CIP School in the Phils.


on August 21, 2012
  • Adam Smith
    Scottish economist who advocated private enterprise and free trade (1723-1790)
  • agency
    the state of being in action or exerting power
  • agent
    a representative who acts on behalf of other persons or organizations
  • amortisation
    the reduction of the value of an asset by prorating its cost over a period of years
  • appreciation
    understanding of the nature or meaning or quality or magnitude of something
  • buyer’s market
    a market in which more people want to sell than want to buy
  • capacity
    capability to perform or produce
  • Capital
  • capital gain
    the amount by which the selling price of an asset exceeds the purchase price; the gain is realized when the asset is sold
  • capitalism
    an economic system based on private ownership of capital
  • central bank
    a government monetary authority that issues currency and regulates the supply of credit and holds the reserves of other banks and sells new issues of securities for the government
  • commodity
    articles of commerce
  • competition
    the act of competing as for profit or a prize
  • compound interest
    interest calculated on both the principal and the accrued interest
  • consumption
    the act of consuming something
  • cost of capital
    the opportunity cost of the funds employed as the result of an investment decision; the rate of return that a business could earn if it chose another investment with equivalent risk
  • credit
    an estimate, based on previous dealings, of a person’s or an organization’s ability to fulfill their financial commitments
  • debt
    the state of owing something (especially money)
  • deficit
    the property of being an amount by which something is less than expected or required
  • deflation
    the act of letting the air out of something
  • demand
    request urgently and forcefully
  • depreciation
    a decrease in price or value
  • Depression
    a period during the 1930s when there was a worldwide economic depression and mass unemployment
  • deregulation
    the act of freeing from regulation (especially from governmental regulations)
  • derivative
    a compound obtained from, or regarded as derived from, another compound
  • devaluation
    the reduction of something’s value or worth
  • discount rate
    interest on an annual basis deducted in advance on a loan
  • disinflation
    a reduction of prices intended to improve the balance of payments
  • diversification
    the condition of being varied
  • dividend
    a number to be divided by another number
  • econometrics
    the application of mathematics and statistics to the study of economic and financial data
  • econometrics
    the application of mathematics and statistics to the study of economic and financial data
  • efficiency
    skillfulness in avoiding wasted time and effort
  • elasticity
    the tendency of a body to return to its original shape after it has been stretched or compressed
  • equity
    conformity with rules or standards
  • fiscal policy
    a government policy for dealing with the budget (especially with taxation and borrowing)
  • free lunch
    something acquired without effort or payment or obligation
  • free trade
    international trade free of government interference
  • full employment
    the economic condition when everyone who wishes to work at the going wage rate for their type of labor is employed
  • game theory
    (economics) a theory of competition stated in terms of gains and losses among opposing players
  • GDP
    the measure of an economy adopted by the United States in 1991; the total market values of goods and services produced by workers and capital within a nation’s borders during a given period (usually 1 year)
  • globalisation
    growth to a global or worldwide scale
  • gold standard
    a monetary standard under which the basic unit of currency is defined by a stated quantity of gold
  • hedge
    a fence formed by a row of closely planted shrubs or bushes
  • incentive
    a positive motivational influence
  • income
    the financial gain (earned or unearned) accruing over a given period of time
  • inelastic
    not elastic
  • inflation
    the act of filling something with air
  • inflation
    the act of filling something with air
  • interest
    a sense of concern with and curiosity about someone or something
  • interest rate
    the percentage of a sum of money charged for its use
  • Karl Marx
    founder of modern communism; wrote the Communist Manifesto with Engels in 1848; wrote Das Kapital in 1867 (1818-1883)
  • leverage
    the mechanical advantage gained by being in a position to use a lever
  • liquidity
    the state in which a substance exhibits a characteristic readiness to flow with little or no tendency to disperse and relatively high incompressibility
  • long run
    a period of time sufficient for factors to work themselves out
  • long run
    a period of time sufficient for factors to work themselves out
  • macroeconomics
    the branch of economics that studies the overall working of a national economy
  • marginal
    at or constituting a border or edge
  • market capitalisation
    an estimation of the value of a business that is obtained by multiplying the number of shares outstanding by the current price of a share
  • market forces
    the interaction of supply and demand that shapes a market economy
  • market forces
    the interaction of supply and demand that shapes a market economy
  • mercantilism
    an economic system (Europe in 18th century) to increase a nation’s wealth by government regulation of all of the nation’s commercial interests
  • microeconomics
    the branch of economics that studies the economy of consumers or households or individual firms
  • Milton Friedman
    United States economist noted as a proponent of monetarism and for his opposition to government intervention in the economy (born in 1912)
  • minimum wage
    the lowest wage that an employer is allowed to pay; determined by contract or by law
  • modelling
    a preliminary sculpture in wax or clay from which a finished work can be copied
  • money
    the most common medium of exchange; functions as legal tender
  • money market
    a market for short-term debt instruments
  • money supply
    the total stock of money in the economy; currency held by the public plus money in accounts in banks
  • Monopoly
    a board game in which players try to gain a monopoly on real estate as pieces advance around the board according to the throw of a die
  • monopoly
    (economics) a market in which there are many buyers but only one seller
  • monopsony
    (economics) a market in which goods or services are offered by several sellers but there is only one buyer
  • moral hazard
    (economics) the lack of any incentive to guard against a risk when you are protected against it (as by insurance)
  • motivator
    a positive motivational influence
  • national debt
    the debt of the national government (as distinguished from the debts of individuals and businesses and political subdivisions)
  • nominal value
    the value of a security that is set by the company issuing it; unrelated to market value
  • nudge
    to push against gently
  • oligopoly
    (economics) a market in which control over the supply of a commodity is in the hands of a small number of producers and each one can influence prices and affect competitors
  • opportunity cost
    cost in terms of foregoing alternatives
  • poverty
    the state of having little or no money and few or no material possessions
  • poverty trap
    a situation in which an increase in income results in a loss of benefits so that you are no better off
  • price
    the amount of money needed to purchase something
  • principal
    most important element
  • profit margin
    the ratio gross profits divided by net sales
  • public utility
    a company that performs a public service; subject to government regulation
  • quota
    a prescribed number
  • recession
    the act of ceding back
  • regression analysis
    the use of regression to make quantitative predictions of one variable from the values of another
  • regulation
    the act of bringing to uniformity; making regular
  • replacement cost
    current cost of replacing a fixed asset with a new one of equal effectiveness
  • risk
    a source of danger; a possibility of incurring loss or misfortune
  • scalability
    the quality of being scalable
  • scarcity
    a small and inadequate amount
  • seller’s market
    a market in which more people want to buy than want to sell
  • short-run
    relating to or extending over a limited period
  • simple interest
    interest paid on the principal alone
  • socialism
    a political theory advocating state ownership of industry
  • spread
    distribute or disperse widely
  • stagflation
    a period of slow economic growth and high unemployment (stagnation) while prices rise (inflation)
  • stagnation
    a state of inactivity (in business or art etc)
  • stakeholder
    someone entrusted to hold the stakes for two or more persons betting against one another; must deliver the stakes to the winner
  • standard deviation
    the square root of the variance
  • subsidy
    a grant paid by a government to an enterprise that benefits the public
  • supply
    circulate or distribute or equip with
  • tariff
    a government tax on imports or exports
  • tax base
    collective value of taxable assets
  • time value
    (music) the relative duration of a musical note
  • trade
    the commercial exchange (buying and selling on domestic or international markets) of goods and services
  • transparency
    the quality of being clear and transparent
  • Treasury bill
    a short-term obligation that is not interest-bearing (it is purchased at a discount); can be traded on a discount basis for 91 days
  • unemployment
    the state of being unemployed or not having a job
  • unemployment
    the state of being unemployed or not having a job
  • use
    put into service; make work or employ for a particular purpose or for its inherent or natural purpose
  • utility
    the quality of being of practical use
  • value-added
  • vertical integration
    absorption into a single firm of several firms involved in all aspects of a product’s manufacture from raw materials to distribution
  • volatility
    being easily excited
  • welfare
    something that aids or promotes well-being

Adam Smith



n Scottish economist who advocated private enterprise and free trade (1723-1790)

Example of:
economic expert, economist

an expert in the science of economics

Adam Smith
the “Adam Smith” family
  • Adam Smith, Karl Marx, John Stuart Mill, John Maynard Keynes: These men were all “concerned with the broader intellectual current of their day,” he wrote.

    BusinessWeek Aug 6, 2012

  • So all in all, there’s never been a better time to quote Adam Smith, especially if you’re a socialist.

    The Guardian Jul 29, 2012

  • Last month, Adam Smith, a former Galleon employee turned government cooperator, was sentenced to two years probation by U.S.

    Reuters Jul 16, 2012

  • Adam Smith, a senior member of the U.S.

    Reuters Jul 12, 2012



One response to “ECONOMICS WORDS

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