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Economic Terms

A summary of key concepts from the history of economic thought

Fiscal Policy Any action taken by the government which alters current revenue & exp
Monetary Policy Actions taken by the ECB which influences the money supply, interest rates and availability of credit.
Consumer Surplus The difference between what a consumer actually pays for a good and the maximum which he/she would have been willing to pay rather than going without it.
Price Elasticity of Demand (PED) Shows how sensitive or responsive demand is to a change in the price of the good itself.
Cannons of Taxation Fair tax system; equity, economy, certainty & convenience
Free Trade Without tariffs/tax, markets operate effectively & trade will be spread between nations
Laissez-faire No government intervention except for defense/justice.
Iron Law of Wages An increase in wage above subsistence level = increase in population = increase in supply of labour =decrease in wage
Protectionism When tariffs/tax is used to make imports dearer and when subsidies are used to make exports cheaper.
Economic Rent Food produced on good land earned a surplus over that produced on inferior land. This surplus led to an increased rent payable for the use of good land.
Law of Comparative Advantage A country should specialise in the production of those goods in which it is relatively most efficient and trade for the remainder of it’s requirements.
Say’s Law “Supply creates it’s own demand”.
The Multiplier Shows the relationship between an initial injection into the circular flow of income and the eventual total increase in national income.
Liquidity Preference Theory The 3 reasons (motives) for holding money, are: transactionary, precautionary , speculative
Created by: pdsteconomics