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Academic Team Math

"Economics" what is economics commonly described as "the science of how people make a living."
This is the simplest yardstick of economic performance. If one person, firm or country can produce more of something with the same amount of effort and resources, they have an absolute advantage over other producers. Absolute advantage
A theory of how people form their views about the future that assumes they do so using past trends and the errors in their own earlier predictions. Contrast with rational expectations.
When you do business with people you would be better off avoiding. Adverse selection
These can arise when somebody (the principal) hires somebody else (the agent) to carry out a task and the interests of the agent conflict with the interests of the principal. Agency costs
Farming around the world continues to become more productive while generally accounting for a smaller share of employment and national income Agriculture
The running down or payment of a loan by instalments Amortisation
The colourful name that keynes gave to one of the essential ingredients of economic prosperity: confidence Animal spirits
to stop abuses of market power by big companies Anti Trust
Created by: 1415charlesclark