservices.
Capitalaccount
Acountry’snationalaccountwhichtrackstransactionsrelatingtoownershipoffinancialassets,includinginwardandoutwarddirectinvestment.Seealsocurrentaccount,balanceofpayments.
Capitaldeepening
Wherethecapitalstockincreasesfasterthanthelabourforcesothattheamountofcapitalperworkerrises.Seealsocapitalwidening.
Capitalintensity
Theamountofcapitaleachworkerintheeconomy(onaverage)hasattheirdisposal.
Capitalwidening
Wherethecapitalstockincreasesatthesamerateasthelabourforceandcoversdepreciation.Seealsocapitaldeepening.
Cartel
Anagreementbetweenfirmstoco-operateinrestrictingtheamountofoutputtheyproduce,forexample,therebyinfluencingtheprice.
Cashmarkets
Seespotorcashmarkets.
Centralbankindependence
Usuallyimpliesthatagovernmenthasnodirectinputintotheeconomicdecisionstakenbythecentralbankregardingmoneysupply,interestratesandinflation.
Ceterisparibusassumption
FromtheLatin,meaningallthingsbeingequalorunchanged.Anassumptionthatallowseconomiststoconstructmodelsthathighlightthefundamentalnatureofarelationshiptheyaretryingtodescribeandunderstand.Subsequentlytheyusetheirmodelstoincorporateotherfactorsofmostrelevancetothatrelationship.
Circularflow
Thewayinwhichproducts,services,resourcesandmoneyflowaroundtheeconomicsystem.
Commodity
Anundifferentiatedproductsuchaswheatoroilorcomputermemorychips.Commoditiesareusuallyofuniformquality,oftenproducedbymanydifferentproducerswhereeachproducer’soutputisconsideredequivalentorinterchangeable.Futuresmarketsexistformanycommodityproducts.
Comparativeadvantage
Whenoutputisproducedataloweropportunitycostinonecountry,thatcountryhasacomparativeadvantageinproduction.Itismeasuredbycomparingrelativeopportunitycostsbetweencountries.Seealsoabsoluteadvantage.
Competitiveness
Arangeoffactorsfrommeasuresofincomeandprosperitytoeconomiccreativityandinnovativeabilitythatdescribetheperformanceofoneeconomyrelativetoothers.
Concentrationratio
Measuresthemarketshareofthebiggestfirmsinthemarket.ForexampleaCR4calculatesthemarketshareoftheleadingfourfirms.
Concepts,theoriesandmodels
Simplifiedrepresentationsofphenomena,whichareintendedtoserveastoolstoaidthinkingaboutcomplexentitiesorprocesses.
Consumerconfidence
Thedegreeofoptimismthatconsumersexpress(insurveys,forexample)aboutthestateoftheireconomythroughtheirsavingandspendingpatternsandplans.
Consumersurplus
Thebenefittoconsumersduetothedifferencebetweenwhatconsumersactuallypaytoconsumeagoodandwhattheywouldhavebeenwillingtopay.
Contestablemarkets
Marketswhereentrycostsandexitcostsfrommarketsarelow.
Contractionaryfiscalpolicy
Afiscalpolicythatresultsinloweractivityandareductioninthecircularflowofincome.Seealsoexpansionaryfiscalpolicy.
Convergence
Thetendencyforpoorercountriestogrowfasterthanrichercountriesforagivenincreaseincapitalstock.Hence,poorercountrieswouldbeexpectedtocatchupwithrichercountriesifthecountriessharesimilarsteadystates.
Cost-pushinflation
Causedbyfirmsreactingtoincreasedcostsbyreducingtheiroutput.
Costsofinflation
Theseare:
lossofpurchasingpower,shoe-leathercosts,menucosts,effectsonincomedistribution,fiscaldrag,effectsoninternationalcompetitiveness,effectsonbalanceofpaymentsandbusinessuncertaintyandlackofstability.
Countercyclicalfiscalpolicy
Policieswhichhavetheoppositeeffectoneconomicactivitytothatcausedbythebusinesscycle,reducingincomeflowsduringbooms,increasingincomeflowsinrecessions.
Crosspriceelasticity
Indicatestheresponsivenessofthequantitydemandedofonegood(goodA)whenthepriceofanothergood(goodB)changes.Itiscomputedas
Currentaccount
Acountry’snationalaccountwhichincludesalltradetransactionswherethebalanceoftrademightbeinsurplusordeficit.Italsoincludesallincomeandcurrenttransfers.Seealsocapitalaccount,balanceofpayments.
Cyclicalunemployment
Unemploymentassociatedwiththerecessionaryphaseofthebusinesscycle.
Cyclicallyadjustedbudget
Providesinformationaboutthediscretionaryfiscalpolicesagovernmenthasfollowedtodeliberatelyachievespecificmacroeconomicgoals.Thesemightincludetryingtoachieveaparticularlevelofinflation,oremploymentorgovernmentdeficit,forexample.
D
Deadweightloss
Thewelfarelosttosocietyfromrelativelyinefficientproduction.
Deflation
Afallintheaveragepricelevel.Seealsoinflation.
Demand
Thequantityofoutputbuyersarewillingtobuyoverarangeofpossibleprices
Demandforactivebalances
Thetransactionsandprecautionarydemandsformoneyareknownasthedemandforactivebalancesbecausethemoneyisactivelyusedtobuygoodsandservices.
Demandforidlebalances
Thespeculativedemandformoneyisalsocalledthedemandforidlebalancessinceitrelatestothedesiretodemandmoneytoavoidpotentiallossesfromholdinginterest-bearingfinancialassets.
Demand-pullinflation
Anincreaseinthepricelevelofaneconomycausedbyrisingaggregatedemand.
Dependencyratio
Theportionofacountry’spopulationnotinemployment(includingtheunemployed,thosewhohaveretiredandchildren)relativetothetotalpopulationinemployment.Dependentsarealsooftenclassifiedas‘non-economicallyactive’astheyareconsideredtoconsumebutnotproduceeconomicoutputs.
Depreciation
Thedeclineinvalueofanassetovertimeattributabletodeteriorationduetouseandobsolescence.Seealsoappreciation.
Differentiatedproducts
Productsforwhichseveraldifferentvarietiesareprovided(e.g.cars).Differentiationbetweenvarietiesdependsonproducers’choicesoftheproductattributesforwhichconsumersarewillingtopay.Seealsostandardizedproducts.
Directtaxes
Taxespaidonincome.Seeindirecttaxes.
Discouragedworkers
Thosewhohavetriedtofindworkinthepastandarewillingtotakeonajobbuthavegivenuponlookingforworkbecausetheyfeel,orknow,thatnothingsuitableisavailable.Theyare
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