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Economics Definitions

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Opportunity Cost,Inflation,Unemployment,The balance of payments,Managed floating exchange rates,The real after-tax yield on investment,Economies of scale,Economies of scope,Profit maximization,Consumer Surplus, Nash Equilibrium, Perfect competition, Monopoly,Prisoners Dilemma

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Solution Summary

The solution defines various economic terms in a clear and concise way. The following terms have been defined in the solution:

Opportunity Cost,Inflation,Unemployment,The balance of payments,Managed floating exchange rates,The real after-tax yield on investment,Economies of scale,Economies of scope,Profit maximization,Consumer Surplus, Nash Equilibrium, Perfect competition, Monopoly,Prisoners Dilemma.

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Economics Mid-term
Question #15 - Give a brief description and explanation of the following items:

Opportunity Cost - The value of what you have to give up to take a particular action
(The cost of what you do and what you don't)

Inflation - Upward movement in the average level of prices in the economy

Unemployment - People in the labour force who are not employed and are actively looking for work
The balance of payments - Records trade flows (current account) and capital flows (capital account) in and out of the country, and the two (current account and capital account) must add to zero
Managed floating exchange rates - Exchange rates that are not set, but determined by market forces and maintained by the central bank (bank plays a stabilizing role)
The real after-tax yield on investment - The after-tax return in terms ...

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