Term
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Definition
| SUPPLY AND DEMAND NOT REGULATED OR ARE REGULATED WITH ONLY MINOR RESTRICTIONS. |
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Term
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Definition
| BASED ON STATE OWNERSHIP OF CAPITAL/ABOLISHES PRIVATE OWNERSHIP |
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Term
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Definition
| QUANTITY DEMANDED OF A GOOD WILL FALL AS THE GOOD'S PRICE INCREASES |
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Term
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Definition
| QUANTITY OF AN ARTICLE THAT COULD BE SUPPLIED AT A GIVEN PRICE |
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Term
| INTERNATIONAL MONETARY FUND |
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Definition
INTERNATIONAL FINANCIAL INSTITUTION ORGANIZED IN 1945 TO PROMOTE TRADE BY INCREASING THE EXCHANGE STABILITY OF THE MAJOR CURRENCIES.
I. (increase trade)
M. (major currencies)
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Term
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Definition
| TOTAL VALUE OF ALL GOODS/SERVICES PRODUCED IN A NATION |
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Term
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Definition
| PROCESS OF DECIDING WHETHER TO DO OR USE ONE ADDITIONAL UNIT OF SOME RESOURCE |
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Term
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Definition
| MOST DESIRABLE ALTERNATIVE GIVEN UP AS THE RESULT OF A CONCLUSION |
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Term
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Definition
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Term
| COMMAND/CENTRALLY PLANNED ECONOMY |
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Definition
| PLANNED AND CONTROLLED BY A CENTRAL ADMINISTRATION |
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Term
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Definition
| SCOTTISH ECONOMIST WHO ADVOCATED PRIVATE ENTERPRISE AND FREE TRADE |
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Term
| PRODUCTION POSSIBILITIES FRONTIER (PDF CURVE) |
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Definition
| A CURVE DEPICTING ALL MAXIMUM OUTPUT POSSIBILITIES FOR 2 OR MORE GOODS GIVEN A SET OF INPUTS |
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Term
| GOVT. ROLE IN FREE MARKET ECON. |
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Definition
| A FEW RESTRICTIONS ON THE OWNERSHIP AND EXCHANGE OD COMMODITIES (THOUGH IN A PERFECT WORLD THE GOVT. WOULDN'T INTERFERE) |
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Term
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Definition
| ADVOCATES GLOBAL CHANGE AND CONNECTS COUNTRIES TO KNOWLEDGE, EXPERIENCE AND RESOURCES TO HELP PEOPLE BUILD A BETTER LIFE |
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Term
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Definition
AS THE PRODUCTIVITY OF A FACTOR OF PRODUCTION DECREASES DUE TO INCREASING PRODUCTION, THE COST OF SUCCESSIVE UNITS PRODUCED MUST INCREASE.
(Increase in cost=decrease in factor of production) |
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Term
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Definition
| MEANS OF PRODUCTION ARE PRIVATELY OWNED FOR A PRIVATE PROFIT. NO GOVT. INTERFERENCE. |
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Term
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Definition
| ADDITIONAL SATISFACTION A PERSON GETS FROM CONSUMING AN ADDITIONAL UNIT OF A GOOD/SERVICE |
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Term
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Definition
| CONSUMERS AND PRODUCERS MAKE MOST DECISIONS, BUT THE GOVT. MAKES SURE FAIRNESS TAKES PLACE |
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Term
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Definition
| POLITICAL ECONOMIST WHOSE IDEAS PLAYED A MAJOR ROLE IN THE DEVELOPMENT OF SOCIALISM AND COMMUNISM |
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Term
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Definition
| MOTIVATION FROM A NEGATIVE CAUSE (PUNISHMENT) |
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Term
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Definition
| WHEN THE PRICE OF A GOOD RISES, THE QUANTITY SUPPLIED OF THAT GOOD ALSO RISES |
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Term
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Definition
| UN AGENCY TO ASSIST DEVELOPING NATIONS BY LOANS GUARENTEED BY MEMBER GOVERNMENTS |
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Term
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Definition
1. PENNY STOCKS: CHEAP STOCKS
2. GROWTH STOCKS: COMPANIES NEW TO THE MARKET
3. SECONDARY ISSUE STOCKS: COMPANIES WITH AN ESTABLISHED TRADING HISTORY
4. BLUE CHIP STOCKS: OLDEST AND MOST RELIABLE |
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Term
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Definition
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Term
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Definition
| THE INCREASE OF "GUNS" (MILITARY SPENDING) RESULTS IN THE DECREASE OF "BUTTER" (FOOD SUPPLIES) AND VISE VERSA WITHIN A NATION |
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Term
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Definition
| TOTAL MARKET VALUE OF ALL GOODS AND SERVICES PRODUCED WITHIN A NARTION DURING A SPECIFIED PERIOD |
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Term
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Definition
| THE ABILITY AND DESIRE TO BUY A GOOD/SERVICE |
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Term
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Definition
| SHOWS DEMAND WHEN PRICE VARIES, BUT ALL OTHER FACTORS STAY THE SAME |
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Term
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Definition
DESCRIBES HOW STRONGLY BUYERS WILL REACT TO CHANGE IN A GOOD'S PRICE.
(rubber bands are elastic and change shape according to circumstance) |
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Term
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Definition
| COMSUMERS WILL ONLY CHANGE THEIR CONSUMPTION SLIGHTLY/NOT AT ALL |
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