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The Economics Game

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    (Original post by nerimon18)
    Utility
    Total revenue - I haven't really revised a definition but
    The total in which a firm makes.
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    (Original post by nerimon18)
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    Transfer Payment - A payment for which there is no corresponding output.
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    (Original post by nerimon18)
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    - the satisfaction gained from the consumption of a good

    Tax - a cost imposed by the government on 'things' to discourage consumption and increase government revenue
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    (Original post by tateco)
    - the satisfaction gained from the consumption of a good

    Tax - a cost imposed by the government on 'things' to discourage consumption and increase government revenue
    Aggregate demand - Total demand in an economy
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    (Original post by tateco)
    - the satisfaction gained from the consumption of a good

    Tax - a cost imposed by the government on 'things' to discourage consumption and increase government revenue
    Average cost-total cost divided by quantity
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    (Original post by Nextmove)
    Aggregate demand - Total demand in an economy
    Negative externality

    Some1 gimmie a definition :l
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    (Original post by MrEboueEmmanuel)
    Average cost-total cost divided by quantity
    Subsidy - a payment from a government to a producer ultimately to lower production costs
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    (Original post by MrEboueEmmanuel)
    Average cost-total cost divided by quantity
    Scarcity- unlimited wants compared to limited needs with finite resources.
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    (Original post by tateco)
    Subsidy - a payment from a government to a producer ultimately to lower production costs
    Derived demand

    Need a definition for this as well :l
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    (Original post by hemant1)
    Scarcity- unlimited wants compared to limited needs with finite resources.
    Total profit- Total revenue - total cost
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    (Original post by hemant1)
    Derived demand

    Need a definition for this as well :l
    Nominal GDP increase - Increase in GDP without taking out inflation
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    (Original post by MrEboueEmmanuel)
    Total profit
    Interest rate - the cost of borrowing money
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    (Original post by mel3)
    Interest rate
    Time lagg= Time taken to do something
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    (Original post by MrEboueEmmanuel)
    Total profit- Total revenue - total cost
    Investment - spending on capital that can be used repeatedly and continuously over several years to produce output
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    (Original post by hemant1)
    Time lagg= Time taken to do something
    Government spending - money spent by the government on the economy which is a component of aggregate demand
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    (Original post by tateco)
    Investment - spending on capital that can be used repeatedly and continuously over several years to produce output
    Non-excludable goods - the goods cannot be confined to those who have paid for it.
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    (Original post by joshgoldman)
    Non-excludable goods - the goods cannot be confined to those who have paid for it.
    Demand=Amount bought at a certain price+time period
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    (Original post by joshgoldman)
    Non-excludable goods - the goods cannot be confined to those who have paid for it.
    Life-cycle hypothesis - how spending changes over a life time and how it can influence the consumption of an economy

    edit: My bad, didn't read the good bit, ah well, at least it brings the letter I into the game :P
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    (Original post by joshgoldman)
    Non-excludable goods - the goods cannot be confined to those who have paid for it.
    Demand Deficient unemployment - When there's not sufficient demand in an economy to generate more jobs.

    Took a while but the D's are hard now. Hope that ones right couldn't explain it shorter than that.
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    (Original post by tateco)
    Life-cycle hypothesis - how spending changes over a life time and how it can influence the consumption of an economy

    edit: My bad, didn't read the good bit, ah well, at least it brings the letter I into the game :P
    Injection- Injection of money into an economy in the form of government spending, exports and investment.

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Updated: June 15, 2012
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