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23 Cards in this Set
- Front
- Back
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Absolute Advantage |
Where a country using a given resource input is able to produce more than other countries with the same input |
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Absolute Poverty |
When an individual or household's income is insufficient for them to afford basic shelter, food and clothing |
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Accelerator Theory |
The theory that the level of investment is related to past changes in national income |
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Activist Shareholders |
Shareholders that will clamour for greater dividends and may mobilise other shareholders to oppose the management |
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Activity rate / Participation rate |
The proportion of the population of working age in a job or actively seeking work |
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Actual Growth |
An increase in the productive potential of the economy matched by an increase in demand |
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Ad-volorem |
A tax which is a percentage of the price of the unit |
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Adaptive Expectations |
Where decisions about the future are based upon past information |
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Adjustable Peg |
Value of the fixed exchange rate can be changed as circumstances require |
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Allocative Efficiency |
The optimum allocation of scarce resources that best accords with the consumers' pattern of demand |
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Allocative Inefficiency |
When resources are not used to produce goods or services wanted by consumers |
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Anglo-Saxon Neo-liberalism |
Economic reform aimed at boosting the dynamism of economies - in contrast to the 'social model' which stresses social objectives |
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Annual General Meeting (AGM)
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Annual meeting where shareholders can discuss the accounts and elect directors
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Anticipated inflation
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Where economic agents correctly predict the future rate of inflation
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Appreciated
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When a floating currency increase in value
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Appreciation
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Increasing the value of a currency in a free floating exchange rate system
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Automatic stabilisers
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Features of government spending and taxation that minimise fluctuations in the economic cycle
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Average cost pricing
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Setting the price at the level of average cost |
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Average fixed cost
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Total fixed costs divided by the number produced |
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Average product |
The total product divided by the number of workers |
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Average revenue |
Total revenue + number sold |
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Average total cost |
Total cost divided by the number produced |
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Average variable cost |
Total variable costs divided by the number produced |
