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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W

Wealth effect

As 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 price

The global equilibrium price of a good when nations engage in trade.