Economic Definitions

Absolute advantage: Where a coutry i sable to necessitate water more output tan another(prenominal) countries using the equivalent imput of factors of business. Ad valorem taxes: an indirect tax where a given per centum is added to the legal injury of a pricy /service Administrative barriers: both administrative requirement that might prevent or mortify the numerate of imports Affegragate demand: s the total spending in the parsimony made by consumotion, investment, gov spending and net export spending Aggregate supply: is the total supply of domestic sobers or services by bussinness and giving medication including both consumer and great goods Allocative talent: Occurs where the marginal social cost of producing a good is advert to the marginal social benefit of the good to society.

In other words occurs where the marginal cost of producing a good (including outer cost) is equal to the hurt charged to the consumers Anti cast aside: lesgislation to foster the economy of importing of a good at a price below the unit costs of production Appreciation: is the maturation in the value of a property at a floating exchange rate carcass Appropriate technology: where technology caters to the particular social, environmental and scotch characterictics os its users Automatic stabilizers: features of government fiscal policy; eg unemployment benefits or direct tax revenues that mechanically counter balance flunctuation in economic activities. equaliser of payments: the chronicle record of all transaction (debits and credits) between household, firms and govern ment and the pass off of the world Balance! bud startle: where the planned gov spending is equal to plannes gov expenditure. Barriers to turn away: anything which avoids free trade between two countries such ad tariffs Barriers to entry: barriers that prevent a new fgirm entering a markey, such as economies of scale Break evenm price: price where total revenue is equal to atc. Below this price, the frim will conclude tear down in the long run calculate deficit: where...If you want to get a full essay, orderliness it on our website: OrderCustomPaper.com

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