Economics ABC Book By: Fahad Almojel

Honey Bees and The RPG’s

The End …

Index  Assumptions : Something you expect – without proof, something accepted as true without any real basis  Balance of Payments : The total of all the money coming into a country from abroad less all of the money going out of the country during the same period  Ceteris Paribus : with other conditions remaining the same, Other things being equal  Demand : A desire or request for a certain good or service  Expectations : Strong belief that something will happen or be the case in the future, they can be based on truths or assumptions.  Foreign Direct Investment : Investing directly in production in another country, either by buying a company there or establishing new operations of an existing business.  GDP : Gross domestic product, a measure of economic activity in a country  Hard Currency : Money you can trust. A hard currency is expected to retain its value  Inflation : Rising prices, across the board.  Joint Stock Company : a company whose stock is owned jointly by the shareholders  Keynesian : A branch of economics, based, often loosely, on the ideas of Keynes, characterized by a belief in active government and suspicion of market outcomes.  Labor : One of the factors of production, with land, capital and enterprise.

 Model : An imitation, a prototype, a blueprint to follow, an explanation of reality, a theory  Nationalization : When a government takes ownership of a private-sector business  Opportunity Costs : The true cost of something is what you give up to get it.  Price : The price charged for something depends on the tastes income and elasticity of demand of customers.  Quartile : Part of the “ile” family that signposts positions on a scale of numbers  Recession : a period of slow or negative economic growth, usually accompanied by rising unemployment  Scarcity : Insufficient for demand, lack of something, a few of something  Trade-Offs : A balanced achieved two desirable but incompatible features; a compromise.  Utility : The state of being useful, profitable, or beneficial  Value : the material on monetary worth of something  Well-Being : the state of being comfortable, healthy, or happy  X-Efficiency : Producing output at the minimum possible cost  Yield: The annual income from a security, expressed as a percentage of the current market price of the security.  Zero-Sum Game : When the gains made by winners in an economic transaction equal the losses suffered by the losers

Citations  s.htm s.htm  s/ s/