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Marginal Utility and Split Roll: Economics Practice

Word List with 48 words
*By Dictionary.com

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Words in This List

abstinence
noun
the conserving of current income in order to build up capital or savings
horizontal
adjective
pertaining to companies and divisions that perform the same or similar functions or produce the same or similar products:
recession
noun
a period of an economic contraction, sometimes limited in scope or duration
inflation
noun
a persistent, substantial rise in the level of prices related to an increase in the volume of money and resulting in the loss of value of currency
protect
verb
to guard the industry or an industry of a nation from foreign competition by imposing import duties
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mercantile
adjective
of the mercantile system, describing a country's plan to secure economic supremacy through creating a trade imbalance in its favor
deflation
noun
a fall in the general price level or a contraction of credit and available money
inflate
verb
to expand unduly in amount, value, or size
protective
adjective
of, pertaining to, or designed to favor certain industries or groups, often over imported rivals, as in protective tariffs
sourcing
noun
the buying of components of a product from an outside supplier, often one located abroad
inelastic
adjective
relatively unresponsive to changes, as demand when it fails to increase in proportion to a decrease in price
protectionism
noun
the fostering of developing domestic industries by protecting them from foreign competition through duties or quotas imposed on importations
law of diminishing marginal utility
noun
the law that for a single consumer the marginal utility of a commodity diminishes for each additional unit of the commodity consumed
market share
noun
the specific percentage of total industry sales of a particular product achieved by a single company in a given period of time
redistribution
noun
reducing inequalities in income through such measures as progressive income taxation and antipoverty programs
marginal cost
noun
the cost of one additional unit of any item produced or bought in quantity
division of labor
noun
a production process in which a worker or group of workers is assigned a specialized task in order to increase efficiency
capital goods
plural noun
machines and tools used in the production of other goods
consumer goods
plural noun
goods that are ready for consumption in satisfaction of human wants, as clothing or food, and are not utilized in any further production
indexation
noun
the automatic adjustment of wages, taxes, etc., according to changes in the cost of living to compensate for inflation
disinflation
noun
a period or process of slowing the rate of inflation
marginal utility
noun
the extra satisfaction derived by a consumer from the consumption of the last unit of a commodity
inferior goods
noun
commodities that are less in demand as consumer income rises
nairu
noun
the nonaccelerating inflation rate of unemployment: the lowest level of unemployment an economy can handle without causing inflation
diminishing returns
noun
when a factor of production, such as labor, is increased while other factors are held constant, the output per unit of the variable factor will lessen
acceleration principle
noun
the principle that an increase in the demand for a finished product will create a greater demand for capital goods
money supply
noun
the sum of demand or checking-account deposits and currency in circulation
iron law of wages
noun
the doctrine or theory that wages tend toward a level sufficient only to maintain a subsistence standard of living
acceleration coefficient
noun
the ratio of change in capital investment to the change in consumer spending
demand-side
adjective
pertaining to an economic policy that treats consumer demand as the chief determinant of the economy
producer goods
noun
goods, such as machinery or raw materials, that are used in the process of creating consumer goods
superior goods
noun
commodities that are more in demand as consumer income rises
nominal wages
noun
wages measured in terms of money and not by their ability to command goods and services
supply-side
adjective
a theory that stresses the reduction of taxes as a means of encouraging business investment and growth to stabilize the economy
split roll
noun
a taxation under which real-estate taxes on business and industrial buildings are levied at higher rates than on residential homes
leading indicators
plural noun
data that reflect current economic conditions and can suggest future developments or fluctuations in the nation's economy
soft landing
noun
a slowing down of economic growth at a manageable rate relative to inflation and unemployment
productive
adjective
producing or tending to produce goods and services having exchange value
consumption
noun
the using up of goods and services having an exchangeable value
cooperation
noun
the combination of persons for purposes of production, purchase, or distribution for their joint benefit
distribution
noun
the division of the aggregate income of any society among its members, or among the factors of production
elastic
adjective
relatively responsive to change, as to a proportionate increase in demand as the result of a decrease in price
monetize
verb
to convert (a debt, esp. the national debt) into currency, especially by issuing government securities or notes
production
noun
the creation of value; the producing of articles having exchange value
single tax
noun
a tax, such as on land, that constitutes the sole source of public revenue
supply
noun
the quantity of a commodity that is in the market and available for purchase or that is available for purchase at a particular price
wage
noun
the share of the products of industry received by labor for its work, distinct from the share going to capital
wealth
noun
all things that have a monetary or exchange value; anything that has utility and is capable of being appropriated or exchanged

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