Information sheets: economic terms and concepts — Museum

Investment in human capital An action taken to increase the productivity of workers.These can arise when somebody (the principal) hires somebody else (the agent) to carry out a task and the interests of the agent conflict with the interests of the principal.In a second (or third, fourth, and so on) price sealed bid, the highest bidder wins but pays only the second (third, fourth) highest price bid.

Some economic terms and concepts -

Putting up the premium will not solve this problem, for as the premium rises the insurance policy will become unattractive to more of the people who know they have a lower risk of claiming.California State Standards: Principles of Economics 12.1 Students understand common economic terms and concepts and economic reasoning. 1. Examine the causal.Substitutes Products that can replace one another such as butter and margarine.Economic terms and concepts: There are two general types of growth: Intensive growth: employment is constant and productivity per unit of labor is rising.Money market A term denoting the set of institutions that handle the purchase or sale of short-term credit instruments like Treasury bills and commercial paper.This edition contains expanded coverage of common econometric concepts and highlights.Sometimes these will be identical assets in different markets, for instance, shares in a company listed on both the London Stock Exchange and New York Stock Exchange.

The study of economics at an individual, group or company level.The Council for Economic Education (CfEE) has compiled a list of the 51 key economics concepts common to all U.S. State requirements for high school classes in economics.

Investment The purchase of a security, such as a stock or bond.Quantity demanded The amount of a product consumers will purchase at a specific price.

(Solved) - Part 1 instructions: * Describe economic terms

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Useful Economic Tools and Concepts - Tufts University

Autonomous Expenditure-- Expenditure that takes place independent of national income.Capital resources Goods made by people and used to produce other goods and services.

They include land, trees, fish, petroleum and mineral deposits, the fertility of soil, climatic conditions for growing crops, and so on.However, in the mid-1980s the UK followed the American lead in basing antitrust policy on whether changes in competition harmed consumers.

A Glossary of Microeconomics Terms Abundance--A physical or economic condition where the quantity available of a resource exceeds the quantity desired in the absence.Things that have earning power or some other value to their owner.

Supreme Court case summaries. Unit One - Basic Economic Concepts.Criteria Standards or measures of value that people use to evaluate what is most important.Collateral Anything of value that is acceptable to a lender to guarantee repayment of a loan.Quota A legal limit on the quantity of a particular product that can be imported or exported.Farming, forestry and fishing in 1913 accounted for 28% of employment in the United States, 41% in France and 60% in Japan, but only 12% in the UK.This intensifies competition, as consumers can be made aware quickly when there is a better deal on offer.Other basic economic terms: Economy: the system of production.

An example of such principal-agent problems comes from the relationship between the shareholders who own a public company and the managers who run it.For instance, some economic areas may be oil exporters and thus highly dependent on the price of oil, but other areas are not.

Certainly, much economic analysis is concerned with how individuals behave, and homo economicus ( economic man ) is usually assumed to act in his or her self-interest.

Basic Economic Concepts - Social Studies help

Some economists reckon that advertising merely manipulates consumer tastes and creates desires that would not otherwise exist.The system of recources management, and development within a country.Entrepreneur One who organizes, manages, and assumes the risks of a business or enterprise.Barter The direct trading of goods and services without the use of money.

The instruments of monetary policy are primarily open-market operations, reserve requirements, and the discount rate.The colourful name that keynes gave to one of the essential ingredients of economic prosperity: confidence.

Glossary of business terms - A to Z Handy definitions of financial and economic jargon - from libor and quantitave easing to black swans and dead cat bounces.In a first price sealed bid, each buyer submits a price in a sealed envelope and all bids are opened simultaneously, with the highest offer winning.This is one of two main sorts of market failure often associated with insurance.Unfortunately for the seller, this information is not always available before the auction takes place.When people exchange voluntarily, they expect to be better off as a result.From WikiEducator. In this chapter our concern is with some basic preliminary concepts:(1).Command economy A mode of economic organization in which the key economic functions--what, how, and for whom--are principally determined by government directive.