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

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | ALL

G

General Equilibrium

Neoclassical economics assumes that production, employment, investment, and income distribution are all determined by a condition of equilibrium (with demand equaling supply) in every single market (including markets for both factors of production and produced goods and services).

Gini Coefficient

A statistical measure of inequality. A Gini score of 0 implies perfect equality (in which every individual receives the same income). A Gini score of 1 implies perfect inequality (in which one individual receives all of the income).

Globalization

A generalized historical process through which more economic activity takes place across national borders. Forms of globalization include international trade (exports and imports), foreign direct investment, international financial flows, and international migration.

Goods

Tangible products which are produced in the economy – including agricultural products, natural resources, manufactured goods, and construction.

Gross Domestic Product

The value of all the goods and services produced for money in an economy, evaluated at their market prices. Excludes the value of unpaid work (such as caring reproductive labor performed in the home). GDP is calculated by adding up the value-added at each stage of production.