Economic terms and concepts

Specialists People who produce a narrower range of goods and services than they consume (also called specialized workers).Distribution The manner in which total output and income is distributed among individuals or factors (e.g., the distribution of income between labor and capital) Division of labor The process whereby workers perform only a single or a very few steps of a major production task (as when working on an assembly line.) Durables Consumer goods expected to last longer than three years.Land Natural resources or gifts of nature that are used to produce goods and services.

Transactions involving asymmetric (or private) information are everywhere.Some kinds of arbitrage are completely risk-free-this is pure arbitrage.

To keep down the direct cost of this subsidy the EU used trade barriers, including import levies, to minimise competition to EU farmers from produce available more cheaply on world agriculture markets.The question of what to specialise in--and how to maximise the benefits from international trade--is best decided according to comparative advantage.A valuable collection of online Economics Dictionaries, covering general economic terms as well as offering information on specialized fields.

How to explain some the basic terms of Economics in layman

In the United States, monopoly policy has been built on the Sherman Antitrust Act of 1890.Five economic concepts that everybody should know. By. Here are five economic concepts that everybody should know: 1. in purely economic terms,.

Surplus The situation resulting when the quantity supplied exceeds the quantity demanded of a good or service, usually because the price is for some reason below the equilibrium price in the market.Capital resources Goods made by people and used to produce other goods and services.

Basic Economic Concepts | How easy to understand the

Can you find your fundamental truth using Slader as a completely free Economics: Concepts and Choices solutions.Advertisement Upgrade to remove ads 126 terms pinkyspp Glossary of Economic Terms and Concepts STUDY PLAY Absolute advantage The ability to produce something with fewer resources than other producers would use to produce the same thing Alternatives Options among which to make choices.But in recent years they have played a growing role in other parts of the economy, ranging from the allocation of government -controlled broadcasting bandwidth to the awarding of work to subcontractors by governments and big firms using competitive tendering, and even more recently the sale of goods over the Internet.

Scarcity The condition that results from the imbalance between relatively unlimited wants and the relatively limited resources available for satisfying those wants.Market economy An economic system where most goods and services are exchanged through transactions by private households and businesses.

Gross domestic product (GDP), real GDP corrected for inflation.Barter The direct trading of goods and services without the use of money.

Business and Economic Concepts and Principles

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

Tariff A tax on an imported good Taxes Required payments of money made to governments by households and business firms.A brand of neo-classical economics established in Vienna during the late 19th century and the first half of the 20th century.The crisis destroyed wealth on a massive scale and sent absolute poverty shooting up.

Criteria Standards or measures of value that people use to evaluate what is most important.Explore the history of money and economy through the collection of the Museum of the National Bank of Belgium.Exchange Trading goods and services with others for other goods and services or for money (also called trade).

Consumer spending The purchase of consumer goods and services Corporation A legal entity owned by stockholders whose liability is limited to the value of their stock Costs of production All resources used in producing goods and services, for which owners receive payments.This intensifies competition, as consumers can be made aware quickly when there is a better deal on offer.Excise Tax Taxes imposed on specific goods and services, such as cigarettes and gasoline.Entrepreneur One who organizes, manages, and assumes the risks of a business or enterprise.

Economy Terms - The Economic Times

Unfortunately for the seller, this information is not always available before the auction takes place.