Index
real eff ective exchange rates
95
real GDP
226
redistribution
equity and policies towards income and
wealth
201–3
refl ationary fi scal measures
to correct unemployment
244
regressive taxation
72–3
,
201
regulation
and equality
77
and equity
68
,
69
,
74
government intervention to correct
externalities
193
signifi cance as government
intervention
68–70
signifi cance in relation to markets
134
rent, economic
and transfer earnings in labour
markets
209–10
resources
allocation in diff erent economies
20–25
externalities and ineffi
cient allocation
of
135–6
impact of increase on economic
growth
222
,
223–4
types
13–14
see also uses e.g.
consumers and
consumption
;
production
restraints, voluntary export
109
restrictions and bureaucracy
economic and administrative as method of
protection
109
returns
decreasing returns to scale
156
diminishing returns
151
revaluation, exchange rate
100
revenue
maximization of sales as objective of
fi rms
179–80
revenue relationships of fi rms
158
revenue product
of labour
204–5
rights, property
government intervention to correct
externalities
193–4
sales
maximization of revenue and volume as
objective of fi rms
178–81
satisfi cing
181
saving
average propensity to save
248
marginal propensity to save
246
saving function
248
scale, economies and diseconomies of
154
,
155–8
scarcity
equilibrium and effi
ciency in
104
signifi cance for expenditure switching and
dampening
120
signifi cance for macroeconomics
125
schedules
demand
40
supply
43
scope, economies of
in relation to survival of fi rms
175
securities, government
254
selection, adverse
36
microeconomy and systems of
38–67
policies of
184–6
price leadership
169
,
185–6
signifi cance and uses of shadow
prices
139
see also
consumer price index;
controls, price
private costs and benefi ts
135–6
privatisation
decisions concerning prices and output
under
198–9
signifi cance as form of government
intervention
74–8
product, gross domestic (GDP)
role and use as measure of national
income
225–30
product, gross national
role and use as measure of national
income
225–30
productivity, labour force
240–41
production
costs of
151–2
,
154–5
curves of
27–31
defi nition and characteristics
14
economies of scale
155–8
from short- to long-run
153–4
globalisation and structures of
149–50
short-run costs of
152–3
short-run production function
150–51
surpluses of
64–5
what, how and for whom
15–16
see also
consumers and consumption;
goods;
labour
see also factors infl uencing e.g.
costs;
demand
;
enterprise; supply; time;
‘wants, unlimited’
productive effi
ciency
130–31
products, marginal revenue
204
profi ts
maximization of
151
,
178–9
progress and development
signifi cance for macroeconomics
125
progressive taxation
72–3
,
201
property, rights of
government intervention to correct
externalities
193–4
proportional taxes
72
protection, trade
methods and impact
108–11
provision, government
signifi cance as government
intervention
68
,
74–5
purchasing power parities
229
quantitative easing
255
quantity theory of money
153
quantities, equilibrium of
55
,
62
quotas
108–9
rates, exchange
defi nition and measurement
94–5
determination of foreign
95–8
eff ects of changing foreign
98–100
use as method of trade protection
109
rates, interest
116
ratios
dependency
236
liquidity
254
payments, transfer
74
perfect competition
comparison with monopolies
171–2
defi nition and characteristics
160–65
performance, economic
comparison of performance over time
and between countries
226–8
role of income statistics in
judging
224–5
see also
development, economic
see also factors impacting e.g.
gross domestic
product; gross national income
;
gross
national product
performance, fi rm
comparisons of
186–7
permits, pollution
government intervention to correct
externalities
193
Phillips curve
267
planned economies
22–3
policies, government
aims and types of macroeconomic
115–18
,
265–6
government failure in
macroeconomic
269–71
macroeconomic to correct disequilibrium
of balance of payments
118–26
monetary to correct unemployment
244
prices and pricing
184–6
problem of confl icts of for microeconomic
failure
213–14
problems arising from confl icts of
objectives
269
redistribution of income and
wealth
201–3
to correct unemployment
244
pollution, permits of
government intervention to correct
externalities
193
population
classifi cation of economies according to
growth and structure of
235–7
positive consumption externalities
196–8
positive externality
134
positive output gaps
221
positive production externalities
196
positive statements
18–19
potential economic growth
220–21
poverty
cycles of
233
multidimensional poverty index
231
poverty trap
201
Prebisch-Singer hypothesis
238
precautionary motive
256
preferences, transmission of
63
price elasticity of supply (PES)
53–4
price elasticity of demand (PED)
44–7
,
49–52
prices and pricing
challenge of game theory to
strategies
182
controls of
68–70
decisions concerning under nationalisation
and privatisation
198–9
equilibrium of
55
,
59–62
income eff ect of changes in
148
limit pricing
168
,
185
maximum and minimum
68–9
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