Western Economics Glossary Series (401-450)
401, Final goods to end-use final product
not sold or further processed products. (See > 402, Financial economics Financial Economics
a branch of economics. of how rational investors the most efficient use of capital and investment to achieve the goal.
403, Financial intermediary Financial intermediation
accept deposits deposits and lend to borrowers of their bodies. including deposit-taking institution (such as commercial banks and savings banks) and non-depository institutions (such as money market mutual funds, brokerage firms, insurance companies or pension funds).
404, Firm (business firm) firms
(enterprises) in the basic economic system of private production units. it hired labor, the purchase of other inputs to produce and sell goods.
405, Fiscal-monetary mix fiscal - monetary policy mix < br> to interfere with the activities of macroeconomic fiscal and monetary policy mix. tight monetary policy and loose fiscal policy, tend to encourage consumption and curb investment. The loose monetary policy and tight fiscal policies, has the opposite effect.
406, Fiscal policy fiscal policy
a government program. Contents include: (1) the purchase of goods and services and transfer payments and other expenses; (2) the number and types of taxes.
407, Fiscal cost fixed costs fixed costs
see (cost, fixed).
408, Fixed exchange rate foreign exchange rate fixed exchange rate
see (foreign exchangs rate).
409, Flexible exchange rates flexible exchange rate system < br> an international exchange rate system. under the conditions of the system, the exchange rate mainly by market forces (ie supply and demand) decisions, the Government does not set up and maintain a particular exchange rate. sometimes referred to as (floating
exchange rates). When the foreign exchange market without government intervention, the system as a purely floating exchange rate system.
410, Floating exchange rates floating exchange rate system
see flexible exchange rate system (flexible exchange rates).
411, Flow vs. stock
traffic flow and the stock is, with a time span or the said period on a cumulative change in the volume (like a river flow through). stock refers, at a certain point in time the value of a variable (as in the Sheng lake water). income inflow of dollars each year on behalf of, and therefore is a flow. By December 1998 until the person wealth is a stock.
412, Foreign exchange currency
States to pay the debts owed to his country's currency (or other financial instruments).
413, Foreign exchange market foreign exchange market
different countries to trade the currency market.
414, Foreign exchange rate currency exchange rate
a country with other countries or currency exchange rates, saying the price. For example, if you can use $ 1 to buy 19 German marks, then mark The exchange rate is 19. If a country a currency exchange rate peg, and ready to defend the exchange rate, called the country to implement a fixed exchange rate system (fixed
ex-change rate). but by market forces to determine the exchange rate as flexible exchange rate system (flexible exchange rates) o
415, Fourfirm concentration rate
see four business concentration concentration (concentration ratio).
416, Fractional-reserve banking fractional reserve
modern banking system, banking system, a control form. shall require the financial institutions it absorbed a certain percentage of deposits to the central bank (or cash) in the form of retained reserves.
417, Free goods Free goods
not an economic product (economic
goods) items. such as air or water, they are abundant in the world, among those who do not need to ration demand. Thus, the market price of these items is zero .
418, Free trade
government does not adopt free trade tariffs, quotas or other form of intervention in international trade policy.
419, Frictional unemployment frictional unemployment
changes in the market caused by the individual temporary unemployment. For example, inexperienced workers to take time to compare and select a different job opportunities; and even experienced workers often need to spend a little time to work transition. frictional unemployment is different from the cyclical unemployment (cyclical
unemployment ), which is in wages and prices were sticky conditions, due to the low level of aggregate demand caused.
420, Full employment full employment
multiple meanings of a term. historically been used for Description does not exist (or only minimal presence) in case of involuntary unemployment level of employment. Today, economists at the lowest sustainable unemployment rate [lowest
sustainable rate of unemployment (LSUR)] to describe the highest long-term sustainability can be employment levels.
421, Gains from trade trade trade increased profits
voluntary aggregate of the benefits. equal to consumer surplus and producer surplus of and.
422, Galloping inflation, inflation sharply
See Inflation (inflation).
423, Game theory Game theory
conflict of interest on the part of at least two or more analysis of the situation in which decision-makers. In addition to bargaining for the strike, as well as competition and war and other conflicts, but also can be used for the analysis of oligopolistic market interaction.
424, General-equilibrium analysis of general equilibrium analysis
analysis of overall economic equilibrium, when all the goods and services markets are also in equilibrium. corresponding partial equilibrium analysis (partial-equilibrium
analysis), only the equilibrium of a single market.
425, GDP deflator GDP deflator
GDP Index used to measure the components of GDP relative to the base year average price.
426, GDP gap GDP gap in potential GDP and actual GDP
the difference or gap.
427, GNP GNP
See gross national product (gloss national product)
428, Gold standard full standard system
refers to a system: one country (1) announced that its currency with a certain weight of gold equivalent; (2) holding gold reserves, and according to the price announced by the free trading of gold; (3) the import and export of gold without any restrictions.
429, Government debt to government debt securities and short-term borrowing
form of government debt total. In addition to the quasi-governmental agencies (such as the central bank) bonds held outside the general government debt held by the public.
430, Goverment expenditure multiplier multiplier
government spending and government procurement spending by one dollar for each additional GDP due to the increment.
431, Graduated income tax progressive income tax
see personal income tax (income tax, personal).
432, Gresham `s Law by Thomas Gresham's Law
b Gresham Sir (Sir Thomas
Gresham, Elizabeth Wang Yishi British consultant) was first proposed in 1558 he published part of the harbor doubts, they will be , nominal (or nominal GDP)
nominal GDP (or nominal GDP)
at current market prices produced by a country within a year the value of all final output.
434, Gross domestic product, real real gross domestic product (real GDP)
considered to be net of inflation and the GDP, that is, a nominal GDP divided by real GDP GDP deflator.
435, Gross national product, nominal nominal GNP (or nominal GNP)
based on current market prices of a country to use all of its elements produced by the value of final goods and services.
436, Gross national product, real real gross domestic product ( actual GNP)
for inflation to be deducted and GNP, that is, a nominal GNP divided by the actual GNP GNP deflator.
437, Growth accounting estimate growth accounting
different elements of economic growth contribution to the level of analysis. With the marginal productivity theory, growth accounting decomposition of the source of output growth for the labor, land, capital, education, technical knowledge and other factors.
438, Hedging Hedging With
hedging transactions to avoid risky investment technology. For example, if a farm wheat planted in the fall harvest, the farmers in the spring or summer to first sell the same amount of wheat and output to offset the risk of price fluctuations. or say, to achieve hedging.
439, High-powered money base money energy currency
see (monetary base).
440, Horizontal equity vs.vertical equity horizontal equity and vertical equity refers to the horizontal equity
: Similar to the situation of the people to give equal or fair treatment, emphasizing the basic situation is the same person should receive the same treatment. vertical equity means that: the situation of different people should be given equal treatment.
441, Horizontal
integration horizontal integration of vertical integration and horizontal integration, see (integration, vertical vs. horizontal).
442, Horizontal merger and well
see horizontal mergers (merger).
443, Human capital Human Capital
a country from the labor and technical knowledge and skills embodied in the stock, from formal education and job training investments.
444, Hyperinflation Hyperinflation
see inflation (inflation).
445 , Imperfect competition Imperfect competition Imperfect competition
see (competition, imperfect).
446, Imperfect competitor competitors
incomplete purchases or sales can affect the price level where the market vendors.
447, Implicit-cost elements
hidden costs, although not the dominant factor the cost of money (explicit money
costs), but should be treated as dominant as the cost of money to be accounted for the costs (such as small shop owners in the labor costs). hidden costs is sometimes referred to as , Inappropriability not see the distribution of
not allocated (inappropriable).
450, Inappropriable
not be used to describe the personal use of the allocation of the cost of zero, or personal costs are lower than the total social cost of resources. the characteristics of these resources is a externalities. Therefore, from a social point of view, non-market allocation of the resource efficiency.
compilation of the Western Economics Glossary (451-500)
the following reply before they can browse only
451 , Incidence (or tax incidence) destination, a tax or taxes the final destination of
the financial burden of persons (corresponding to the legal taxpayers). For example, sales tax paid by retailers on the surface, but in fact most of the tax There may be passed on to consumers. tax incidence in the final analysis depends on the price elasticity of supply and demand.
452, Income income individuals or countries, a period of time (usually one year) of the new wages, interest, dividends and other revenue traffic.
453, Income effect (of a price change) (price change) income effect
changes in commodity prices will cause consumers to changes in real income and thus will lead to demand for the goods volume change. the income effect of price changes is the substitution effect of price changes (substitution
effect) as a supplement.
454, Income elasticity of demand income elasticity of demand
demand for any given item not only by the price of the item, but also by the income of the purchaser. income elasticity of demand for goods used to measure the sensitivity of income. Its precise definition is: the percentage change in demand divided by the percentage change in income. [See the price elasticity of demand (price
elasticity of demand)].
455, Income statement of a company's income statement
statements, reports a period of time (usually one year) or the sales revenue proceeds received, the reasonable cost of goods sold, as well as the profit remaining after excluding the cost (net income). also known as the income statement (profit-and-loss
statement).
456, Income tax, negative
see the negative income tax negative income tax (egative income tax).
457, Income tax, personal income tax
tax levied on personal income. income includes wages, salaries, or rents, dividends, interest and other assets income. In the United States, personal income tax to a progressive system (graduated), the high income tax rate is higher than the average low-income people.
458, Income velocity of money turnover rate of monetary income
see the money flow rate ( velocity of money).
459, Incomes policy income policy
to directly limit wage and price policy changes to slow inflation. include various forms: from the voluntary wage-price guide, to the wages, salaries and legal control prices directly, and so on.
460, Increasing returns to scale of increasing returns to scale
see returns to scale (returns to scale).
461, Independent goods independent product
demand independent of each other items. More precisely, other conditions, if the prices of goods A change had no effect on the demand for item B, then we call A, B are independent goods.
462, Indexing (or indexation) index of
a mechanism to: wages, prices and contracts with changes in the general price level for the partial or complete adjustment to offset the price level (partial or total) effects of changes.
463, Indifference curve Indifference Curve
the two axes represent the consumption of different items within the plane coordinates of a curve. the line every point (for two different combinations of items) for the given exactly the same as the utility of consumer satisfaction.
464, indifference map indifference curve
family painted a consumer indifference curve graph. This family of curves is usually in the top right of the origin, the farther away from the origin to meet the higher level or levels.
465, Indirect taxes Indirect taxes
see direct taxes (direct taxes).
466, Induced variables lead to variable caused
see exogenous variable and the variable (external vs. induced variables).
467, Industry Industry < br> produce similar or identical products, a series of enterprises.
468, Inertial rate of inflation inertia
a constant inflation rate of inflation process. When people expect inflation to continue, and the current the rate of inflation reflected in the people and the formation of a contract among the expected time, the inertia of inflation can occur.
469, Infant industry
infant industries in foreign trade theory, that has a scale not yet economic experience or expertise required for the industry. to successfully produce the same goods with foreign countries to compete with mature industries, such experience or expertise is required. infant industries in their development process, usually tariffs or quotas that need to be given protection o
470, Inferior goods goods or inferior goods
low consumption rises with income falling objects.
471, Inflation (or inflation rate) inflation (or inflation rate) < br> inflation rate refers to the general price level of the annual growth percentage. Hyperinflation (hyperinflation) refers to the case of very high inflation rates (for example, one thousand percent per year, one million percent or even one billion percent) . rapid inflation (galloping
inflation) fifty percent of each year, a hundred or two hundred of the situation. moderate inflation (moderate
inflation) is not a serious distortion refers to the relative price or income price increases.
472, Inflation targeting an inflation target
government policies in controlling inflation: the official inflation target identified, said the range of fluctuations in the inflation rate, and made it clear that the primary objective of monetary policy low and stable inflation. In recent years many industrial countries have adopted a tough or flexible inflation targeting policy.
473, Innovation Innovation
an Schumpeter Joseph b (Joseph
Schumpeter) are closely related to terminology. Schumpeter gave it three meanings: (1) to the market introduction of a new, distinctly different products; (2) the introduction of a new production technologies; or (3) the development of a new market. [ ,],[a mechanism: the risk of spread through the body the way many people to reduce the risks faced by individuals make up the individual may suffer huge losses.
476, Integration, vertical vs.horizontal
vertical integration and horizontal integration production process consisting of many stages of production, such as iron ore processed into ingots, steel ingots processed into steel, steel plate and then processed into automotive body. vertically integrated production process refers to the stage of combining two or more of them in a single enterprise (eg, iron ore and steel ingot.) horizontal integration refers to the different stages in the same production units were combined in a single enterprise.
477, Intellectual property rights management of intellectual property
patents, copyrights, trade secrets, electronic media and the other to the main content of the product information laws. These laws are usually given to inventors in the reproduction process control and by the right to compensation.
478, Interest
interest loans to others who received benefits.
479, Interest rate is the interest rate
certain period of time the price paid for money borrowed, usually account for a year expressed as a percentage of principal. Thus, if the interest rate is 10% per annum, then by one year 1,000 dollar loan, the interest to pay 100 U.S. dollars.
480, Intermediate goods through some intermediate products
manufacturing or processing, but has not reached the final product stage of the product. For example, steel and cotton yarn is the intermediate product.
481, International monetary system (also International financial
system) the international monetary system (the international financial system)
cross-border transactions, according to the payment system. central policy question is how to determine the exchange rate arrangements, exchange rate policies affect and other issues.
482, Intervention Government intervention
affect the currency exchange rate trading in the foreign exchange market, local currency and other activities.
483, Intrinsic value (of money) (money) as the intrinsic value
the monetary value of the goods items (eg, copper in the copper market value).
484, Invention
a new product or invention of a new production technology, creative discovery. Attention and Innovation (innovation) is different .
485, Investment Investment
(1) an increase in future output to give up current consumption of economic activity. including tangible investments, such as housing, and intangible investments, such as education. Net investment is total investment less depreciation of the value. The total investment is no depreciation of the investment. (2) the financial terms, the investment in an entirely different meaning, it refers to securities such as stocks or bonds for the purchase.
486, Investment demand (or investment demand curve) investment demand (or the investment demand curve)
reflect the level of investment with the cost of capital (more specifically, the actual interest rate) the corresponding relationship between the chart.
487, Invisible hand invisible hand
Adam b Smith in 1776 proposed the concept of laissez-faire market economy reveals the existence of a paradox. that each participant in the pursuit of his or her process of self-interest, the market system will give all participants with to benefit, as if there is an auspicious benevolent invisible hand in guiding the whole economic process.
488, Involuntarily unemployed involuntarily unemployed
see unemployment (unemployment).
489, Iron law of iron law of wages wages
Malthus and Marx's economic theories. that the existence of capitalism is close to the subsistence wage level of such a trend is inevitable.
490, Isoquant
see so and so yield yield curve (equal product curve).
491, Keynesian economics Keynesian economics b
by John Maynard Keynes, b created a set of economic theories. that the capitalist system can not automatically tend to full employment equilibrium. According to Keynes's point of view, the use of fiscal policy or monetary policy can increase the total demand, full employment can be treated non-equilibrium.
492, Keynesian school Keynesian economics Keynesian
see (Keynesian economics).
493, Labor force Labor
U.S. official statistics, more than 16 years and 16 years of unemployment or employment of the population.
494, Labor-force participstion rate
labor force participation rate of the population belong to the scope of labor accounted for 16 years and more than 16 years the ratio of the entire population.
495, Labor productivity productivity productivity
see (productivity).
496, Labor supply Labor supply
an economy the number of workers available (or More generally: the number of hours of labor), labor supply is the main determinant of population, real wages and social traditions.
497, Labor theory of value Labor
often associated with Karl Marx linked b theory that the value of each commodity should be the only measure of the production amount of labor it needs.
498, Laissez-faire (I should be limited to the following areas: (l) to maintain law and order; (2) national defense; (3) private enterprises are unwilling to provide certain public goods (such as public health and environmental health).
499, Land Land < br> classical and neoclassical economics, a kind of three basic factors of production (the other for the labor and capital). More generally, the land includes not only areas such as agricultural and industrial land, but also obtained from above and below ground other natural resources.
500, Least-cost rule (of production) (production) at the lowest cost rule
refers to a rule: When the input elements of each of the marginal revenue product for that kind of input the ratio of factor prices are equal, when a certain level of production to minimize the cost of production.
501, Legal tender
legal settlement of property under the law, during the debt settlement must be accepted currency. U.S. All of the coins and currency are legal settlement of property, but the check is not.
502, Less developed country (LDC)
per capita income of less developed countries, far below the most countries) countries.
503, Liabilities Liabilities
accounting, refers to other companies or individuals in arrears (debt) or financial liabilities (financial obligation).
504, Libertarianism laissez-faire
an economic and political affairs stressed the importance of the philosophy of individual freedom; sometimes called Friedman and James Buchanan b) believe that people should be able to achieve their interests and wishes of the government activities should be limited to ensure the performance of the contract to provide police and defense services within the scope, so as to maximize the individual provided free.
505, Limited Liability Co., the owner of the business losses
deal on limited liability. This loss is limited to that provided by the owner of the business within the capital. limited liability is a big company important factor in the rise. The partnership and individual proprietorship the owner of the general, but need to bear unlimited liability for debts.
506, Long run long time
term used to represent. In this time, changes can be made for the full adjustment. In microeconomics, it said this time: companies can enter or exit an industry, huge capital stock can change. In macroeconomics, it is often used to refer to this period of time: all the prices, wages, contracts, tax rates and is expected to be able to make a full adjustment.
507, Long-run aggregate supply schedule
long-term supply of aggregate supply table table reflects all prices and wages After adjusting the level of output and price relationship. In this, the aggregate supply curve is vertical.
508, Lorenz curve
a Lorenz curve of income or wealth is used to show the degree of inequality geometry.
509, Lowest sustainable rate of unemployment (or LSUR)
lowest sustainable unemployment rate means a rate of unemployment at that level, leading to wage increases and price inflation, wage pressures and lead to decreased Both systolic pressure and price, in the balance state, it neither increased nor decreased the inflation; LSUR representatives do not exist in the long term upward pressure on inflation in the case of the lowest unemployment rate can get. that is, such a types of unemployment, the rate of unemployment, the long-term Phillips curve (Phillips
curve) is vertical.
510, Lump-of-labor fallacy of-labor fallacy
a mistaken view that Social work needs to be done in the total amount is fixed. The reason why the wrong reasons: wages in the labor market can change or migration out of people to be adjusted, which can adapt to changes in labor demand and supply.
511, M1, See the money supply M2
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