By P. H. Collin
Economics is the foundation of our day-by-day lives, whether we don't continuously understand it. if it is an evidence of the way organisations paintings, or humans vote, or shoppers purchase, or governments subsidise, economists have tested facts and produced theories that are checked opposed to practice.
This booklet goals to hide the most points of the research of economics which scholars might want to research whilst learning for examinations at numerous degrees. The ebook can be necessary for the final reader who comes throughout those phrases within the monetary pages of newspapers in addition to in professional magazines.
The dictionary provides succinct factors of the 3,000 most often discovered phrases. It additionally covers the numerous abbreviations that are frequently utilized in writing on fiscal matters. Entries also are given for in demand economists, from Jeremy Bentham to John Rawls, with brief biographies and references to their theoretical works.
Where useful cross-references are given in order that the reader can consult with different related entries.
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Additional info for Dictionary of Economics: Over 3,000 Terms Clearly Defined
Consumption expenditure consumerism noun the theory that the interests of consumers should take precedence over the interests of the producers consumer non-durables plural noun goods purchased by consumers which are used up immediately and have to be replaced, such as food and drink, gas, electricity, etc. Consumer Price Index noun a US index showing how prices of consumer goods have risen over a period of time. ) consumer protection noun the protecting of consumers against unfair or illegal traders consumer sovereignty noun the theory that consumers are the main element in the economy because they decide whether something is bought or not and are therefore more important than the producers consumer’s surplus noun the difference between the higher price a consumer might be prepared to pay for a good or service and the lower price he or she actually pays; it contributes to consumer satisfaction consumption noun the purchasing of goods or services to satisfy needs, in particular in the household sector consumption expenditure noun the expenditure made by the household sector on durables, non-durables and services, shown as a proportion of national income consumption function noun a graph which shows the relationship between households’ disposable income and what they actually spend on consumer goods; as income rises, so spending increases, but at a lower rate because saving increases also consumption possibility curve, consumption possibility line noun a graph showing the different quantities of different goods which could be purchased at different prices, given that the purchaser has a fixed amount of money to spend; it is used in conjunction with an ‘indifference curve’ to identify the goods and their quantities which a customer might want to purchase.
Convertibility noun the ability to exchange one currency for another currency or for gold easily convertible currency noun currency which can easily be exchanged for another convertible debenture noun a debenture which can be converted into ordinary shares at a certain date convexity noun the convex shape of a curve. The theory is that if points in a set are connected and the line between any two points is included in the set, then the set is convex. In economics, this corresponds to diminishing marginal utility.
Coase theorem noun the theory that the effects of external things (or ‘externalities’) can be corrected by the market, in that if property rights can be identified fairly between individuals they then can find a solution by trading between themselves cobweb model, cobweb theorem noun a model of supply and demand showing fluctuations caused by time lags between the responses of producers to price changes coefficient of correlation noun a measurement of correlation or relationship between two sets of data on a continuum from –1 to +1 coefficient of determination 32 coefficient of determination noun a method of measuring the accuracy of a variable by comparing it to an equation with two or more independent variables – the result can be either zero (no correlation) or one (perfect correlation).
Dictionary of Economics: Over 3,000 Terms Clearly Defined by P. H. Collin