DICTIONARYINECONOMICS

Stephie Andielic F. MabagaIV - Daniel

Acceleration Principle - states that capital stock depends on the level of income and productionAgrarian Reform - broad issue that tackles the changes in the structure and general plan of the action in the agricultural sectorAgriculture - deals with the cultivation of soil, harvesting of crops, and raising livestockAllocation - refers to the mechanism that deals with the distribution of natural resources, human resources, and physical resources.Arbitration - procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the disputeAverage Revenue - the total revenue divided by output or quantity produced Balance of Payment - comprehensive statement of accounts, which includes the demand and supply for foreign countriesBalance of Trade - ration between a countrys exports and importsBank - an institution for lending, borrowing, issuing, or managing moneyBarangay - comes from the Malay word balangay which means sail boatBare-living Standard - to satisfy all the basic needs, the income of the people under this standard is barely enough for their needs.Barter - the exchange of goods for other goodsBenefit - it is what you gain from choicesBiology - the study of living thingsBirth Rate - refers to the number of children who are bornBlue Collar Job - jobs that require more physical effort and talents in doing the jobBoleta - ticket to have space in the galleonBonds - certificate of ownershipBoycott - concerted action of workers and their union to refrain from working with the establishmentBrain Drain - it happens when professionals go to other countries to work or even settle permanentlyBrawn Drain - occurs when our labor force or workers with technical and vocational know-how opt to use and apply their knowledge in a foreign landBusiness Cycle - change in business activity that occurs for years (period of prosperity, recession, depression, recovery)Capital Gains - profit made due to an increase in the market price of a stock from the buying priceCapital Goods - manufactured goods used to produce other goodsCapitalism - an economic system in which the ownership of land, capital, labor, and entrepreneur as factors of production are in the hands of the private sector or individualsCapital Market - market for securities where business enterprise and government can raise long-term fundsCapital Resources - man-made resourcesCapitals - are produced goods used to produce other goodsCartel - an organization of businessmen who control the price and quantity of the products and the distribution of the produced goods to gain the maximum profitCash Dividend - dividend in the form of cashCentral Bank - bank of the banksCharacter - sum total of personality traits which would distinguish an individual from another

Check - a piece of paper where the amount of money, name of bank, to whom it will be paid is writtenChemistry - centers its study in the composition of chemicals for the creation of variety of goods, which are needed in the economyClassicists - economists from the Classical SchoolClosed Shop - another form of labor disputeCollateral - anything of value that you promise to give if you cannot pay back the money that is borrowedCollusion - an agreement between two or more parties, sometimes illegal and therefore secretive, to limit open competition by deceiving, misleading, or defrauding others of their legal rights, or to obtain an objective forbidden by lawComfort Standard - income is sufficient enough to enjoy the comforts in life.Common Reaction - same opinion between two or more partiesCommon Stocks - represent the part ownership of the corporationsComplementary Goods - good with a negative cross elasticity of demand, in contrast to a substitute goodConciliation - first step to settle the conflicts between the management and workersConstruction - building of structures like factories, high rise buildings, and warehousesConsumer Services - services rendered by different business firms to repair and improve the consumer productsContracting - process where the government signs a contract that allows private corporations to manage goods and servicesCost of Living - the amount of money needed to purchase the basic commodities which is necessary to surviveCounterfeiting - an act of imitating the original form of money, and is illegalCredit Cards - the so-called plastic moneyCreditors - individuals who give loans Cronyism - giving jobs to friendsCyclical Unemployment - happens when there is economic slowdown; industries tend to lay off workers.Death Rate - the number of person who diedDecency Standard - income is much higher and betterDemand - refers to the number of goods and services that consumers are willing and able to buy at alternative prices at a given period of timeDemand Curve - graphical representation of the inverse relationship of price and quantity demanded which the consumer is willing to buyDemand Function - mathematical expression of the relationship of two variablesDemand Schedule - table showing the units of the product which the consumer is willing and able to buy at different pricesDemographer - the person who studies the structure of populationDemography - the science of vital and social statistics, as of the births, deaths, diseases, marriages, etc., of populationsDendrothermal energy - energy that comes from the steam produced by burning woodsDependency Ratio - is an age-population ratio of those typically not in the labor forceDeregulation - releasing certain industries from government control and regulationDevaluation - refers to the decrease in the value of peso compared to a foreign currency like the US dollarsDirect Appropriation Stage - hunting and fishing stageDivestiture - selling or transfer of business operation from the government control to the hands of the private corporationsDomestic Trade - exchange of goods and distribution of goods and services for local consumptionEconomics - the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankindEconomy - described as a simple process involving two sectors, the household and business firmsElasticity - describes how consumers respond to price changesEmployment - is the situation where people have a jobEncomienda - is a piece of land given to the loyal servants of the King of SpainEquilibrium - is a market condition where quantity supplied equals quantity demandedEquilibrium Price - is the price level that both buyers and sellers agree to have a transaction in the marketEquilibrium Quantity - refers to the quantity of products that buyers and sellers have agreed to transact at a specified price Ethics - morality of manFertility - is the natural human capability of producing offspring.Fiat Money - it can only be accepted if it is considered as legal tenderFiscal Policy - policy that deals with government expenditures and taxesFloor Price - refers to the lowest price in buying the products of farmers Foreign Trade - exchange of products and services of one country to anotherFree Trade - is concerned with the exchange of goods and services without trade barriers like tariffs and quotasFriar Lands - land owned by friarsFrictional Unemployment - occurs when people are moving from one job to anotherGDP (Gross Domestic Product) - refers to the total market value of goods and services produced within a country in a given period of timeGlobalization - refers to processes of international integration arising from the interchange of world views, products, ideas, and other aspects of cultureGNP (Gross National Product) - the accumulation of all the products and services produced in the countryGuilds - the union of workers of specific skillsHistory - recorded struggle of man from the past to the presentHoarding - keeping of supply of goods by the businessmen to wait for price increaseHuks - nuisancesHyperinflation - the price is continuously increasing every hour, day, and weekImperfect Competition - there are only few players in the market who control and manipulate the price of commodityIncome - the amount of money received as payment for produced goods and servicesIncome Distribution - refers to how the national income is divided among all sectors of the economyIndividual Choice - decisions made by people acting separately from one anotherIndustrial Credit - the one used in the establishment and operations of industriesIndustrialization - expansion of industries and the mechanization of all forms of productionInfant Mortality - is the death of a child less than one year of age.Inferior Goods - the goods for which the demand does not increase even when the income increasesInflation - the continuing increase in the general price level of commoditiesInventory - the normal quantity of goods stored by the business firms for future useInvestment - the injection into the circular flow of an equal the household savingsKinked Demand Curve - happens when one business firm increases its price but the competitors do not follow and act differently, so the business firm the increases its price has to collaborate with other firmsLabor force - refers to the person aged 15 years and above, maybe unemployed or employed who posses certain skills, abilities, talents, and maturity to be a part of the production

Labor Union - an organization that provides assistance and protection to the workersLaissez Faire - let alone policy of Adam SmithLand Reform - program that aims to provide lands to the farmersLaw of Supply - states that when the price of the product is high, producers are willing to sell more but if the price is low, producers tend to decrease the supply assuming all other things remain constantLiberalization - removal of restrictions so that imported products can freely enter our marketMacroeconomics - the study of the whole economyManor - center of agricultural economy during the manorial systemManufacturing - processing of raw materials into finished productsMarginal Revenue - the additional revenue per unit which the producer soldMarginal Theory - wages are based on the additional products, which are produces by the workersMarginal Utility - the principle that limits consumption and makes it predictableMarket - is the place where the two actors meetMarket Demand - is the combination of all the demands of the consumers in the marketMarket Supply - is the sum total of products that all producers or sellers sell in the market Mass leave - concerted work stoppage where the workers avail en masse of their paid leaves Mathematics - the science of numbers and their operationsMediation - a way of resolving disputes between two or more parties with concrete effectsMercantile Credit - commercial creditMicroeconomics - centered in discussing the small unit of the economyMinimum Wage - lowest wage to be paid to workers which is approves by the governmentMining - extraction of precious metals and various minerals in the different parts of the countryMonetary Policy - the manipulation and control of money supply and even credit conditions in the economyMoney - anything used as a medium of exchange, which is accepted by everybodyMonopolistic Competition - is known as the combination of monopoly and perfect competition Monopoly - a market structure with only one seller and producer who controls the biggest portion of supply in the marketMonopsony - a market structure where there is only one buyer in the market Nationalizing of Corporation - principle involving the ownership and operation of vital industries by the governmentNepotism - giving unfair advantages to family members was rampantNominal GNP - current pricesNominal Wage - amount received as payment for the services and produced goods by the workersNon-performing Assets - corporations that are not performing wellNotice of Strike - notification filled by a duly registered labor union about its intention to go on strikeOligopoly - a market structure where the number of producers is fewOptimum Level - the ideal or best level of production wherein a businessman can gain profit and acquire a minimum loss in the businessPayee - a person or a firm to whom a promissory note or check is payablePerfect Competition - kind of market where there are many sellers and buyers of the same economic productsPhysiocrats - group of people who believed in the importance of nature in the economic development of the countryPicketing - is a form of protest in which people (called picketers) congregate outside a place of work or location where an event is taking placePopulation - refers to the number of persons living in a particular areaPopulation Density - refers to the number of person living per square kilometerPoverty Standard - people who belong to this standard are considered as the poorest of the poor. They dont have the capacity to meet their basic needs.Preferred Stocks - represent the non-voting ownership of the corporationsPrice - is the important factor that determines the quantity of goods that suppliers are willing to sellPrice Ceiling - refers to the highest price or maximum price declared by the government for a particular productPrice Control - is implemented if a state of calamity is declaredPrice Elasticity - is the percentage in the quantity demanded of a product divided by the percentage or the said productPrice Support - is implemented to help the producers recover their production cost and to gain some profitPrivate Goods - goods and services provided by individuals for personal usePrivatization - transfer of ownership and management of corporation from the government and management of corporationProductivity - is the efficient use of resources to produce goods and servicesProfessional Tax - levied on specific occupations that are lawfully pursued like doctors, lawyers, and accountantsProgressive Tax - imposes a higher percentage rate of taxation on person with high income than those with low incomePromissory Note - a written promise in paying the debt on a specific dateProperty Tax - imposed on persons with real properties whether acquired, inherited, or donated based on their market valueProportional Tax - imposes the same percentage rate of taxation on everyone regardless of his or her incomePublic Domain - lands that belong to the state and available for everyone to usePublic Goods - goods and services provided by the governmentPublic Sector - represents the sector that provides the needs of the peoplePump Priming - government can raise its own expenditure to boost the economyQuota - is the limitation on the quantity of exported and imported goodsQuota - the limitation on the quantity of exported and imported goodsReal GNP - constant pricesReal Wage - value of products and services which the worker can buy from the income he receivesRevenue - the amount of money received from selling the productsSabotage - slowing down the production to make the company suffer in terms of profitSaving - setting aside a portion of a persons income for future useSavings - income not spent for consumptionScarcity - insufficiency or shortness of supply to the needs of the peopleScientific Method - a method of research in which a problem is identified, relevant data are gathered, a hypothesis is formulated from these data, and the hypothesis is empirically testedSeasonal Unemployment - losing the job due to change of season or weatherSecurities Market- economic market buyers and sellers of corporate and government securities meetServices - distributing, creating, and selling of electricity, gas, and waterSlavery - is a system under which people are treated as property to be bought and sold, and are forced to workSocial Choice - decision made by the government to satisfy the needs of the society Sociology - the science that studies the composition of society, social relationships, and social institutionsSpecialization - condition where our nation produces more with less costStandard of living - refers to the quality and quantity of products consumed by the individuals for the satisfaction of their needsStock Dividend - dividend given thru the stockholders in the form of stockStockholder - owns a stock of a corporationStock Market - place where trading securities occur Stock Rights - option given to the present stockholders to buy additional shares of stock at a price lower than the market placeStocks - shares of ownership in corporationStrike - temporary work stoppage of workersStructural Unemployment - losing the job due to decline in industries due to technological advancement and change in consumer tasteSubsidy - refers to the assistance provided by the government to small-scale businessmen and farmers to enable them to produce more productsSubsistence Theory - discussed the wages reliance on the level of needs of workersSupply - refers to the quantity of goods and services, which the supplier is willing and able to trade at alternative prices at given timeSupply Curve - refers to the graphic representation of the direct relationship of price and quantity of products, which the supplier is willing and able to sellSupply Function - is the mathematical equation of two variables that show the direct relationship of price and supplySupply Schedule - a table showing different units of the product that can be sold at different pricesSurvival - one of the goals of people and societyTariff - is the tax levied on imported goods Tax - is a compulsory contribution imposed by the government to individuals and business firmsTaxes - main source of government incomeThrift bank - savings bankTreasury Bills - a type of bond used as evidence of government loans to the publicUnderemployment - is the situation when the working hours of workers are less than eight hoursUnderground Economy - market in which goods or services are traded illegally, also called the Black marketUnemployment - is the situation where people cannot find a job and no job is available in the marketUnitary - the value of quantity demanded and the change in price is equal to one percentUtopia - is a community or society possessing highly desirable or perfect qualities. The word was coined in Greek by Sir Thomas More for his 1516 book UtopiaValue Added Tax - is placed on the value of the product at each stage of productionWage-fund theory - explains the importance of allocating fund for the wages that come from the capital of the businessmenWages - refer to monetary remuneration of workers according to contract on an hourly, daily or piecework basisWarrants - gives the stockholders the right to subscribe to new shares at a set price during a specifies period of timeWhite Elephant Projects - government projects which are not beneficial for the industrial sectorWorkers - One who works at a particular occupation or activity