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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L

Law of demand

Holding all else equal, when the price of a good rises, consumers decrease their quantity demanded for that good.

Law of increasing costs

The more of a good that is produced, the greater the opportunity cost of producing the next unit of that good.

Liability of a bank

Anything owned by depositors or lenders.

Liquidity

A measure of how easily an asset can be converted to cash.