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Economics-Mankiw-P9

Definitions of the newest Mankiw (Special edition with financial crisis)Ch.25-28

QuestionAnswer
Productivity the quantity of goods and services produced from each hour of a worker's time
Physical capital The stock of equipment and structures that are used to produce goods and services
Human capital the knowledge and skills that workers acquire through education, training and experience
Natural resources the inputs into the production of goods and services that are provided by nature, such as land, rivers and mineral deposits
Technological knowledge society's understanding of the best ways to produce goods and services
Diminishing resources the prosperity whereby the benefit from an extra unit of an input declines as the quantity of the good increases
Catch-up effect the property whereby countries that start off poor tend to grow more rapidly than countries that start off rich
Financial system the group of institutions in the economy that help to match one person's saving with another person's investment
Financial markets financial institutions through which savers can directly provide funds to borrowers
Bond A certificate of indebtedness
Stock (or share or equity) a claim to partial ownership in a firm
Financial intermediaries financial institutions through witch saver can indirectly provide funds to borrowers
investment fund an institution that sells shares to the public and uses the proceeds to buy a portfolio of stocks and bonds
National saving (saving) the total income in the economy that remains after paying for consumption and government purchases
Private saving the income that households have left after paying for taxes and consumption
Public saving the revenue that the government has left after paying for its spending
Budget surplus An excess of tax revenue from government spending
Budget deficit s shortfall of tax revenue from government spending
Crowding out a decrease in investment that results from government borrowing
Finance the field of economics that studies how people make decisions regarding the allocation of resources over time and the handling of risk
Present value the amount of money today that would be needed to produce, using prevailing interest rates, a given future amount of money
Future value the amount of money in the future that an amount of money today will yield, given prevailing interest rates
Compounding the accumulation of a sum of money in, say, a bank account, where the interest earned remains in the account to earn additional interests in the future
Risk averse exhibiting a dislike of uncertainty
Diversification the reduction of a risk achieved by replacing a single risk with a large number of smaller risks
Idiosyncratic risk risk that affects only a single economic actor
Aggregate risk risk that affects all economic actors at once
Fundamental analysis the study of a company's accounting statements and future prospects to determine its value
Efficient market hypothesis the theory that assets prices reflect all the publicly available information about the value of an asset
Informationally efficient reflecting all available information in a rational way
Random walks the path of a variable whose changes are impossible to predict
Natural rate of unemployment the normal rate of unemployment around which the unemployed rate fluctuates
Cyclical unemployment the deviation of unemployment from its natural rate
Labour force the total number of workers, including both the employed and the unemployed
Unemployment rate the percentage of the labour force that is unemployed
Labour force participation rate (or economic activity rate) the percentage of the adult population that is in the labour force
Structural unemployment unemployment that results because the number of jobs available in some labour markets is insufficient to provide a job for everyone who wants one
Job search the process by which workers find appropriate jobs given their tastes and skills
Unemployment insurance a government program that partially protects workers's incomes when they become unemployed
Union a work association that bargains with employers over wages and working conditions
Collective bargaining the process by which unions and firms agree on the terms of employment
Strike The organized withdrawal of labour from a firm by a union
Efficiency wages above-equilibrium wages paid by firms in order to increase worker productivity
Created by: Medardus
 

 



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