Economics

Items

• fixed cost

  An expense that does not change with the level of production or sales.
• fixed expenses

  Recurring costs that remain constant regardless of the quantity of goods or services produced or sold.
• fixing price

  The practice of setting a price at a specific level, often artificially, rather than allowing it to be determined by market forces of supply and demand.
• flexible-exchange-rate system/floating- exchange-rate system

  When the exchange rate is determined by the market forces of supply and demand.
• foreign exchange

  The market where currencies are bought and sold.
• free goods

  Resources or items that are abundant and readily available without requiring human effort or resources for production, and thus have no market price.
• full production

  Employed resources are providing maximum satisfaction of our economic wants.
• futures

  A standardized contract obligating the buyer to purchase and the seller to sell a specific asset at a predetermined price on a specific future date.
• general equilibrium

  A state where all markets in an economy are simultaneously in equilibrium.
• global economy

  The interconnected system of economic activities across different countries, encompassing international trade, finance, and the flow of goods, services, capital, and people.
• good

  Tangible items that satisfy human wants, provides utility, and is scarce.
• gross domestic expenditure (GDE)

  The total value of all money spent on all final goods and services produced within the country’s borders in a specific period, typically a year.
• gross domestic product (GDP)

  The total value of all final goods and services produced within a country's borders during a specific period, typically a year.
• gross national income

  Measures the total income earned by a country's residents, including income from both domestic and foreign sources.
• GDP per capita

  An indicator that indicates an economy's gross domestic product per person, used as a measure of prosperity.
• gross national product

  The total market value of all final goods and services produced by a country's residents, regardless of where they are physically located.
• heterogeneous

  Differences across the units being studied.
• homogeneous

  Similarities across the units being studied.
• imperfect market/competition

  A market that deviates from the theoretical model of perfect competition.
• implicit costs

  The opportunity cost of using resources a company already owns, rather than selling or using them for another purpose.
• income

  Income is a unit of value that is used to measure the production of goods and services in an economy.
• income payment

  Payments made to the member or to a dependant, nominee or successor, under a drawdown plan by selling units and/or by making payments from the bank account under that plan.
• income received

  Refers to money received, typically from labor, business, or property
• industry

  A specific group of businesses that share a common activity or business area.
• informal trading

  Economic activity undertaken by entrepreneurs who sell legal goods and services within a space deemed to be public property, within the informal sector.