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Encyclopedia of Economics Explanation

Nomenclature

Encyclopedia of Economics Explanation

Nouns

1. Absolute advantage

If a country produces more of a product with one unit of resource than another country, then that country has an absolute advantage over another country in the production of this product.

2. Adverse choice

In this situation, insurers have found that a large percentage of their customers are from high-risk groups.

3. Selection cost

If a certain resource is used in the best other way, the value it can produce is the selection cost, which can also be called opportunity cost.

4. Arc elasticity of demand

If P1 and Q1 are the initial values of price and demand, respectively, and P2 and Q2 are the second set of values, then the arc elasticity is equal to

-(Q1-Q2) (P1 + P2) / (P1-P2) (Q1 + Q2)

5. Asymmetric information

In some markets, each participant has different information. For example, in the used car market, sellers often know much more about the quality of used cars than potential buyers.

6. Average cost

The average cost is the total cost divided by the output. Also called average total cost.

7. Average fixed cost

The average fixed cost is the total fixed cost divided by the output.

8. Average product

The average product is the total output divided by the number of inputs.

9. Average variable cost

The average variable cost is the total variable cost divided by the output.

10. Beta (Beta) of Investment

Beta measures the non-dispersible risks associated with investments. For a stock, it means how sensitive a stock's returns change when the returns on all current stocks change.

11. Bond yield

Bond yield is the interest rate on bonds.

12. Break-even chart

A break-even chart shows how total revenue and total costs change when the total quantity of a product sold changes. Breakeven

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