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The Economics Game

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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
    Income elasticity of demand= The responsiveness to demand with a change in income.
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    (Original post by Nextmove)
    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.
    Normative statement- value judgement
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    (Original post by hemant1)
    Normative statement- value judgement
    Negative wealth effect-wealth effect in reverse
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    (Original post by MrEboueEmmanuel)
    Negative wealth effect-wealth effect in reverse
    terms of trade-measures the rate of exchange of one good or service
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    (Original post by hemant1)
    Normative statement- value judgement
    Natural resources - Resources generated from the planet which can have value
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    (Original post by Nextmove)
    Natural resources - Resources generated from the planet which can have value
    Economy- Area where goods and services are produced
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    (Original post by Nextmove)
    Natural resources - Resources generated from the planet which can have value
    Efficient- Achieving maximum productivity with minimum waste
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    (Original post by MrEboueEmmanuel)
    Economy- Area where goods and services are produced
    Money Supply - The amount of money in an economy.
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    (Original post by MrEboueEmmanuel)
    Economy- Area where goods and services are produced
    Market failure- Private cost>Social cost
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    (Original post by Nextmove)
    Money Supply - The amount of money in an economy.
    Labour
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    (Original post by hemant1)
    Market failure- Private cost>Social cost
    Repo-rate - Some rate the central bank uses for something... Cool definition right?
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    (Original post by Nextmove)
    Repo-rate - Some rate the central bank uses for something... Cool definition right?
    Transmission Mechanism.
    When changes in the money supply affects Demand in an economy.
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    Keynes Effect: As prices fall, a given nominal amount of money will be a larger real amount. Consequently the interest rate would fall and investment demanded rise.
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    (Original post by tijuthomas)
    Transmission Mechanism.
    When changes in the money supply affects Demand in an economy.
    Trust me! The dominoes game is over!

    How many more T words can possibly exist in economics?

    EDIT: sure as hell proved me wrong
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    I give up for now >,<
    I'm gonna go revise Maths :l
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    (Original post by DarkSenrine)
    Keynes Effect: As prices fall, a given nominal amount of money will be a larger real amount. Consequently the interest rate would fall and investment demanded rise.
    Contestable market-When there are no or very little barriers to entry
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    (Original post by tijuthomas)
    Transmission Mechanism.
    When changes in the money supply affects Demand in an economy.
    Ok now i'm going for a possible one since I cant think of any more with S

    Stimulus package - Government intervention using fiscal policy to prevent economic crisis.
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    (Original post by Nextmove)
    Ok now i'm going for a possible one since I cant think of any more with S

    Stimulus package - Government intervention using fiscal policy to prevent economic crisis.
    A favourite of mine,
    Giffen Goods.
    Goods for which, as price increases, demand increases.
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    (Original post by tijuthomas)
    A favourite of mine,
    Giffen Goods.
    Goods for which, as price increases, demand increases.
    dividends
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    (Original post by tijuthomas)
    A favourite of mine,
    Giffen Goods.
    Goods for which, as price increases, demand increases.
    We've already had that one lol

    I was hoping someone would say GAME THEORY! Obvious one!

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