Course glossary

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During lectures you will learn new words. Using this link you are welcome to add them to our "course glossary", so that other students will be able to see them and learn. Let's make our own useful glossary and help each other to learn new words! By the way, there are already some worlds which should be familiar for you till the end of the course, try to cover them when you mill have free time.



Browse the glossary using this index

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A

Allocative Efficiency

A neoclassical concept referring to the allocation of productive resources (capital, labor, etc.) in a manner which best maximizes the well-being (or “utility”) of individuals.

Automatic Stabilizers

Government fiscal policies which have the effect of automatically moderating the cyclical ups and downs of capitalism. Examples include income taxes (which collect more or less taxes depending on the state of the economy) and unemployment insurance benefits (which automatically replace lost income for people who lose their jobs).