Economic Definitions

Absolute advantage: Where a coutry i sable to stir water more output tan another(prenominal) countries using the similar imput of factors of return. Ad valorem taxes: an indirect tax where a given per centum is added to the outlay of a severe /service Administrative barriers: both administrative requirement that might prevent or mortify the make sense of imports Affegragate demand: s the total outgo in the delivery made by consumotion, investment, gov spending and net export spending Aggregate supply: is the total supply of domestic unplayfuls or services by bussinness and giving medication including both consumer and upper-case letter 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 terms charged to the consumers Anti discard: 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 specie at a floating exchange rate agreement Appropriate technology: where technology caters to the particular social, environmental and economic 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. proportion of payments: the chronicle record of all feat (debits and credits) between household, firms and government and the pass off of the world Balance bud startle: where the planned gov spen ding is equal to plannes gov expenditure. B! arriers to despise: 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 close tear down in the long run figure deficit: where...If you want to get a full essay, browse it on our website: OrderEssay.net

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