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Download INTRODUCTION Economics Needs Wants Factors of Production
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INTRODUCTION Economics Needs Wants Factors of Production Land Labour Capital Enterprise Opportunity Cost Externalities Wealth Income Microeconomics Macroeconomics ECONOMIC SYSTEMS Free Enterprise System Centrally Planned System (Command) Mixed Economy Consumer Sovereignty Indicative Planning Social Partners THE MARKET MECHANISM Market Price Supply Demand Market Mechanism Consumer Surplus Factor Markets Intermediate Markets Final Market DEMAND Demand Demand Schedule Utility Marginal Utility An Economic Good Law of Diminishing Marginal Utility Equilibrium The Principle Of Equi-Marginal Utility Normal Good Positive Income Effect Inferior Goods Negative Income Effect Normal Goods Inferior Good Giffen Goods Goods of Addiction Substitute Goods Complementary Goods Goods in Derived Demand Goods of Ostentatious Consumption / Snob Goods Paradox of Value ELASTICITY OF DEMAND Elasticity Perfectly Elastic (PED = Infinite) Relatively Elastic (PED > 1) Relatively Inelastic (PED < 1) Unitary Elastic (PED = 1) Perfectly Inelastic (PED = 0) Price Elasticity of Demand Cross Elasticity of Demand Income Elasticity of Demand SUPPLY AND ELASTICITY OF SUPPLY Supply Supply Schedule Supply Curve Joint Supply Fixed Supply Price Elasticity of Supply COSTS OF PRODUCTION Costs of Production Explicit Costs Implied Costs Short Run (SR) Long Run (LR) Fixed Costs (FC) Variable Costs (VC) AFC AVC TC AC MC Revenue Normal Profit Supernormal Profit (SNP) Subnormal Profit Law of Diminishing Marginal Returns Internal Economies of Scale Internal Dis-economies of Scale Economies of Scale Dis-economies of Scale External Economies of Scale External Dis-economies of Scale Supply Oriented Industries Market Oriented Industries Footloose Industries Equilibrium for a Producer PERFECT COMPETITION Equilibrium Position Market Structures Perfect Competition Homogeneous Goods Price Taker MONOPOLY AND PRICE DISCRIMINATION Monopoly Product Differentiation Price Discrimination IMPERFECT COMPETITION Imperfect Competition Excess Capacity Competitive Advertising Generic/Industrial Advertising Persuasive Advertising Informative Advertising OLIGOPOLY Oligopoly Limit Pricing Channels of Distribution Brand Proliferation Non-Price Competition Price Competition Price Fixing Exclusivity Rigid / Sticky Prices MONEY AND BANKING Money Commodity Money Legal Tender Near Money M1 – The Narrow Money Supply M2 – The Intermediate Money Supply M3 – The Broad Money Supply Sale and Repurchase Agreements Primary Liquidity Rate (PLR) Secondary Liquidity Rate (SLR) Liquidity Requirement Exchequer Bills Overdrafts Monetary Policy The Irish Central Bank The Purchasing Power Parity Theory Protectionism Rates of Exchange Fixed Rates of Exchange Floating Rates of Exchange Exchange Rate Risk Open Economy Closed Economy Commercial/Associated Banks Merchant/Wholesaler Banks Industrial Banks Sub-Prime Lending The Inter-Bank Market The International Monetary Fund (IMF) The World Bank Re-Discount Rate Fiscal Policy Debt Securities NATIONAL INCOME National Income Gross Domestic Product at Factor Cost Incomes In Kind Benefits in Kind Transfer Payments Net Factor Income From Abroad Multiplier Marginal Propensity to Consume (MPC) Marginal Propensity to Import (MPM) Marginal Propensity to Save (MPS) Aggregate Demand Average Propensity to Consumer (APC) Circular Flow of Income Injection Leakage Autonomous Consumption The Capital Output Ratio Deflationary Gap Inflationary Gap Marginal Propensity to Tax (MPT) The Productive Capacity The Accelerator Principle Paradox of Thrift Gross National Product at Market Prices INFLATION Consumer Price Index Price Index Simple Price Index Composite Price Index Inflation Deflation Harmonised Index of Consumer Prices (HICP) Real Wages Economic Indicator Constant Tax Price Index (CTPI) Demand-Pull Inflation Cost-Push Inflation National Wage Agreements Money Income Negative Interest Rate Household Budget Survey GOVERNMENT AND TAXATION Merit Goods Public Goods Automatic Stabilisers Progressive Tax Regressive Tax Imposition of Taxes Effective Incidence of Tax Tax Avoidance Tax Evasion Direct Taxes Indirect Taxes Black Economy Capital Acquisition Tax Ad Valorem Tax Capital Gains Tax Lump Sum Tax Specific Tax Stealth Taxes Exchequer Balance General Government Balance National Debt Commercial Rates Balanced Budget Surplus Current Budget Deficit Current Budget Neutral Budget Exchequer Borrowing Requirement (EBR) Public Sector Borrowing Requirement (PSBR) Deadweight Debt Rolled-Over Debt Exchange Rate Policy Direct Intervention Deregulation Prices and Incomes Policy Economic Planning Public Private Partnerships Regional Development Privatisation Nationalisation INTERNATIONAL TRADE Free Trade Area Customs Union Common Market European Union (EU) European Social Fund Exports Imports Visible Exports Visible Imports Invisible Exports Invisible Imports Marginal Propensity to Import (MPM) Balance of Payments Balance of Trade Balance of Invisible Trade Net Factor Income from Abroad Direct Investment Portfolio Investment Terms of Trade Embargoes Quotas Dumping Customs Duties/Tariffs Law of Absolute Advantage Law of Comparative Advantage Free Trade Returns To Scale Protectivism ECONOMIC DEVELOPMENT AND GROWTH Least Developed Economies (LDC's) Economic Development Economic Growth Economic Dualism Poverty Trap FACTORS OF PRODUCTION Marginal Physical Product (MPP) Marginal Revenue Product (MRP) Supply Price of a Factor of Production Transfer Earnings Economic Rent Marginal Revenue Productivity for Labour Land Labour Capital Enterprise Specific Factor of Production Non Specific Factor of Production Labour Hoarding Quasi Rent Insurable Risk Non-Insurable Risk Profit Structural Unemployment Cyclical Unemployment Frictional Unemployment Seasonal (Casual) Unemployment Transitional Unemployment Quarterly National Household Survey (QNHS) Live Register Labour Force Full Employment Unemployment Trap Poverty Trap Occupational Mobility of Labour Geographical Mobility of Labour Participation Rate Institutional Unemployment Marginal Efficiency of Capital Fixed Capital Social Capital Investment Savings Rates of Interest Nominal Rates of Interest Real Rates of Interest Short Term Facility Rate Central Bank Rediscount Rate (Bank Rate) Capital Deepening Capital Widening Loanable Funds Theory The Transactionary Motive The Precautionary Motive The Speculative Motive Marginal Efficiency of Capital
