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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Saving functionA linear relationship showing how increases in disposable income cause increases in savings. | |
ScarcityThe imbalance between limited productive resources and unlimited human wants. Because economic resources are scarce, the goods and services a society can produce are also scarce. | |
Second hand salesFinal goods and services that are resold. Even if they are resold many times, final goods and services are only counted once, in the year in which they were produced. | |
SpecializationWhen firms focus their resources on production of goods for which they have comparative advantage, they are said to be specializing. | |
Spillover benefitsAdditional benefits to society, not captured by the market demand curve from the production of a good, resulting in a price that is too high and a market quantity that is too low. | |
Spillover costsAdditional to society, not captured by the market supply curve from the production of a good, result in a price that is too low and market quantity that is too high. | |
StagflationA situation in the macroeconomy when inflation and the unemployment rate are both increasing. | |
StockA certificate that represents a claim to, or share of, the ownership of a firm. | |
Substitute goodsTwo goods are consumer substitutes if they provide essentially the same utility to the consumer. | |