814
ability-to-pay principle of taxation,
214–15
abnormal profit, 155
absolute advantage, 414–15
absolute poverty, 393
accelerator principle, 660
accounting profit, 152–3
actual spending, 656
AD see aggregate demand
adaptive expectations, 735–6
ad valorem taxes, 192, 194–6
adverse selection, 266–8
advertising, 48, 319–22, 339
agents, 264–5
aggregate demand, 669–75, 693–4
fiscal policy, 709–13
monetary policy, 702–9
Phillips curve, 722–4
taxation, 711–13
aggregate demand curve, 681–5, 705–7
aggregate risk, 546
aggregate supply, 694–5, 722–4
aggregate supply curve, 682,
686–91, 745–9
airlines, 306
allocative efficiency, 169–70
amplitude, 641
anchoring, 127
anti-poverty policies, 400–1
appreciation, 610
arbitrage, 304, 613
AS (aggregate supply), 694–5, 722–4
asset valuation, 548–53
assumption of rational behaviour, 246–7
assumptions, 20
asymmetric information, 246–7,
265–71, 275
asymmetric shocks, 766
austerity, 676–7, 797–801
Austrian school of economics, 564
automatic stabilizers, 715–16
autonomous spending, 657
availability heuristics, 128
average costs, 140–6
average tax rate, 212
Axiom of Comparison, 108
Axiom of Transitivity, 108
balanced budgets, 716
balanced trade, 606
Banco Nacional de Desenvolvimento
Econômico e Social, 536
bandwagon effects, 128
Bank of England, 567
banks, 522–3, 568–79
central, 565–7, 730–2, 790–2
financial crisis, 576–9
Barclays LIBOR scandal, 275
bargaining, 246
bar graphs, 32
barriers to entry, 291–4
barter, 558
basketball, 143
Becker’s employer taste model, 376–7
behavioural approaches to consumer
behaviour, 126–9
behavioural economics, 264–76
benefits principle of taxation, 214
bequests, 363
Bertrand Model of oligopoly, 347
Big Mac Index, 616–17
BNDES (Banco Nacional de
Desenvolvimento Econômico
e Social), 536
bond market, 520–1
bonds, 520
borrowing, 536
bounded rationality, 126
brain drain, 487
branding, 322–3, 325–6
Brazil, 536
bubbles, 782–93
budget constraints, 104–7
bureaucrat incentives, 256
business cycles, 11–12, 637–52
changes in, 645–6
confidence, 646
expectations, 646
external forces, 645
government policy, 646
models, 646–8
real, 648–50
capital, 2
capital flight, 632–3, 634–5
capital gains tax, 596
capital income, 378
capital market, 377–8
capital mobility, 766–7, 769
capital stock, 491–2
carbon price floors, 200
carbon trading permits, 252–3
Carnegie Conjecture, 363
cars, 175, 267–8
cartels, 331–2
catch-up effect, 486
cause and effect, 38–40
CDOs (collateralized debt
obligations), 526
CDS (credit default swaps), 523–5, 787
central banks, 565–7, 730–2, 790–2
ceteris paribus, 35
charities, 244
China
comparative advantage, 417
demand, 82
economic growth, 493–5
inflation, 699
LCD cartels, 332
open market operations, 580
seafood, 82
choice sets, 108
Christmas, 115–16, 269
cinema tickets, 306
circular-flow diagrams, 22–3
claimant counts, 498
classical dichotomy, 587–9
climate change, 235–6
Coase theorem, 245–6
coincident indicators, 643
collateralized debt obligations, 526
collective bargaining, 508
collusion, 331, 350–1
commodity money, 560–1
common currencies, 762–8
common currency areas, 614,
759, 772–7
common resources, 222, 230–2,
235–6, 339–40
comovement, 643
comparative advantage, 414–18, 431–3
Comparison, Axiom of, 108
compensating differentials, 368
competition, 6, 42–3
imperfect, 290–1
meaning of, 150
versus monopoly, 294–5
product differentiation, 315–19
competition law, 310–11, 348–50
competitive advantage, 324
competitive firms, 151–60
competitive markets, 42–3,
150–3, 160–4
complements, 47
compounding, 540
concentration ratio, 329
constant returns to scale, 147
constrained optimization, 40, 113–25
consumer choice, 116–26
consumer expectations, 48
consumer prices index, 456–63
consumer surplus, 170–5
consumption, 443
contestable markets, 323–4
contingent valuation methods, 226
contractions, 640–1
coordinate system, 33–6
copulas, 547
copyright, 292–3
corporate decision-making, 645
correlation, 33
cost–benefit analysis, 225–8
cost curves, 141–4
cost of living, 456–70
costs
average, 140–6
of capital, 135
definitions, 146
explicit, 134–5
fixed, 139
implicit, 134–5
marginal, 140–1, 142–3, 165–6
measures of, 138–44
rising marginal, 142
sunk, 158
variable, 140
cotton, 68–9
countercyclical variables, 642–3
coupons, 306
Cournot Model of oligopoly, 345–6
CPI (consumer prices index), 456–63
cream-skimming, 324
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