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.
Special | 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
T |
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TechnologyA nation’s knowledge of how to produce goods in the best possible way. | |
Theory of liquidity preferenceKeynes’ theory that the i% adjusts to bring the money market into equilibrium. | |
Trade-offsScarce resources imply that individuals, firms, and governments are constantly faced with difficult choices that involve benefits and costs. | |
Transaction demandThe amount of money held in order to make transactions. This is not related to the interest rate, but increases as nominal GDP increases. | |
TroughThe bottom of the business cycle where a contraction has stopped. | |
U |
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Underground economyinclude unreported illegal activity, bartering, or informal exchange of cash. | |
V |
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Velocity of moneyThe average number of times that a dollar is spent in a year. V is defined as pq/m. | |
W |
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Wealth effectAs the avg. Pl rises, the purchasing power of wealth and savings begins to fall. High prices therefore tend to reduce the quantity of domestic output purchased. | |
World priceThe global equilibrium price of a good when nations engage in trade. | |