Hello:
As every subject area has some of their own term and words so does economics, today I am listing the most common and basic terms used in the study of economics. Ready, set and go....
1. Absolute advantage: The ability to produce goods with fewer resources or inputs than others.
2. Comparative advantage: The ability to produce goods with lower opportunity cost than others.
3. Complements: Products that are used together. Example: Yogurt and fruits.
4. Deflation: Decrease in the price level of products.
5. Inflation: Increase in the price level of products.
6. Incentives: A cost or benefit that motivates a decision in the economy.
7. Substitute: Products that are used instead of the other. Example: Frozen yogurt and ice cream.
8. Surplus: Excess of products in the market over the demand.
9. Tariff: Tax applied in the imported goods.
10. Taxes: Collection of revenue by the government.
These words have slightly different meaning than normally used in English language. However, glad that they are not something totally different like Musa Paradisiaca, which is banana in scientific terms.
More to come!
As every subject area has some of their own term and words so does economics, today I am listing the most common and basic terms used in the study of economics. Ready, set and go....
1. Absolute advantage: The ability to produce goods with fewer resources or inputs than others.
2. Comparative advantage: The ability to produce goods with lower opportunity cost than others.
3. Complements: Products that are used together. Example: Yogurt and fruits.
4. Deflation: Decrease in the price level of products.
5. Inflation: Increase in the price level of products.
6. Incentives: A cost or benefit that motivates a decision in the economy.
7. Substitute: Products that are used instead of the other. Example: Frozen yogurt and ice cream.
8. Surplus: Excess of products in the market over the demand.
9. Tariff: Tax applied in the imported goods.
10. Taxes: Collection of revenue by the government.
These words have slightly different meaning than normally used in English language. However, glad that they are not something totally different like Musa Paradisiaca, which is banana in scientific terms.
More to come!
No comments:
Post a Comment