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Eco144 Unit 10 & 13

Definitions

TermDefinition
Money A medium of exchange used to purchase goods or services (e.g. bank notes, bank deposits, cheques)
Wealth Stock of things owned or value of that stock (e.g. buildings, land, machinery, capital goods, debts owed to you)
Income Amount of money one receives over some period of time (flow)
Expenditure Income consumed that reduces wealth
Depreciation Reduction in the value of a stock of wealth over time
Net Income Maximum amount that one could consume w/o running down wealth (Net Income = Gross Income – Depreciation)
Earnings Wages, salaries & other income from labour
Consumption Expenditure on consumer goods
Savings Income not consumed
Investment Expenditure on newly produced capital goods
Consumption (C) Expenditure on consumer goods and services
Investment (I) Expenditure on newly produced capital goods (incl. equipment, buildings, and inventories = unsold output)
Government spending (G) Government expenditure on goods and services (excluding transfers to avoid double-counting)
Net exports (trade balance) Exports (X) minus imports (M)
Business cycle Alternating periods of positive and negative growth rates.
Popular Economics sets

 

 



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