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
F |
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Foreign sector substitution effectWhen the avg. Price of u.s. output increases, consumers naturally begin to look for similar items produced elsewhere. | |
Fractional reserve bankingA system in which only a fraction of the total money deposited in banks is held in reserve as currency. | |
Free rider problemIn the case of a public good, some members of the community know that they can consume the public good while others provide for it. | |
Functions of moneyMedium of exchange, store of value and unit of account. | |
G |
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GDP price deflatorThe price index that measures the average price level of the goods and services that make up GDP. | |
Gross domestic productThe market value of the final goods and services produced within a nation in a given year. | |
H |
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Human capitalThe amount of knowledge and skills that labor can apply to the work they do and the general level of health that the labor force enjoys. | |
I |
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Import quotaA limitation on the amount of a good that can be imported into the domestic market. | |
Income effectThe change in qd that results from a change in the consumer’s purchasing power (or real income) | |
Inferior goodsA good for which high income decreases D. | |