Economics/Glossary: Difference between revisions

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A

Adverse selection [r]: a partial market failure that occurs when there are traders who take advantage of asymmetric information, raising uncertainty and leading to a reduction in the value of its products. ^[e]
Agency cost [r]: Add brief definition or description
Applied statistics [r]: the practice of collecting and interpreting numerical observations for the purpose of generating information. ^[e]
Arbitrage [r]: transactions to take advantage of a price differences of a product in different markets by buying where it is cheap and selling where it is dear. The possibility of arbitrage often prevents the occurrence of price differences. ^[e]
Asset price bubble [r]: The condition of an asset market in which price is governed by speculators' expectations that it will increase. ^[e]
Asymmetric information [r]: a situation in which a seller has information that is not available to potential buyers - or vice-versa. ^[e]
Asymmetric shock [r]: A shock that has different effects upon different parts of an economic system such as a country or a monetary union. ^[e]
Austrian School of economics [r]: A school of economists who reject the tenets of macroeconomics and oppose the practice of collective economic management; and whose methodology concentrates upon the decisions of individuals and the operation of the market mechanism. ^[e]

B

Basis point [r]: (bp) one hundredth of a percentage point . ^[e]
Beveridge curve [r]: A curve (convex when viewed from the origin) showing a relationship between vacancies and unemployment. ^[e]
BRIC [r]: Acronym for Brazil, Russia, India and China, as a group of large, low-income, high-growth-rate. ^[e]
Bubble (economics) [r]: A surge in prices that raises expectations of further increases, so generating further increases: a process that continues until confidence falters, the bubble "bursts" and prices rapidly revert to an objectively-based level. ^[e]
Budget balance [r]: the difference between a central government's revenue and its expenditure in a given financial year. Conventions differ concerning the items that are included, and various cyclical adjustments can be made to identify its discretionary element.. ^[e]
Budget deficit [r]: the excess of a government's expenditures over its receipts. See also cyclically-adjusted budget deficit ^[e]

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C

Classical unemployment [r]: Unemployment that results from setting the wage rate at a level at which the demand for labour falls short of its supply. ^[e]
Competition [r]: The activity or condition of competing against others. Ecologically, the interaction between species or organisms which share a limited environmental resource. ^[e]
Complex interactive system [r]: A system in which an event in one of its components can have significant repercussions in many other components; and which can exist in more states than can be enumerated - including "open systems" whose operation is affected by events that have been generated from outside (such as international trade in the case of an economic system). ^[e]
Concentration ratio [r]: A ratio that shows the extent to which a market is dominated by a small group of suppliers. An example is the 5-firm concentration ratio, which is the percentage of total sales of a product that is supplied by the five largest suppliers. An alternative measure is the Herfindahl Index ^[e]
Consequentialism [r]: The belief that the expected consequences of decisions should be the sole criterion of decision-making (in contrast to deontology). ^[e]
Consumer's surplus [r]: Add brief definition or description
Contingent employment [r]: Add brief definition or description
Corporation [r]: Add brief definition or description
Covariance [r]: Add brief definition or description
Cross elasticity of demand [r]: Add brief definition or description
Cyclically-adjusted budget deficit [r]: Add brief definition or description
Cyclical deficit [r]: Add brief definition or description

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@@ Line 42: / Line 42: @@
 {{r|Covariance}}
 {{r|Cross elasticity of demand}}
-{{r|Crowding out}}
 {{r|Cyclically-adjusted budget deficit}}
 {{r|Cyclical deficit}}
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 ==G==
 {{r|Generational accounts}}
-{{r|General equilibrium}}
 {{r|Gini coefficient}}
 {{r|Gini index}}
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 {{r|Herding (economics)}}
 {{r|Herfindahl Index}}
-{{r|Hicks-Hansen model}}
 {{r|High-powered money}}
 {{r|Hysteresis (economics)}}
@@ Line 144: / Line 141: @@
 {{r|Liquidity}}
 {{r|Liquidity crisis}}
-{{r|Liquidity preference}}
-{{r|Liquidity trap}}
 {{r|Lorenz curve}}
 <small>
@@ Line 177: / Line 172: @@
 {{r|Natural rate of unemployment}}
 {{r|Net present value}}
-{{r|Non-accelerating-inflation rate of unemployment}}
 {{r|Normal distribution}}
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 {{r|Perfect competition}}
 {{r|Permanent income hypothesis}}
-{{r|Phillips curve}}
 {{r|Positive feedback}}
 {{r|Poverty trap}}
-{{r|Precautionary motive}}
 {{r|Price flexibility}}
 {{r|Primary budget balance}}
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 {{r|Self-financing government investment}}
 {{r|Services (economics)}}
-{{r|Shock (economics)}}
 {{r|Skewness}}
 {{r|Social choice theory}}
@@ Line 236: / Line 227: @@
 {{r|Structural unemployment}}
 {{r|Substitution effect}}
-{{r|Supply shock}}
 {{r|Supply-side measures}}
 {{r|Sustainable deficit}}

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