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The Economics Game

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Applying to Uni? Let Universities come to you. Click here to get your perfect place 20-10-2014
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    Guys! Don't just say the words write the definitions as well otherwise the game dies!
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    (Original post by MrEboueEmmanuel)
    Lorenz curve- graphical representation of the proportionality of a distribution.
    Endogeneity - the bane of just about any empirical economic research... otherwise known as the problem in an economic model when a covariate(s) is correlated with the error term.
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    (Original post by tateco)
    Revenue
    Education - A supply side measure to shift the LRAS to the right.
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    (Original post by MrEboueEmmanuel)
    Lorenz curve- graphical representation of the proportionality of a distribution.
    Export-led growth - growth fuelled by increasing exports
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    (Original post by tateco)
    Revenue
    Elastic.
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    (Original post by Nextmove)
    Education - A supply side measure to shift the LRAS to the right.
    Notation - a short-hand way of writing unusually long words like aggregate-supply, a method which is often adopted in economics
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    (Original post by Groat)
    Elastic.

    Consumption - The amount of goods brought in an economy
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    (Original post by tateco)
    Notation - a short-hand way of writing unusually long words like aggregate-supply, a method which is often adopted in economics
    Hey! That doesn't count cheater!
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    (Original post by Groat)
    Elastic.
    Cross elasticity of demand-Measures the responsiveness of the demand of a good or service to a change in price of another good or service.
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    (Original post by Groat)
    Elastic.
    Cost - the value of the alternative
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    (Original post by Nextmove)
    Consumption - The amount of goods brought in an economy
    Natural monopoly - when a monopoly arises because it is more efficient for one company to provide a good/service than for more than one to do so.
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    (Original post by Groat)
    Elastic.
    Coase Theorem - distribution of property rights has no effect if parties can negotiate, you'll always get an efficient outcome.
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    (Original post by tateco)
    Cost - the value of the alternative
    Turnover - Total revenue accumulated by a business over a certain time
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    (Original post by Nextmove)
    Hey! That doesn't count cheater!
    That's where trying to be funny gets me :/

    Net investment - gross investment with depreciation subtracted
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    (Original post by Swayum)
    Coase Theorem - distribution of property rights has no effect if parties can negotiate.
    Merit good - a good that has more private benefits than consumers realise.
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    (Original post by Groat)
    Merit good - a good that has more private benefits than consumers realise.
    Deficit - where spending exceeds revenue.
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    demerit good - a good that is more harmful for consumers than they realise.
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    (Original post by ArsLongaVitaBrevis)
    Deficit - where spending exceeds revenue.
    Thatcherism - supply side policies and reduced involvement of the government
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    (Original post by ilovedubstep)
    demerit good - a good that is more harmful for consumers than they realise.
    Diamond-Dyvbig Banking Model - a model to explain why there are bank runs
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    (Original post by tateco)
    Thatcherism - supply side policies and reduced involvement of the government
    There are like 3 answers to that but they all end in Y so I cant use them. Otherwise it'll be game over! hmmm...

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