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CONCEPTS IN TRADE AND SUSTAINABLE DEVELOPMENT II

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CONCEPTS IN TRADE AND SUSTAINABLE DEVELOPMENT II

Post by sol_drethedon on Wed Apr 24, 2013 1:58 am

CONCEPTS IN TRADE AND SUSTAINABLE DEVELOPMENT II

1. Medium of Exchange: One of the functions of money whereby people exchange goods and services for money and in turn use money to obtain other goods and services.

2. Mixed Economy: Mixed economies rely primarily on the price system for their economic organization but use a variety of government intervention( such as taxes, spending and regulation) to handle macroeconomic instability and market failures.

3. Money Market: A term denoting the set of institutions that handle the purchase or sale of short term credit instruments like Treasury bills and commercial paper

4. Normative economics: Considers "what ought to be"- value judgments, or goals, or public policy. Positive economics, by contrast, is the analysis of facts and behaviour in an economy, or the way things are."

5. Standards of value: One of the functions of money whereby the value of goods and services is expressed in money terms(prices)

6. Shortage: The situation resulting when the quantity demanded exceeds the quantity supplied.

7. Human resources: The quantity and quality of human effort directed towards producing goods and services (also called labor).

8. Consumption: In macroeconomics, the total spending, by individuals or a nation, on consumer goods during a given period. Strictly speaking, consumption should apply only to those goods totally used, enjoyed or "eaten up.g" within that period. In practice, consumption expenditures include all consumer goods bought, many of which last well beyond the period in question e.g furniture, clothing and automobiles.
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