1. Classical economics asserts that markets function best without government interference
2. A consumer price index (CPI) measures changes in the price level of a market basket of consumer goods and services purchased by households.
3. Wholesaling, jobbing, or distributing is the sale of goods or merchandise to retailers; to industrial, commercial, institutional, or other professional business users; or to other wholesalers and related subordinated services.
4. In economics, the GDP deflator (implicit price deflator) is a measure of the level of prices of all new, domestically produced, final goods and services in an economy.
5. Technical progress (or technological progress) is an economic measure of innovation.
6. The primary sector of the economy is the sector of an economy making direct use of natural resources.
7. Forestry is the science and craft of creating, managing, using, conserving, and repairing forests and associated resources to meet desired goals, needs, and values for human benefit.
8. The primary sector of the economy is the sector of an economy making direct use of natural resources. This includes agriculture, forestry, fishing and mining.
9. the secondary sector produces manufactured goods, and the tertiary sector produces services.
10. The primary sector is usually most important in less-developed countries, and typically less important in industrial countries.
11. A developed country, industrialized country, or "more economically developed country" (MEDC), is a sovereign state that has a highly developed economy and advanced technological infrastructure relative to other less industrialized nations.
12. Gross national product (GNP) is the market value of all the products and services produced in one year by labour and property supplied by the citizens of a country.
14. Gross domestic product (GDP) is a monetary measure of the value of all final goods and services produced in a period of time (quarterly or yearly).
15. GNP is an economic statistic that is equal to GDP plus any income earned by residents from overseas investments minus income earned within the domestic economy by overseas residents.
16. Per capita income or average income measures the average income earned per person in a given area (city, region, country, etc.) in a specified year.
17. Per capita income is the mean money income received in the past 12 months computed for every man, woman, and child in a geographic area."[3] (Children are counted if they are at least 15 years old.)
18. Developed countries have post-industrial economies, meaning the service sector provides more wealth than the industrial sector.
19. The secondary sector of the economy includes those economic sectors that produce a finished, usable product: production and construction.
20. Nations that export manufactured products tend to generate higher marginal GDP growth which supports higher incomes and marginal tax revenue needed to fund the quality of life initiatives such as health care and infrastructure in the economy.
21. Among developed countries, it is an important source of well paying jobs for the middle class to facilitate greater social mobility for successive generations on the economy
22. Developed countries have post-industrial economies, meaning the service sector provides more wealth than the industrial sector. They are contrasted with developing countries, which are in the process of industrialization, or undeveloped countries, which are pre-industrial and almost entirely agrarian.
23. The Human Development Index (HDI) is a composite statistic of life expectancy, education, and income per capita indicators, which are used to rank countries into four tiers of human development.
24. In contrast, a change in consumer tastes or preferences would be an exogenous change on the demand curve.
25. The economics of a depression were the spur for the creation of "macroeconomics" as a separate discipline field of study.
26. The business cycle or economic cycle is the downward and upward movement of gross domestic product (GDP) around its long-term growth trend.
27. The IS–LM model, or Hicks–Hansen model, is a macroeconomic tool that shows the relationship between interest rates and real output, in the goods and services market and the money market (also known as the assets market).
28. Keynesian economics (/ˈkeɪnziən/ kayn-zee-ən; or Keynesianism) are the various theories about how in the short run, and especially during recessions, economic output is strongly influenced by aggregate demand (total spending in the economy).
29. Real business-cycle theory (RBC theory) are a class of New classical macroeconomics models in which business-cycle fluctuations to a large extent can be accounted for by real (in contrast to nominal) shocks.
30. The labour force only includes workers actively looking for jobs.
31. Frictional unemployment is the time period between jobs when a worker is searching for, or transitioning from one job to another. It is sometimes called search unemployment and can be based on the circumstances of the unemployed individual.
32. Structural unemployment is a form of unemployment caused by a mismatch between the skills that workers in the economy can offer, and the skills demanded of workers by employers (also known as the skills gap).
33. A factor of overall unemployment that relates to the cyclical trends in growth and production that occur within the business cycle.
34. According to International Labour Organization report, more than 200 million people globally or 6% of the world's workforce were without a job in 2012
35. These theories argue against interventions imposed on the labor market from the outside, such as unionization, bureaucratic work rules, minimum wage laws, taxes, and other regulations that they claim discourage the hiring of workers.
36. Structural arguments emphasize causes and solutions related to disruptive technologies and globalization.
37. In economics, Okun's law (named after Arthur Melvin Okun, who proposed the relationship in 1962[1]) is an empirically observed relationship between unemployment and losses in a country's production.
38. Money has a general acceptability, a relative consistency in value, divisibility, durability, portability, elastic in supply and survives with mass public confidence.
39. As a medium of exchange, money facilitates trade.
40. Its economic function can be contrasted with barter (non-monetary exchange).
41. Barter is a system of exchange where goods or services are directly exchanged for other goods or services without using a medium of exchange, such as money.
42. A gift economy, gift culture, or gift exchange is a mode of exchange where valuables are not traded or sold, but rather given without an explicit agreement for immediate or future rewards.
43. Gift economies are said, by some,[7] to build communities, and that the market serves as an acid on those relationships
44. In cultural anthropology, reciprocity refers to the non-market exchange of goods or labour ranging from direct barter (immediate exchange) to forms of gift exchange where a return is eventually expected (delayed exchange) as in the exchange of birthday gifts.
45. Some forms of reciprocity are thus closely related to redistribution, where goods and services are collected by a central figure for eventual distribution to followers
46. It is distinguishable from gift economies in many ways; one of them is that the reciprocal exchange is immediate and not delayed in time. It is usually bilateral, but may be multilateral (i.e., mediated through barter organizations)
47. Barter, as a replacement for money as the method of exchange, is used in times of monetary crisis, such as when the currency may be either unstable (e.g., hyperinflation or deflationary spiral) or simply unavailable for conducting commerce.
48. The labor theory of value (LTV) is a heterodox economic theory of value that argues that the economic value of a good or service is determined by the total amount of socially necessary labor required to produce it, rather than by the use or pleasure its owner gets from it.
49. Marxian economics, particularly in academia, is distinguished from Marxism as a political ideology as well as the normative aspects of Marxist thought
50. The coincidence of wants problem (often "double coincidence of wants"[verification needed]) is an important category of transaction costs that impose severe limitations on economies lacking a medium of exchange (such as money), which have to rely on barter or other in-kind transactions.
51. The problem is caused by the improbability of the wants, needs, or events that cause or motivate a transaction occurring at the same time and the same place.
52. In-kind transactions have several limitations, most notably timing constraints.
53. Money can reduce the transaction cost of exchange because of its ready acceptability. Then it is less costly for the seller to accept money in exchange, rather than what the buyer produces.
54. Governments increase spending and cut taxes to boost aggregate demand. Resources that have been idled can be used by the government.
55. For example, unemployed home builders can be hired to expand highways. Tax cuts allow consumers to increase their spending, which boosts aggregate demand.
56. In economics, crowding out is argued by some economists to be a phenomenon that occurs when increased government involvement in a sector of the market economy substantially affects the remainder of the market, either on the supply or demand side of the market.
57. Other commentators and other economists sometimes use the term "crowding out" to refer the government spending using up financial and other resources that would otherwise be used by private enterprise.
58. The Ricardian equivalence proposition (also known as the Ricardo–De Viti–Barro equivalence theorem[1]) is an economic hypothesis holding that consumers are forward looking and so internalize the government's budget constraint when making their consumption decisions.
59. Governments can finance their expenditures either through taxes or by issuing bonds. Since bonds are loans, they must eventually be repaid—presumably by raising taxes in the future. The choice is therefore "tax now or tax later."
60. A tariff is a tax on imports or exports (an international trade tariff).
61. Often division of labour and division of work are both part of the economic activity within an industrial nation or organisation.
62. A comprehensive world view or worldview is the fundamental cognitive orientation of an individual or society encompassing the entirety of the individual or society's knowledge and point of view.
63. In 2000, the International Monetary Fund (IMF) identified four basic aspects of globalization: trade and transactions, capital and investment movements, migration and movement of people, and the dissemination of knowledge.
64. A planned economy is an economic system in which inputs are based on direct allocation.
65. Capitalism is an economic system based on private ownership of the means of production and the creation of goods and services for profit.
66. Political economy is a term used for studying production and trade, and their relations with law, custom, and government, as well as with the distribution of national income and wealth.
67. With the fall of Communism, attention shifted to problems of transition economies.
68. Contemporary economics uses mathematics. Economists draw on the tools of calculus, linear algebra, statistics, game theory, and computer science.[84] Professional economists are expected to be familiar with these tools, while a minority specialize in econometrics and mathematical methods.
69.
Economy Systems:
Planned Economy
Capitalism
Comparative Economic System
Theories:
General Equilibrium Theory
Endogenous Growth Theory
Real Business Cycle Theory
Labor Theory of Value
Barter:
Coincidence of Wants
Measurements:
Consumer Price Index / CPI
Producer Price Index / Wholesale Price Index / PPI
GDP Deflator
Sectors:
Primary Sector ()
Terms:
Inflation, Deflation
Economics:
Classical Economics
New Classical Economics/NeoEconomics
Keynesian Economics
Gift Economy
Barter Economy
Market Economy
Marxian Economics
Unemployment Causes:
Structural unemployment
Frictional unemployment
People:
Historical Events:
Great Depression
https://en.wikipedia.org/wiki/Great_Depression
Great Recessions
https://en.wikipedia.org/wiki/Great_Recession
Tools:
IS-LM Model
-this tool is sometimes used not only to analyse the fluctuations of the economy but also to find appropriate stabilisation policies.
References:
https://en.wikipedia.org/wiki/General_equilibrium_theory
https://en.wikipedia.org/wiki/Partial_equilibrium
https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)
https://en.wikipedia.org/wiki/Consumer_price_index
https://en.wikipedia.org/wiki/Technical_progress_(economics)
https://en.wikipedia.org/wiki/Workforce
https://en.wikipedia.org/wiki/Exogeny
https://en.wikipedia.org/wiki/Unemployment#Classical_unemployment
https://en.wikipedia.org/wiki/Gift_economy
https://en.wikipedia.org/wiki/Labor_theory_of_value
https://en.wikipedia.org/wiki/Coincidence_of_wants
https://en.wikipedia.org/wiki/Crowding_out_(economics)
https://en.wikipedia.org/wiki/Globalization
https://en.wikipedia.org/wiki/Economic_model
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