important economic terms and definitions pdf

Important Economic Terms And Definitions Pdf

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Published: 21.05.2021

We suggest you save this as a PDF and use it as a handy guide for your preparation. Adam Smith: A Scottish Economist, author and a moral philosopher. Average revenue: Refers to the revenue received for selling a good per unit of output sold.

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Guide to Economics

Ordinarily, the concept of value is related to the concept of utility. Utility is the want satisfying quality of a thing when we use or consume it. Thus utility is the value-in-use of a commodity. For instance, water quenches our thirst. When we use water to quench our thirst, it is the value-in-use of water. In economics, value means the power that goods and services have to exchange other goods and services, i.

In any technical subject, words commonly used in everyday life acquire very specific technical meanings , and confusion can arise when someone is uncertain of the intended meaning of a word. This article explains the differences in meaning between some technical terms used in economics and the corresponding terms in everyday usage. Economists commonly use the term " recession " to mean either a period of two successive calendar quarters each having negative growth of real gross domestic product [1] [2] [3] —that is, of the total amount of goods and services produced within a country—or that provided by the National Bureau of Economic Research [4] NBER : " In contrast, in non-expert, everyday usage, "recession" may refer to a period in which the unemployment rate is substantially higher than normal. Labor economists categorize people into three groups: "employed" — actually working at a job, even if part-time; "unemployed" — not working, but looking for work or awaiting a scheduled recall from a temporary layoff; and "not in the labor force" — neither working nor looking for work.

Important Economic Terms & Definitions for Competitive Exams

Most of us are familiar with the concept of interest in our daily lives. This phenomenon is called compounding interest, where we get more and more money from an investment as time goes on, even at the same interest rate because interest is accruing based on all the money we have now, not just what we started with. Consider a good that is being sold in many places across a nation. From the perspective of a consumer, generally a higher price will mean fewer units of the good are sold. Generally a lower price will mean that more units of the good are sold.

The ability of a country, individual, company or region to produce a good or service at a lower cost per unit than the cost at which any other entity produces that good or service. Poverty defined with respect to an absolute material standard of living. Someone is absolutely poor if their income does not allow them to consume enough to purchase a minimum bundle of consumer goods and services including shelter, food and clothing. An alternative approach is to measure relative poverty. Government fiscal policies which have the effect of automatically moderating the cyclical ups and downs of capitalism.


Economists believe that investment in machinery and equipment is very important to productivity growth. Macroeconomics: The study of aggregate economic.


Economics: Key Terms and Definitions

 Con permiso! - крикнул санитар. Мимо стремительно проплыла каталка. Беккер успел отскочить в сторону и окликнул санитара. - Dоnde esta el telefono. Не снижая скорости, мужчина указал Беккеру на двустворчатую дверь и скрылся за поворотом.

Она попыталась высвободиться. Коммандер не отпускал. Она попробовала закричать, но голос ей не повиновался.

 Как мило, - вздохнула. - Итак, твой диагноз? - потребовал. Сьюзан на минуту задумалась.

Economy Terms and Definitions

 - Она подняла телефонную трубку и начала набирать номер.

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John H.

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