Economics definitions (micro & macro combined)

Allocative Efficiency

X-Inefficient

Dynamic Efficiency

Productive Efficiency

Economies of scale & cost savings

Characteristics of Oligopoly

Competitive Oligopoly

Collusive Oligopoly

Market Failure

CAUSES of market failure

Public goods

Externalities

Merit goods

Demerit goods

Sustained economic growth

Gross Domestic Product (GDP)

Methods of calculating GDP

REAL vs NOMINAL GDP

Gross National Product (GNP)

GDP vs. GNP

Disposable Income

Unemployment

Natural rate of unemployment= non-accelerating rate of unemployment (NAIRU)

Structural unemployment

CAUSES of structural unemployment

Cyclical/demand-deficient unemployment

Frictional Unemployment

Seasonal unemployment

Inflation

Protectionism

Specific tax

Ad Valorem tax

Dumping

Globalisation

WHY globalisation?

Trade Diversion

Trade Creation

THEORY OF INCOME AND EMPLOent determination:

- Keynesian approach (equilibrium Ny)
Changes in Ny due to changes in AR/AD.

Factors affecting C

factors affecting I

Factors affecting (X-M)

2. AD-AS approach: equilibrium real Ny.
- changes in equilibrium Ny due to changes in AS
(Factors affecting AS