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
 http://www.economicswebinstitute.org/concept
s.htm
 http://www.economist.com/research/economic
s/