I
I ~Key words technical vacabulary
Economics English economics terminology
1.
An attractive goal for economics graduates of Japanese universities is to be able to converse about their field in English. To be an "international economist," not only mastery of basic
English but also of academic vocabulary and the technical vocabulary of economics is necessary.
In this paper, after explaining the types of vocabulary, the procedure for compiling a list of
Economics English and the implications of this list will be discussed.
A careful choice of vocabulary can simplify teaching. Nation (1999 p. 7, 8) identifies four types of vocabulary for English instruction.
1) high-frequency
2) academic
3) technical
4) low-frequency
High-frequency words are the most frequently used in English, beginning with the. In order to achieve good comprehension of informal conversation and reading, as well as to have a wellrounded arsenal for production, at least 2000 and preferably 3000 word families (head words plus inflections and common derivations) are required (see Nation, 2001). This vocabulary
A List of Economics English (Daulton) 59 -

typically covers around 80 percent of the running words of academic text and newspapers, and around 90 percent of conversation and novels (Chung & Nation, forthcoming). If one takes proper nouns as a given, this level provides nearly 95 percent coverage of most non-academic texts --a crucial threshold for comfortable reading (Hirsh & Nation, 1992). A modern collection of high-frequency English words is the BNC 3000, a frequency list derived by Nation
(forthcoming) from the 100-million-word British National Corpus.
For more on high-frequency words appearing in
see Daulton (2003a).
Academic words (e.g. academic, lecture) are necessary for academic discourse. One characteristic of academic words is that they are shared by several fields of study. Another is that they are supportive of but not central to the topics (see Coxhead 1998: 214). The most thorough collection is the 570 word family Academic Word List (AWL; Coxhead, 2000), which covers on average 8.5 percent of academic text, 4 percent of newspapers and less than 2 percent of the running words of novels (Coxhead, 1998).
For more on academic words appearing in
see Daulton (2005).
2.3
Technical words (e.g. cost-benefit analysis, micro-economics) are quite useful for those in particular circumstances (e.g. economists). In a sense, both academic words and technical words are high-frequency words for special purposes. But unlike academic words, technical words are typically limited to one field. Moreover, as technical words are content words, they are highly salient in discourse. The coverage for technical words varies, but tends to be rather high; it was found to be 31.2 percent in an anatomy book and 20.6 percent in a linguistics book
(Chung & Nation, forthcoming).
Low-frequency words (e.g. intuitive, pastoral) are words with infrequent use. They are not academic words but do include technical words unrelated to a particular field (e.g. photosynthesis for economists). As their number exceeds 100,000 and typically cover only around 5 percent of any text (Chung & Nation, forthcoming), it is better that learners not study low-frequency words, per se, but deal with them individually by guessing or referring to a dictionary.
Japanese need the high-frequency vocabulary of English for basic communication, and academic
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vocabulary for general academic purposes. And with knowledge of the English technical vocabulary of economics, Japanese will be lexically ready to participate in economics discourse -reading and writing economics papers, attending conferences, and so on. While there are suitable lists of high-frequency words (e.g. BNC 3000; Nation, forthcoming) and academic words
(AWL; Coxhead, 2000), no reasonably comprehensive list is available for basic economics terminology.
To assemble a list of "Economics English," three glossaries were examined. They were the on-line glossary from The Economist magazine <http://www.economist.com/research/
Economics!>), and the glossaries of two prominent textbooks of introductory economics, Stiglitz'
Economics (1997) and Mankiw's Principles of Economics (2001).
Even with overlap among the three glossaries, the list of Economics English would likely be too large. Typically, the technical vocabulary of a field contains less than a thousand words
(Nation, 1999: 13). As the total number of economics terms assembled would exceed this, an economics professor with experience teaching English economics terminology deleted terms he felt were non-essential. (Where appropriate word will be replaced by term as much of economics terminology consists of phrases such as absolute advantage and diminishing marginal utility rather than single words such as bubble.) Data on the glossaries and deletions is summarized in Table 1:
Table 1: Summary of glossaries, number of deletions and terms remaining
The Economist
Mankiw
Stiglitz original size of glossary
653
233
645 number of deletions
179
16
143 number of terms remaining
474
217
502
The Economist glossary contains 653 terms and 179 deemed non-essential were deleted, leaving
474 terms. Mankiw's glossary has 233 terms and 16 were deleted, and when the remaining 217 were added to The Economist's terms the total became 585 (with 106 having overlapped). With
Stiglitz' glossary of 645 terms, 143 were deleted, and with the remaining 502 the total of
Economics English grew to 892 terms (with 232 overlapping).
Considering that all three glossaries were intended to cover the basic technical vocabulary of economics, the lack of consensus among the glossaries was striking. Data on the sources of terms in the list of Economics English is summarized in Table 2:
A List of Economics English (Daulton) 61 -

Table 2: Summary of sources of economics terminology by glossary
All3
E&M
E&S
M&S
Only E
Only M
OnlyS
Total
68
38
80
46
288
65
307
892
"E" stands for The Economist glossary, "M" for Mankiw's and "S" for Stiglitz'. Regarding the previous deletions made to the glossaries, it is reasonable to assume that non-overlapping items
(i.e. the least useful) had been cut. It is therefore surprising to find that of the remaining 892 terms, only 68 (7.6 percent) overlapped in all three glossaries, and only 232 (26.0 percent) were found in at least two. The majority of terms appeared in but one glossary; for instance, Stiglitz' glossary contained 307 terms not included in
glossary or Mankiw's. Regarding the two introductory textbooks, 84.3 percent of the terms did not overlap.
An examination of the list of Economics English revealed two important pedagogical implications: discord in economics resulting in an inflated lexicon; a lack of cognates to facilitate learning.
4.1 An Inflated Lexicon
The lack of consensus among the three glossaries attests to a discord within economics, and competing political agendas swell economics with conflicting terminology. Approaches in economics range from
to state control, with innumerable permutations between.
Alternative perspectives (unmentionable in the mainstream media) include that Western-style economic growth is based on war, crime, corruption and the exploitation of the weak (e.g.
Chomsky, 1993).
Therefore economists from non-English countries will experience a lexical barrier. There are more terms than can be fully mastered. Those who resort to circumlocution (i.e. referring to a concept without using its exact terminology) will be judged ignorant of their field and their opinions dismissed. Meanwhile the developed countries maintain global hegemony with their monopolies on all manifestations of power including the lingua franca.
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Sometimes a student's native language is a great resource for learning foreign vocabulary, and this is usually the case for Japanese learning English. Various research (e.g. Daulton, 1998 and
2005; Hashimoto, 1992; Kimura, 1989) has shown that loanwords in Japanese (e.g. takushi) assist the learning of their related borrowed words (e.g. taxi). Words from different languages similar in form are cognates. Daulton (2003b) has shown that nearly half of the high-frequency words of English are cognate with common loanwords in Japanese, and Daulton (2005) has shown this for roughly a quarter of the academic words. Particularly with technical and scientific terms borrowed from English, due to internationally defined and accepted concepts, the Japanese meanings remain the same as the English ones (Nishiyama, 1995: 33).
Unfortunately, economics in Japan is conservative in its borrowing patterns. While the related field of trade contains about 80 percent of words of foreign origin, marketing 75 percent, and finance 34.5 percent (Loveday, 1996: 101, 111), only 15.4 percent (137 terms) in the list of
Economics English have been borrowed into Japanese as free-standing loanwords (e.g. cartel and karuteru). That is, Japanese economics prefers Sinofication (e.g. cost-benefit analysis becomes hi you beneki bunseki) or hybridization (e.g. macro-economics becomes makuro-
keizai). Indeed, economics joins the mainstays of power -- law and politics (Loveday, 1996:
88) -- in their begrudging and conservative approach to language. Those wishing to master the technical vocabulary of economics in English will not be greatly helped by cognate relationships with Japanese loanwords.
Given its large size as well as scarcity of cognates, we should organize our list of Economics
English in a fashion that will facilitate teaching and learning. Features to consider are
prevalence as determined by overlap among the glossaries, usefulness as determined by correspondences to high-frequency English, and ease of learning as determined by the presence of loanword equivalents in Japanese.
Based on the degree of overlap among the three glossaries, it is possible to predict a term's prevalence in economics discourse. This is a compelling consideration when deciding how soon a term should be presented and learned. The most ubiquitous terms should be mastered early.
Wording among the glossaries sometimes differed subtly, and judgments about how to handle each situation were necessary. For example, while Stiglitz contains constant returns, the other two glossaries contain constant returns to scale. In this case, constant returns was considered different enough to be a separate term by the economics professor, and then deleted as non-essential.
A List of Economics English (Daulton) - 63 -

Those terms that all three glossaries shared (e.g. absolute advantage) would constitute the first sublist of terms to be taught. Only 70 terms met this criteria. Time spent learning these terms is justified, as they are likely to be highly prevalent in economics.
Those terms found in two of the three glossaries (e.g. barriers to entry) would constitute the second sublist of terms. There were 159 terms that qualified. Following mastery of the first sublist, the second sublist should be studied as its technical vocabulary are rather likely to be met.
The present study included economics words that are also high-frequency vocabulary (i.e. polysemes). Having been encountered previously in English classes, corresponding economics words should be more easily remembered (see Ringbom, 1987). Although meanings may vary, generally the technical usage of a word and its high-frequency usage share a core meaning (e.g. cost and shock). Moreover, Japanese learners can add meanings to the English words they know
(Kimura, 1989).
A third sublist of high-frequency words with technical meanings was compiled from among the words not appearing in the first and second sublists. Sixty-eight words met this criteria. Such high-frequency words will typically have meanings very obscure (e.g. derivatives), specific (e.g. velocity) or important (e.g. demand) for economists.
The intrinsically easiest terms to learn are those that have been borrowed into Japanese. When learners know the corresponding Japanese economics terminology (e.g.
they will have a relatively easy time learning the original English (e.g. strike). If learners have not yet learned the Japanese terminology, learning the English version now may aid them in learning the
Japanese one later. Of the terms yet to be listed, 80 were found to have Japanese equivalents and were included in a fourth sublist.
The vast majority of terms in the list of Economics English, those 511 (e.g. usury, producer price index, and voting paradox) for which there was no overlap, were not to be found among highfrequency words, and for which there were no cognates, would constitute the fifth sublist.
The data for these five sublists of vocabulary is summarized in Table 3:
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Table 3: Summary of economics terminology by sub list and number of terms
1st Sublist
2nd Sublist
3rd Sublist
4th Sublist
5th Sublist
Total
3x glossary overlap 70
2X glossary overlap 163 high frequency cognates
(remaining words)
68
80
511
892
The first four sublists are of a size easily dealt with in classes. Various methods are available to learn these terms (e.g. memorization, flash cards, keyword method). These 381 terms are distinguished by their prevalence in the field of economics, their
in English overall, and their
They should be learned.
However, the majority of Economics English remains in the fifth sublist. These 511 otherwise crucial terms exist without consensus among economists, and do not correspond to high-frequency English nor cognates. They are probably the least useful and hardest to learn of the Economics English terms; even if it were possible to teach this many terms over a semester or year, using classroom time to do so is questionable. When learners encounter these and more obscure terms, an English/Japanese technical dictionary such as the Yuhikaku Keizai Jiten
(1983) will be indispensable.
By using glossaries, it was possible to create a list of Economics English. With the help of an economics professor, this list could be shortened to a more practical size. Finally, organizing the terms into five sublists according to overlap among the three glossaries, correspondences to highfrequency vocabulary, and the presence of cognates further enhanced the list's practicality.
Future research can determine the actual coverage of the five sublists in a wider scope of economics discourse. It should be possible, after examining various economics writings and utterances, to know how likely terms in each sublist are to be met. Such data could verify the rationale for the sublists.
For learners, the nature of the technical vocabulary of economics (e.g. inflation and lack of cognates) presents a considerable hurdle. Economics graduates from non-English countries, including Japanese, will have difficulty contributing to economics discourse on the global stage.
Given the perilous state of world affairs, a more humanitarian and Earth-friendly approach to the distribution of resources must emerge as the consensus. As the new paradigm rejects affronts to decency such as regressive tax and beggar-thy-neighbor policies, as well as insidious euphemisms such as free trade and zero-sum game, the number of terms in economics will deflate to a size easily dealt with by future international economists.
A List of Economics English (Daulton) - 65 -

I would like to thank Professor Naoki Tani, Ryukoku University Faculty of Economics, for his help in reducing the list of Economics English.
References
Chomsky, N. (1993). Year 501 --The Conquest Continues. South End Press, Boston.
Chung, T. M. and Nation, I. S. P. (forthcoming). Technical vocabulary in specialized texts.
Coxhead, A. (1998). An Academic Word List. Occasional Publication Number 18, LALS, Victoria University of
Wellington, New Zealand.
Daulton, F. E. (1998). Loanword cognates and the acquisition of English vocabulary.· The Language Teacher
20, 1: 17-25.
Daulton, F. E. (2003a). The High-frequency Vocabulary of English. The Ryukoku Journal of Humanities and
Sciences 24, 2: 19-42.
Daulton, F. E. (2003b). Common gairaigo cognates for the high-frequency vocabulary of English. The Ryukoku
Journal of Humanities and Sciences 25, 1: 51-78.
Daulton, F. E. (2005). Common Japanese loanwords corresponding to high-frequency and academic vocabulary -- are our students ready for foreign study? The Ryukoku Journal of Humanities and
Sciences 27, 1.
Hashimoto, R. (1992). English loanword interference for Japanese students of English. Unpublished M. Ed. thesis. Mankato State University.
Hirsh, D. and Nation, P. (1992). What vocabulary size is needed to read unsimplified texts for pleasure?
Reading in a Foreign Language 8, 2: 689-696.
Kimura, M. (1989). The effect of Japanese loanwords on the acquisition of the correct range of meanings of
English words. Masters Thesis, Brigham Young University, Department of Linguistics.
Loveday, L. J. (1996). Language Contact in Japan. Oxford Press, New York.
Mankiw, G. N. (2001). Principles of Economics (2nd edition). Harcourt College Publishers, Fort Worth.
Nation, I. S. P. (1999). Learning Vocabulary in Another Language. English Language Institute Occasional
Publication No. 19. Wellington.
Nation, I. S. P. (2001). How many high frequency words are there in English? In M. Gill, A. W. Johnson, L. M.
Koski, R. D. Sell and B. Warvik (eds.) Language, Learning and Literature: Studies Presented to Hakan
Ringbom. English Department Publications 4, Abo Akademi University, Abo: 167-181.
Nation, I. S. P. (forthcoming). A study of the most frequent word families in the British National Corpus.
Nishiyama, S. (1995). Speaking English with a Japanese mind. World Englishes, 14, 1: 55-66.
Ringbom, H. (1987). The Role of the First Language in Foreign Language Learning. Multilingual Matters,
Clevedon & Philadelphia.
Stiglitz, J. E. (1997). Economics (2nd Edition). W.W. Norton and Company, New York.
Yuhikaku Keizai Jiten (dai yon pan), {Yuhikaku Dictionary of Economics Terms (4th edition)}. Yuhikaku,
Japan.
Appendix: The List of Economics English (381 items)
Sublist One (Terms Overlapping in Three Glossaries; 70 items) absolute advantage; appreciation; capital; cartel; central bank; closed economy; Coase's theorem; comparative advantage; consumer surplus; crowding out; deadweight cost/loss; demand curve; depreciation; diminishing
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returns; discount rate; economics; efficiency wages; elasticity (relative elasticity); exports; externality; factors of production; Federal Reserve (System I banks); financial intermediary; financial system; fixed costs; free riding
(rider); frictional unemployment; horizontal equity; human capital; imports; income effect; indexation; indifference curve; inferior goods; inflation; investment; liquidity; macroeconomics; market failure; market power; menu costs; microeconomics; monetary policy; money; monopoly; natural monopoly; natural rate of unemployment; normal goods; oligopoly; open economy; open-market operations; opportunity cost; permanent income (hypothesis); price discrimination; Phillips curve; production function; productivity; progressive tax(ation); profit; public goods; scarcity; stagflation; stocks; structural unemployment; substitution effect; sunk costs; supply curve; transaction costs; variable costs; vertical equity
Sublist Two (Terms Overlapping in Two Glossaries; 163 items) adverse selection; aggregate-demand curve; aggregate-supply (curve); antitrust (laws I policy); arbitrage; assets; asymmetric information: automatic stabilizers: average tax rate; average variable cost: barriers to entry (or exit): barter; bonds; boom and bust; budgetal constraint; business cycle; capital flight; capital gains; capital markets; catch-up effect; ceteris paribus; classical dichotomy; collusion; compensating (wage) differential; Communism; complements; constant returns to scale; consumer price index (CPI); consumption; contestable market(s); costbenefit analysis; cyclical unemployment; debt; deficit (fiscal deficit); deflation; demand deposits; depression; deregulation; devaluation; discouraged workers; diseconomies of scale; diversification; dividend(s); division of labo(u)r; dumping; econometrics; economic rent; economies of scale; efficiency; efficient market hypothesis
(theory); equilibrium; equity; exchange rate; expected returns; fiat money; financial markets; fiscal policy; game theory; GDP; GDP deflator; General Agreement on Tariffs and Trade; general equilibrium; Giffen goods; gift and estate tax; Gini coefficient; GNP; gross national product (GDP); horizontal integration; imperfect competition; income elasticity of demand; inflation tax; infrastructure; interest; job search; labor-force participation rate; law of supply and demand; life-cycle (hypothesis); lump-sum tax; marginal cost; marginal product; marginal rate of substitution; marginal revenue; marginal tax rate; market(s); market economy; medium of exchange; mixed economy; monetary neutrality; money multiplier; money supply; monopolistic competition; moral hazard; multiplier; mutual fund; Nash equilibrium; negative income tax; nominal GDP; nominal interest rate; normative economics; Okun's law; Pareto efficiency; patents; perfect competition; physical capital; positive economics; predatory pricing; price ceiling; price elasticity of demand; price elasticity of supply; price floor; principal-agent theory (problem); prisoners' dilemma; privatization; producer price index; producer surplus; property rights; protectionism; purchasing power parity (PPP); quantity theory of money; quota; random walk; rational expectations; real balance effect; real exchange rate; real interest rate; recession; regressive tax; rent; rentseeking; reservation wage; reserve requirements; restrictive practice; risk premium; shadow price; shortage; signaling; simple interest; social benefits/costs; Socialism; sticky prices; strike; store of value; substitute goods
(substitutes); supply shock; surplus; tariff; tax incidence; total cost; trade deficit/surplus; tragedy of the commons; treasury bills; trough; trust; unemployment rate; unit of account; utility; value added; value of marginal product (of labor); vertical integration; voluntary unemployment; welfare; welfare economics; World Trade Organization
(WTO)
Sublist Three (Words with High-frequency Meanings; 68 items) accelerator; auctions; bank; bear breach; budget; bull; capacity; centralization; commodity; competition; competitiveness; concentration; corporation; cost; credit; creditor; currency; demand; derivatives; discount; enterprise; expectations; firms; flows; forecasting; futures; income; inequality; insurance; intervention; luxuries; marginal; maturity; mean; model; neutrality; option; output; partnership; peak; population; preference; price; principal; rationality; regulation; reputation; reserve; returns; revenues; savings; screening; search; securities;
A List of Economics English (Daulton) 67-

services; shares; shock; slope; speculation; stabilization; supply; transfers; uncertainty; unemployment; variable; wages; yield
Sublist Four (Terms with Loanword Equivalents in Japanese; 80 items) animal spirits; balance sheet; black market; Bretton Woods; bubble; capital loss; corporate finances; cost-push inflation; credit crunch; crony capitalism; currency board; demand-pull inflation; disinflation; disintermediation; due process; emerging markets; Euro; Euro Zone; Eurodollar; fair trade; fine tuning; fiscal drag; forward contracts; free lunch; free-market economics; gearing; globalization; hedge; hedge funds; hot money; indexed funds; inflationary spiral; inflation target; innovation; inputs; insider trading; J-curve; junk bonds; Keynesian; lags; laissezfaire; leverage; leveraged buy-out (LBO); market risks; median; monetarism; monetarists; money markets; new economy; offshore; outsourcing; overshooting; portfolio; premium; price leader; price takers; principal-agent problem; reflation; rescheduling; risk; risk management; search costs; securitisation; Seignorage; spot price; stagnation; stakeholders; stock option; supply-side policies; supply siders; sustainable development; systematic risk; systemic risk; takeover; tax haven; venture capital; winner-takes-all markets; work sharing; yield curve; yield gap
Sublist Five (Remaining Words; 511 items) ability-to-pay principle; agency costs; aggregate consumption function; aggregate expenditures schedule; aggregate savings; aggregate savings rate; altruism; Asian crisis; assistance in kind; autonomous consumption; autarky ; average costs; average fixed cost; average productivity; average revenue; average total cost; balance of payments; balanced budget; balanced budget multiplier; balanced trade; bank run; bankruptcy; beggar-thyneighbor policies; benefits principle; bequest savings motive; Bertrand competition; bilateral trade; budget deficit; budget surplus; buyer's market; capital adequacy ratio; capital goods; capital goods investment; capital goods markets; capital inflow; capital intensive; capital outflows; capital requirements; capital structure; Capitalism; causation; centrally planned economy; central planning; certificate of deposit (CD); circular flow; classical economics; classical unemployment; collateral; command economy; commercial policies; commodity money; common goods; Common Market; common resources; competitive advantage ; competitive equilibrium price; competitive market; competitive model; complementary goods; compound interest; comparative worth; compound interest; consumer confidence; consumer prices; consumer protection legislation; consumption function; contingency clauses; corporate income tax; correlation; cost of capital; countervailing duties; coupon rationing;
Cournot competition; creative destruction; credit creation; credit rationing; cross-price elasticity of demand; cross subsidization; currency peg; current account; debt-equity ratio; decentralization; default; deficit spending; demand constrained equilibrium; demand schedule; demand shocks; deposit insurance; depreciation allowance; developed or industrialized countries; developing countries; development economics; diminishing marginal products; diminishing marginal rates of substitution; diminishing marginal rates of technical substitution; diminishing marginal utility; direct taxation; discounted cashflow; discretionary expenditures; disequilibrium; disposable income; dollarisation; dominant firm; dominant strategy; double coincidence of wants; downward rigidity of wages; duel economy; duopoly; durable goods; dynamically efficient; dynamic consistency; ECB; economic and monetary union; economic indicator; economic man; economic profit; economic sanctions; economies of scope; effective exchange rate; efficiency wage theory; efficient scale; endogenous; Engel's law; entrepreneur; environmental economics; equilibrium price; equilibrium quantity; European Central Bank; European Union; excess or free reserves; excess returns; excess supply; exchange controls; exchange efficiency; excise tax; excludability; exclusive dealing; exogenous; exogenous shocks; expectations-augmented Phillips curve; expenditure tax; export credit; export-led growth; factor cost; factor demand; federal debt; Federal Open Market Committee (FOMC);
Federal Reserve Board (Fed); final goods approach to measuring GDP; financial instrument; financial investments;
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first-mover advantage; fiscal deficit; fiscal neutrality; fiscal stimulus; Fisher effect; fixed exchange rate system; fixed (or overhead) inputs; flexible or floating exchange rate system; flotation; flow statistics; foreign direct investment; fractional-reserve banking; fractional reserve system; free trade; full employment; full employment deficit; full employment level of output; G7, G8, GlO; gains from trade; GATT; GDP per capita; general equilibrium analysis; global public goods; gni; gold standard; golden rule; government bonds; government debt; government expenditure; government purchases; government revenue; Gresham's law; gross domestic product; highly leveraged; homo economicus; horizontal merger; hostile takeover; hyper-inflation; hypothecation; IMF; imperfect information; imperfect markets; imperfect substitutes; implicit contract; implicit costs; import function; import quota; import substitution; incentive-equality trade-off; income approach to measuring GDP; income-expenditure analysis; income tax; increasing returns; increasing constant, or diminishing returns to scale; incumbent advantage; index numbers; indirect taxation; individual income tax; industrial policies; inelastic; infant industry argument for protection; infinite elasticity of demand; infinite elasticity of supply; inflation inertia; inflation rate; inkind transfers; insider traders; institutional investors; intangible assets; intellectual property; interest elasticity of savings; interest rate; interest rate effect; internalizing an externality; International Monetary Fund; international trade; intertemporal trades; investment function; investment schedule; invisible hand; involuntary unemployment; isocost; isoquants; job discrimination; joint products; joint supply; Keynes, John Maynard; Keynesian unemployment; kinked demand curve; Kondratieff wave; labor force; labour intensive; labor market; labour market flexibility; labor turnover rate; Laffer curve; lagging indicators; land tax; law of demand; law of supply; leading indicators; learning by doing; lender of last resort; less developed countries (LDCs); liabilities; life-cycle savings motive; life-cycle theory of savings; limited liability; local public goods; long-run aggregate supply curve; long-term bonds; Lorenz curve; luxury tax; MI, M2, M3; macroeconomic policy; marginal benefit; marginal changes; marginal costs and benefits; marginal product of labor; marginal propensity to consume; marginal propensity to import; marginal propensity to save; marginal rate of technical substitution; marginal rate of transformation; marginal utility; market clearing; market demand; market demand curve; market forces; market labor supply curve; market of loanable funds; marketplace; market supply; maximum criterion; median voter; mergers and acquisitions; merit goods and bads; minimum wage; model of aggregate demand and aggregate supply; Modigiani-Miller theorem; monetary aggregates; money illusion; monopolist; monopoly rents; monopsony; most-favored nation; multi-lateral trade; multiplier-accelerator model; multiplier effect; myopic expectations; NAFTA; national debt; national income; national saving (saving); nationalization; natural endowments; negative public savings; neo-classical economics; net capital inflows; net domestic product (NDP); net exports; net export function; net exports; net foreign investment; net present value (NPV); network effect; neutrality of money; new classical economists; new growth theory; new Keynesian economists; newly industrialized countries (NICs); NGO; nominal exchange rate; nonaccelerating inflation rate of unemployment (NAIRU); nonexcludability; non-price competition; nonrivalrous; nontariff barriers; normative statements; North American Free Trade Agreement (NAFTA); OECD; OPEC; opportunity sets; optimal currency area; optimum; output gap; output per capita; outward investment; overhead costs; over the counter; partial equilibrium analysis; paternalism; perfect complements; perfect information; perfectly elastic; perfectly inelastic; perfectly mobile capital; perfect substitutes; piece-rate system; Pigou effect;
Pigovian tax; planned economy; planned and unplanned inventories; Plaza Accord; policy ineffectiveness proposition; positive statements; potential competition; potential GDP; precautionary savings motive; present discounted value; present value; price index; price makers; price mechanism; price regulation; price/earnings ratio; price system; principle of consumer sovereignty; principle of substitution; private goods; private savings; Prisoner's
Dilemma; private marginal cost; private property; producer prices; product differentiation; production function; production possibilities curve; production possibilities frontier; productivity wage differential; product liability; profit margin; profit maximization; propensity; property tax; proportional tax; proprietorship; public saving; public spending; public utility; public-private; pure profit or monopoly rents; pure public good; Q theory; queueing; rate of
A List of Economics English (Daulton) 69 -

return; ratings; rational choice; rationing; rationing by queues; reaction function; real business-cycle theorists; real
GDP; real income; real product wage; real terms; real wage; reciprocity; regression analysis; regulatory capture; relative income hypothesis; relative price; rent control; required return; resale price maintenance; reserve ratio; residual; residual risk; retained earnings; revealed preference; revenue curve; Ricardian equivalence; risk averse; risk adverse, risk loving, risk neutral; risk neutral; risk-free rate; sacrifice ratio; safe harbor; sales tax; Say's law; seasonally adjusted; seasonal unemployment; secondary market; seller's market; seniority; shareholder value; shoeleather costs; short-run aggregate supply curve; short-run production function; short-term bonds; Smith's
"invisible hand"; smoothing consumption; social capital; social insurance; social market; social marginal costs; social science; soft budget constraints; sovereign risk; speculative motive; stagflation; standard deviation; static expectations; statistical significance; sterilized intervention; sticky wages; Stochastic process; strategic trade theory; subsidy; supply schedule; surplus labor; sustainable growth; tacit collusion; tangible assets; target savings motive; tax avoidance; tax burden; tax evasion; tax expenditures; tax-favored assets; taxation; technical progress; terms of trade; theory of liquidity preference; thin markets; tie-ins; tiger economies; time constraints; time value of money; time series; total factor productivity analysis; total return; total revenue; trade balance; trade-offs; trade policy; trading blocs; traditional monetary theory; transactions demand for money; transition economies; transplants; underground economy; unemployment insurance; unitary price elasticity; utility possibilities curve; value-added approach to measuring national output; variable inputs; velocity of circulation; velocity of money; vertical merger; volatility; voluntary export restraints (VERs); voting paradox; wage discrimination; wealth effect; wholesale price index; willingness to pay; withholding tax; World Bank; world price
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