Economics terminology

Economics terminology ZBB Technique involves a critical review of every scheme before a budgetary provision is made in its favor. The marginal cost of an action should not exceed its marginal benefits.

Income inequality The existence of disproportionate distribution of total national income among households whereby the share going to rich persons in a country is far greater than that going to poorer persons a situation common to most LDCs. Real GDP is that output measured in terms of the prices prevailing in some base period.

This is a term used to describe a point at which revenues equal costs fixed and variable. When used without a modifier such as "cross", or "income"elasticity Economics terminology refers to price elasticity which is the percentage change in quantity demanded of a good or service divided by the percentage change in its own price.

Price elasticity of supply: Denoted as "r", a measure of the linear relationship between two variables. The using up or wearing out of capital goods. Loan made for a very short period. Refers to a school of philosophy based on the ideas of Jeremy Bentham Acquiring or producing structures, machinery and equipment or inventories.

A cost incurred in the general operations of the business that is not directly attributable to the costs of producing goods and services. Economics Simply increasing productivity can be assumed as an economic benefit. The preferences of consumers. If a Capital Program is in operation, it will be the first year thereof.

These figures are closely tracked by investors and analysts in order to predict the future health of the economy and make investment decisions on that basis.

The city would promise to pay you back in ten years. The best alternative sacrificed to have or to do something else. Land reform A deliberate attempt to reorganize and transform existing agrarian systems with the intention of improving the distribution of agricultural incomes and thus fostering rural development.

Contrasted with "secular" changes which occur over longer periods of time. Reducing or eliminating government intervention to control particular market activities, especially of private firms.Economic growth: Quantitative measure of the change in size/volume of economic activity, usually calculated in terms of gross national product (GNP) or gross domestic product(GDP).

Economy Terms and Definitions

Duopoly: A market structure in which two producers of a commodity compete with each other. Visit our free site designed especially for learners and teachers of Spanish».

The Economics Awareness and Terminology Certification has been developed to test important concepts, and terminology related to Economics.

Basic Economics Terms

The test covers a broad range of topics and aspects related to Economics. The Economist offers authoritative insight and opinion on international news, politics, business, finance, science, technology and the connections between them.

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Economics terminology
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