Course glossary
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.
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PeakThe top of a business cycle where an expansion has ended. | |
Phillips curveA graphical device that shows the relationship between inflation and the unemployment rate. | |
Positive externalityExists when the production of a good creates utility (the spillover benefits) for third parties not directly involved in the consumption or production of that good. | |
Price indexmeasure of the average level of prices in a market basket for a given year, when compared to the prices in a reference (or base) year. | |
Private savingSaving conducted by households and equal to the difference between disposable income and consumption. | |
Production possibilitiesDifferent quantities of goods that an economy can produce with a given amount of scarce resources. | |
Productive efficiencyProduction of maximum output for a given level of technology and resources. All points on the ppf are productively efficient. | |
Productivityquantity of output that can be produced per worker in a given amount of time. | |
Progressive taxThe proportion of income paid in taxes rises as income rises. An example is the personal income tax. | |
Proportional taxA constant proportion of income is paid in taxes no matter the level of income. An example is a “flat tax” or the corporate income tax. | |