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Economics: Difference between revisions
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=== Chapter 3 === | === Chapter 3 === | ||
*Demand schedule != demand curve. Demand schedule is a table, not a curve | *Demand schedule != demand curve. Demand schedule is a table, not a curve | ||
*In [[w:economics]], a '''complementary good''' is a [[w:Good (economics)|good]] with a negative [[w:cross elasticity of demand]], in contrast to a [[w:substitute good]]. | *In [[w:economics]], a '''complementary good''' is a [[w:Good (economics)|good]] ( [[w:fi:Investointi]] ) with a negative [[w:cross elasticity of demand]], in contrast to a [[w:substitute good]]. | ||
*[[w:Normal good]]s are any goods for which demand increases when income increases and falls when income decreases but price remains constant, i.e. with a positive income elasticity of demand. ( Wikipedia ) | *[[w:Normal good]]s are any goods for which demand increases when income increases and falls when income decreases but price remains constant, i.e. with a positive income elasticity of demand. ( Wikipedia ) | ||
=== Chapter 6 === | === Chapter 6 === | ||
*A [[w:budget constraint]] represents the combinations of goods and services that a consumer can purchase given current prices with his or her income. ( Wikipedia ) | *A [[w:budget constraint]] represents the combinations of goods and services that a consumer can purchase given current prices with his or her income. ( Wikipedia ) | ||
*A [[w:Giffen good]] is one which people paradoxically consume more of as the price rises, violating the law of demand. In normal situations, as the price of a good rises, the substitution effect causes consumers to purchase less of it and more of substitute goods. In the Giffen good situation, the income effect dominates, leading people to buy more of the good, even as its price rises. ( Wikipedia ) | *A [[w:Giffen good]] ( [[w:fi:Investointi]] ) is one which people paradoxically consume more of as the price rises, violating the law of demand. In normal situations, as the price of a good rises, the substitution effect causes consumers to purchase less of it and more of substitute goods. In the Giffen good situation, the income effect dominates, leading people to buy more of the good, even as its price rises. ( Wikipedia ) | ||
* In economics and business, a [[w:network effect]] (also called '''network externality''' or demand-side economies of scale) is the effect that one user of a good or service has on the value of that product to other people. | * In economics and business, a [[w:network effect]] ( [[w:fi:Verkostovaikutus]] ) (also called '''network externality''' or demand-side economies of scale) is the effect that one user of a good or service has on the value of that product to other people. | ||
* [[w:Path dependence]] explains how the set of decisions one faces for any given circumstance is limited by the decisions one has made in the past, even though past circumstances may no longer be relevant. ( Wikipedia ) | * [[w:Path dependence]] ( [[w:fi:Polkuriippuvuus]] ) explains how the set of decisions one faces for any given circumstance is limited by the decisions one has made in the past, even though past circumstances may no longer be relevant. ( Wikipedia ) | ||
* [[w:Sunk cost]]s are retrospective (past) costs that have already been incurred and cannot be recovered. ( Wikipedia ) | * [[w:Sunk cost]]s are retrospective (past) costs that have already been incurred and cannot be recovered. ( Wikipedia ) | ||
=== Chapter 10 === | === Chapter 10 === | ||
[[w:Allocative efficiency]] is a type of economic efficiency in which economy/producers produce only those types of goods and services that are more desirable in the society and also in high demand.( Wikipedia ) | [[w:Allocative efficiency]] ( [[w:fi:Allokointitehokkuus]] ) is a type of economic efficiency in which economy/producers produce only those types of goods and services that are more desirable in the society and also in high demand.( Wikipedia ) | ||
=== Chapter 13 === | === Chapter 13 === | ||
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=== Chapter 16 === | === Chapter 16 === | ||
* [[w:Procyclical]] is a term used in economics to describe how an economic quantity is related to economic fluctuations. It is the opposite of countercyclical. However, it has more than one meaning. ( Wikipedia ) | * [[w:Procyclical]] is a term used in economics to describe how an economic quantity is related to economic fluctuations. It is the opposite of countercyclical. However, it has more than one meaning. ( Wikipedia ) | ||
* [[w:Monetarism]] is a tendency in economic thought that emphasizes the role of governments in controlling the amount of money in circulation. It is the view within monetary economics that variation in the money supply has major influences on national output in the short run and the price level over longer periods and that objectives of monetary policy are best met by targeting the growth rate of the money supply. ( Wikipedia ) | * [[w:Monetarism]] ( [[w:fi:Monetaristinen taloustiede]] ) is a tendency in economic thought that emphasizes the role of governments in controlling the amount of money in circulation. It is the view within monetary economics that variation in the money supply has major influences on national output in the short run and the price level over longer periods and that objectives of monetary policy are best met by targeting the growth rate of the money supply. ( Wikipedia ) | ||
*[[w:Taylor rule]] is a monetary-policy rule that stipulates how much the central bank should change the nominal interest rate in response to changes in inflation, output, or other economic conditions. ( Wikipedia ) | *[[w:Taylor rule]] is a monetary-policy rule that stipulates how much the central bank should change the nominal interest rate in response to changes in inflation, output, or other economic conditions. ( Wikipedia ) | ||