|
|
It refers to the increase... |
|
|
It refers to the flight... |
|
|
It refers to a business... |
|
|
It refers to the ease... |
|
|
-Structural UN+ - certain sectors... |
|
|
-Expand the resource capacity for... |
|
|
-Exchange rate management
-Supply-side management
-Manpower development/taxation... |
|
|
-Structural unemployment
-Inflation
-Detrimental influence of international... |
|
|
-Brain drain from source country
-Drain... |
|
|
-Equalization of wage – low... |
|
|
-Reduction of GDP and decrease... |
|
|
-Increase returns of investment –... |
|
|
Cause appreciation of host countries... |
|
|
-Higher rates of private investment... |
|
|
-Business Facilitation
-Political and economic framework
-Availability... |
|
|
-Higher degree of competitiveness for... |
|
|
-Increased consumption and production possibilities
-Promotes... |
|
|
With standardized procedures set by... |
|
|
Flow of capital and labour... |
|
|
-Standard trading procedure
-Smoothen the mobility... |
|
|
Movement of capital that is... |
|
|
-Flow of short term capital... |
|
|
Movement of labour from countries... |
|
|
Movement of FDI and foreign... |
|
|
It involves the rapid increase... |
|
|
It refers to the a... |
|
|
It refers to the change... |
|
|
It refers to the exchange... |
|
|
Also known as a form... |
|
|
It refers to an organization... |
|
|
It refers to the movement... |
|
|
It refers to the reduction... |
|
|
It refers to the ease... |
|
|
It refers to the compulsory... |
|
|
It refers to an economic... |
|
|
It refers to the amount... |
|
|
It refers to a growing... |
|
|
It refers to a highly-developed... |
|
|
It refers to the volume... |
|
|
An industry that is just... |
|
|
-It refers to the difference... |
|
|
Amount earned from exporting goods... |
|
|
An agreement where no tariff... |
|
|
A trade agreement whereby trade... |
|
|
Arises when there is a... |
|
|
An agreement where no tariff... |
|
|
-Increase transparency of procurement process
-Increase... |
|
|
Encourage the growth research and... |
|
|
Amount spent on importing goods... |
|
|
Complete ban on certain imports... |
|
|
Quantity restriction imposed on imported... |
|
|
Custom duties or tax on... |
|
|
The control of amount of... |
|
|
-Increase subsidies to local producers... |
|
|
-Minimize conflicts between nations
-Common market... |
|
|
Foreign producers selling at a... |
|
|
-High transport cost
-Lack of mobile... |
|
|
-Facilitate transfer of knowledge and... |
|
|
-Increase the complexity of trade... |
|
|
-Increase the complexity of trade... |
|
|
-Raise the standard of living... |
|
|
-Raise the standard of living... |
|
|
-Minimize conflicts between nations
-Common market... |
|
|
Where a customs union results... |
|
|
-Protect growing industries
-May help to... |
|
|
-Tariffs or Custom Duties
-Quotas
-Import Licenses
-Embargos... |
|
|
The act of imposition of... |
|
|
Strategy to replace imported goods... |
|
|
-If the favourable TOT is... |
|
|
International trading price will make... |
|
|
-Lower prices of imports
-Higher prices... |
|
|
A free trade agreement involves... |
|
|
-Affects BOT (Change in TOT... |
|
|
For TOT Index: Index of... |
|
|
-A country’s TOT worsens when... |
|
|
-Widen the scope of economic... |
|
|
-To avoid the disadvantages of... |
|
|
-To overcome the lack of... |
|
|
Dynamic CA refers to the... |
|
|
-Countries will trade with another... |
|
|
-Countries can now reap the... |
|
|
-Increasing competition between countries leads... |
|
|
It is derived from the... |
|
|
Absolute advantage is seen when... |
|
|
-2 countries
-2 commodities
-No transportation costs
-No... |
|
|
Comparative advantage is seen when... |
|
|
It refers to the total... |
|
|
It refers to the value... |
|
|
It refers to a selected... |
|
|
It refers to an index... |
|
|
It refers to a particular... |
|
|
It refers to the sum... |
|
|
It refers to a steady... |
|
|
It refers to currency intervention... |
|
|
It refers to a form... |
|
|
It refers to the allocation... |
|
|
It refers to the acquisition... |
|
|
In the fixed exchange rate... |
|
|
In this exchange rate system,... |
|
|
It refers to the price... |
|
|
It refers to a fixed... |
|
|
It refers to the value... |
|
|
The government can introduce capital... |
|
|
NEER after taking into consideration... |
|
|
-Exchange rate that is determined... |
|
|
Foreign exchange rate of the... |
|
|
Exchange rate is determined by... |
|
|
-Rise in import price and... |
|
|
-Impact of exchange rate
-Effect of... |
|
|
-To reduce the uncertainty in... |
|
|
Under-valuation refers to the condition... |
|
|
Over-valuation refers to the condition... |
|
|
-Change in demand for local... |
|
|
-Opportunity cost of having a... |
|
|
-Removes uncertainty and discourages speculation... |
|
|
In the fixed exchange rate... |
|
|
In this exchange rate system,... |
|
|
-The flexible exchange rate system... |
|
|
-Uncertainty –Discourages trade and investment... |
|
|
Pedx + Pedm > 1
-Capital... |
|
|
-Automatic stabilization: The BOP and... |
|
|
A decrease in value of... |
|
|
An increase in value of... |
|
|
S$1 – US$0.82/ US$1 –S$1.22;... |
|
|
The foreign exchange rate is... |
|
|
It refers to the transfer... |
|
|
-From the current account, the... |
|
|
The sum of the current... |
|
|
-Fall in exchange rate of... |
|
|
-Inflationary impact on the economy
-Fall... |
|
|
-Xd/Md/FDI/flow of fund – affect... |
|
|
-Rise in exchange rate of... |
|
|
-Increase in national income and... |
|
|
-Fall in exchange rate of... |
|
|
-Inflationary impact on the economy
-Fall... |
|
|
-return on business
-taxation policy
-market demand-... |
|
|
-Interest rate- determined the return... |
|
|
-Inflation rate – affect cost... |
|
|
Balance of trade
... |
|
|
Remittance of profit and dividends
... |
|
|
Services... |
|
|
Pedx + Pedm >1
... |
|
|
Overvaluation refers to the condition... |
|
|
Undervaluation refers to the condition... |
|
|
-A short and temporary BOP... |
|
|
-A long term and persistent... |
|
|
-In the short-term, temporary and... |
|
|
-Relatively High Domestic Inflation
-Relatively High... |
|
|
Inflow of money will be... |
|
|
Inflow of money will be... |
|
|
The effect of depreciation of... |
|
|
-Surplus in BOP – inflow... |
|
|
-An accommodating account that shows... |
|
|
The sum of the current... |
|
|
The balancing item is a... |
|
|
-Records investment overseas by local... |
|
|
All inflows and outflows of... |
|
|
-Monetary transfer for exports and... |
|
|
-Current Account
-Capital Account (LT term... |
|
|
A statement of a country’s... |
|
|
Income Policy (Reduce inflation)/Flexible Wage... |
|
|
It refers to a system... |
|
|
It refers to an economic... |
|
|
It refers to an output... |
|
|
-Depreciation – rise in import... |
|
|
Ped export is price-inelastic –... |
|
|
-Singapore is an interest-rate taker... |
|
|
The development of international air... |
|
|
This refers to a situation... |
|
|
-Suppressing the symptoms of the... |
|
|
-Price ceiling set below equilibrium
-May... |
|
|
-May face problems with militant... |
|
|
Benefits
-Trade creation as removal of... |
|
|
-Deals struck, usually between 2... |
|
|
Total ban on particular good
... |
|
|
Control the amount of FOREX... |
|
|
-Quotas do not bring revenue... |
|
|
Quotas take the form of... |
|
|
It may lead to a... |
|
|
-Fall in COP
-fall in price... |
|
|
-Tariffs bring revenue to the... |
|
|
A tariff is a tax... |
|
|
-A set of government economic... |
|
|
– FP-affect AD-Demand-side implication
–depending factors... |
|
|
-Requires the facilities and pools... |
|
|
-Raise the technological level of... |
|
|
-Educational level of the workers... |
|
|
Raise the productivity of the... |
|
|
-Requires financial knowledge and expertise
-Political... |
|
|
Creation of a financial centre... |
|
|
The development of international air... |
|
|
-Source of funding - budget... |
|
|
Build up facilities to attract... |
|
|
-Import prices would be higher... |
|
|
-Limit on how much exchange... |
|
|
-Fall in exchange rate -... |
|
|
-Increase in exchange rate -... |
|
|
-The foreign exchange system attempts... |
|
|
-Low multiplier- reduces effectiveness of... |
|
|
-Low multiplier - reduces effectiveness... |
|
|
-It is used to curb... |
|
|
-It is used to solve... |
|
|
The policy involves the variation... |
|
|
-Ineffective if the interest elasticity... |
|
|
Benefits
-Can create a more market-oriented... |
|
|
When contractionary monetary policy is... |
|
|
When expansionary monetary policy is... |
|
|
The policy involves the variation... |
|
|
-Through the implementation of the... |
|
|
It is a policy that... |
|
|
Situation where there is economic... |
|
|
-Income distribution is measured by... |
|
|
At BOP equilibrium, there is... |
|
|
-Price stability is measured by... |
|
|
Full employment would refer to... |
|
|
An increase in real GDP... |
|
|
Economic growth refers to the... |
|
|
Economic growth, full employment, balance... |
|
|
It refers to the buying... |
|
|
It refers to the measurement... |
|
|
-Contractionary monetary policy
-Contractionary fiscal policy
-Strong... |
|
|
It refers to the direct... |
|
|
This refers to a situation... |
|
|
The rate of inflation is... |
|
|
-Low inflation helps to prevent... |
|
|
Due to extensive government regulation... |
|
|
-Price control – Price ceiling... |
|
|
-Strong exchange rate makes import... |
|
|
-The Central Bank will intervene... |
|
|
-Raising tax is a bad... |
|
|
Fiscal policy in the contractionary... |
|
|
-Central Bank cannot control the... |
|
|
With contractionary MP, central bank... |
|
|
-Loss of international competitiveness
-Balance of... |
|
|
-Loss of international competitiveness
-Balance of... |
|
|
-Impact on Investment, Production and... |
|
|
It happens when powerful union... |
|
|
It happens when big business... |
|
|
CPI measures relative changes in... |
|
|
It measures the percentage change... |
|
|
A theoretical price index that... |
|
|
The purchasing power of local... |
|
|
-Decrease in price level will... |
|
|
The purchasing power of a... |
|
|
Increase in indirect tax like... |
|
|
The rise in global price... |
|
|
It occurs when there is... |
|
|
Imported inflation
Tax-based inflation
Structural rigidities
Asset-based inflation
... |
|
|
It occurs when there is... |
|
|
It refers to the condition... |
|
|
It occurs when there is... |
|
|
Using consumer price index (CPI)... |
|
|
A sustained, inordinate fall in... |
|
|
Stagflation is an economic situation... |
|
|
Extremely high inflation rate. (more... |
|
|
Inflation rate is single digit... |
|
|
Price increasing beyond 2 digit... |
|
|
-Galloping inflation
-Mild inflation
-Hyper-inflation
-Demand-pull inflation
-Cost-push inflation
-Structural... |
|
|
A sustained, inordinate and general... |
|
|
It refers to money held... |
|
|
It refers to death of... |
|
|
It refers to the rate... |
|
|
The inability of production capacity... |
|
|
Establishing improved infrastructure, maintaining political... |
|
|
It refers to direct investment... |
|
|
They are already-produced durable goods... |
|
|
It refers to factors of... |
|
|
It refers to basic material... |
|
|
It refers to the movement... |
|
|
It refers to a type... |
|
|
This refers to a situation... |
|
|
-Situation where there is economic... |
|
|
It refers to an economic... |
|
|
-Economic growth provides government higher... |
|
|
-Lack of financing
-Lack of capable... |
|
|
Average age people are expected... |
|
|
Genuine Progress Indicator (GPI) is... |
|
|
Gross National Happiness (GNH) is... |
|
|
The Gini coefficient is a... |
|
|
-Current Opportunity Costs of Growth
-May... |
|
|
-Higher Standard of Living
-Redistribution of... |
|
|
-Sustainable Growth
-Dimensional and Diversified Development
-Benefits... |
|
|
-Physical Capital
-Labour Resources
-Land and Raw... |
|
|
The PPC reflects the resource... |
|
|
Sustainable growth refers to the... |
|
|
-Actual economic growth refers to... |
|
|
Potential growth refers to the... |
|
|
Economic growth is usually measured... |
|
|
Economic growth refers to the... |
|
|
It refers to an economic... |
|
|
They are statistics that can... |
|
|
It refers to the amount... |
|
|
It refers to the measure... |
|
|
Wage-to-GDP ratio, consumer price index,... |
|
|
Openness can be seen in... |
|
|
The conversion of state-owned enterprises... |
|
|
The level of balance of... |
|
|
-The rise in GDP will... |
|
|
The difference is due to... |
|
|
-Proportion of total wage earned... |
|
|
Measure of inequality of wealth/income... |
|
|
Competition for export demand, seen... |
|
|
-When government increases productivity, it... |
|
|
-Rise in government expenditure/low government... |
|
|
FTA promotes export demand and... |
|
|
-Balance of Trade
-Service Balance
-Income Balance
-Transfer... |
|
|
Reduction in money supply will... |
|
|
Appreciation of exchange rate will... |
|
|
GNP = GDP + Net... |
|
|
The formula for computing nominal... |
|
|
Raising productivity will lower cost... |
|
|
Net factor income from abroad... |
|
|
It is the ratio of... |
|
|
-Real per capita income
-Composition production... |
|
|
-Wage rate
-Cost of resources
-Productivity
-Exchange rate
-Cost... |
|
|
-The GDP growth rate or... |
|
|
Weak administrative system, double accounting... |
|
|
-If the percentage increase in... |
|
|
-Higher level of real per... |
|
|
Exchange rate is determined by... |
|
|
-Different price structures
-Different rates of... |
|
|
-Changes in price level
-Growth of... |
|
|
-The underground economy especially if... |
|
|
It refers to the expansion... |
|
|
It refers to the actualization... |
|
|
-Measure economic growth
-To derive the... |
|
|
-Widen scope of economic growth
-Reduce... |
|
|
Comparison of standard of living... |
|
|
Comparison of standard of living... |
|
|
-Proportion of total wage earned... |
|
|
-Measure of inequality of wealth/income... |
|
|
Value of an individual country's... |
|
|
Value of an individual country's... |
|
|
The measure of one country’s... |
|
|
Records flow of funds due... |
|
|
Records all inflows and outflows... |
|
|
Records monetary transfer for exports... |
|
|
-Records the flow of currency... |
|
|
Revenue from exports less expenses... |
|
|
Economic Growth Rate – Inflation... |
|
|
The rate at which real... |
|
|
The amount at which GDP... |
|
|
Refers to the proportion of... |
|
|
-Working population (both active and... |
|
|
A theoretical price index that... |
|
|
The amount that is spent... |
|
|
-It is used as a... |
|
|
Measures the change in price... |
|
|
-Measured the standard of living... |
|
|
-Measured the standard of living... |
|
|
Real income of an individual... |
|
|
-Standard of living measured in... |
|
|
Standard of living measured in... |
|
|
Measures the average quality of... |
|
|
-The flow of income available... |
|
|
The flow of income that... |
|
|
-Income earned by local firms... |
|
|
-Real GDP
-The real value of... |
|
|
The real value of all... |
|
|
-The monetary value of all... |
|
|
The real value of all... |
|
|
-The monetary value of all... |
|
|
Bureaucratic inefficiency arises from the... |
|
|
- Parks and overhead bridges... |
|
|
Distortions that Arise because of... |
|
|
- Public museums have a... |
|
|
The carbon permit involves the... |
|
|
Benefits
- Provide discretionary power to... |
|
|
Moral suasion is a persuasion... |
|
|
Market failure refers to the... |
|
|
-Prone to market failure
-Public goods... |
|
|
-Reduced welfare loss
-Firms are more... |
|
|
•Private ownership of property
•Freedom of... |
|
|
A free market is a... |
|
|
It focuses on the use... |
|
|
Cost-benefit analysis (CBA) is a... |
|
|
Intellectual property rights create market... |
|
|
Licensing raises the cost condition... |
|
|
Cost condition refers to the... |
|
|
Under this market structure, the... |
|
|
Under this market structure, the... |
|
|
Under this market structure, the... |
|
|
Allocative and production efficiency can... |
|
|
Perfect mobility refers to the... |
|
|
Under imperfect market structures, the... |
|
|
Price rigidity is a situation... |
|
|
It is a situation (usually... |
|
|
Liberalisation of market refers to... |
|
|
Intellectual property rights are a... |
|
|
A work or invention that... |
|
|
Patent rights are a form... |
|
|
-Patent rights increases firms’ ability... |
|
|
Patent rights are a form... |
|
|
Patent rights are a form... |
|
|
When firms have a new... |
|
|
Low-cost price leader is a... |
|
|
Barometric price leader is a... |
|
|
-Firms in the industry make... |
|
|
Free Competition Act is a... |
|
|
Competition law, known in the... |
|
|
Price regulation refers to government... |
|
|
It is the process of... |
|
|
It refers to the public... |
|
|
Firms with market power can... |
|
|
Where there is market dominance,... |
|
|
-MC pricing
-Two tier charge
... |
|
|
Capital intensive industries, like the... |
|
|
A natural monopoly is a... |
|
|
MC pricing is a price... |
|
|
Two tier charge refers to... |
|
|
All firms will try to... |
|
|
Profit maximization is the process... |
|
|
Firms are profit-motivated as it... |
|
|
The firms are unlikely to... |
|
|
The firms will not be... |
|
|
This model explains why once... |
|
|
It involves making artificial changes... |
|
|
-product differentiation
-advertising
-research and... |
|
|
It occurs when firms compete... |
|
|
Predatory pricing is a deliberate... |
|
|
It might take a long... |
|
|
It can successfully rule out... |
|
|
It occurs when firms in... |
|
|
-Two or more prices being... |
|
|
-Price discrimination makes it possible... |
|
|
-It may be a form... |
|
|
The firm sells the same... |
|
|
The firm charges different prices... |
|
|
This happens when a firm... |
|
|
Contrived barrier is achieved when... |
|
|
-Price discrimination: the practice of... |
|
|
The greater the market power... |
|
|
The greater market power a... |
|
|
Market power refers to the... |
|
|
Normal profits... |
|
|
Supernormal or normal profits... |
|
|
Supernormal profits... |
|
|
Normal profits... |
|
|
Firms in monopolistic competition reap... |
|
|
X-inefficiency is the difference between... |
|
|
Allocative efficiency is a type... |
|
|
Profit is greater than cost... |
|
|
Cost is equal to profit... |
|
|
Cost is greater than profit... |
|
|
-large numbers of buyers and... |
|
|
-small numbers of large firms... |
|
|
-single producer
-no close substitutes... |
|
|
-large number of buyers and... |
|
|
Market concentration ratio is the... |
|
|
Every seller knows the prices... |
|
|
In the monopolistic competitive market... |
|
|
In the oligopolistic form of... |
|
|
In the monopoly form of... |
|
|
With perfect competition, there is... |
|
|
In the imperfect market structure,... |
|
|
In the perfect market structure,... |
|
|
MP is the additional change... |
|
|
Short Run:
- Production Condition... |
|
|
These are factors of production... |
|
|
These are factors of production... |
|
|
The resources used for production... |
|
|
The law of variable proportion... |
|
|
The law of diminishing marginal... |
|
|
The production law measures the... |
|
|
Specialization of production is a... |
|
|
In the long run, the... |
|
|
In the short run, the... |
|
|
-Cost savings which are passed... |
|
|
-Higher prices for consumers as... |
|
|
-Complexity in management
-Time lag in... |
|
|
-Able to reap internal economies... |
|
|
-Higher price of obtaining goods... |
|
|
-Convenience for consumers as small... |
|
|
Rise in productivity decreases the... |
|
|
R&D increases the cost of... |
|
|
It occurs when a merger... |
|
|
It occurs when firm takes... |
|
|
It is a subset of... |
|
|
Through strategies like:
-banding
-targeting niche markets
-providing... |
|
|
When two firms merge, a... |
|
|
Acquisition refers to a company... |
|
|
External economies of scale are... |
|
|
Internal economies of scale are... |
|
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It states that as more... |
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-Complexity of management
-Less innovation... |
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-Able to reap internal economies... |
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Division of Labour is the... |
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Low labour morale refers to... |
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Red tape is excessive regulation... |
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Output increases less than proportionately... |
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Output increases proportionately to the... |
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Output increases more than proportionately... |
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The long run average cost... |
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Economies of scale are closely... |
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-Concentration of resources and facilities
-Concentration... |
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-Administrative DEOS
-Managerial DEOS
-Hierarchy Alienation... |
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-Economies of concentration
-Economies of disintegration
-Economies... |
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-Technical EOS
-Managerial EOS
-Financial EOS
-Commercial EOS
-Risk-bearing... |
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Cost savings accrued to a... |
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AP is derived from the... |
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MP is the additional change... |
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It is the amount of... |
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It is the total variable... |
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Cost of production that is... |
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Cost that incurred due to... |
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These are factors of production... |
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These are factors of production... |
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All the factors of production... |
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The firm is constrained by... |
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Deadweight loss is the sum... |
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Producer surplus is the difference... |
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Consumer surplus is the difference... |
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A fixed amount of subsidy... |
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Ad Valorem subsidies a percentage... |
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Specific subsidy is a constant... |
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Subsidy is a payment to... |
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A tax based on the... |
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Occurrence of black market... |
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Elasticity of demand and supply... |
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A price ceiling is usually... |
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A maximum price is set... |
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-With the surpluses, government will... |
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elasticity of demand and supply... |
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-protect the income of producers... |
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The minimum price is set... |
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Tax incidence that falls on... |
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Tax incidence that falls on... |
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Tax incidence refers to the... |
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Indirect tax is tax levied... |
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Direct tax is directly levied... |
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-Minimum price set artificially so... |
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-A maximum price set artificially... |
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Price regulation is a policy... |
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CED = Percentage change in... |
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YED = Percentage change... |
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-To Determine the Relationship of... |
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-Provide information on how the... |
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-Relationship of the Goods
-Market Classification... |
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-The Proportion of Income Spent... |
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Cross elasticity of demand measures... |
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Income elasticity of demand measures... |
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PES = ... |
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PED = ... |
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When supply is price-inelastic, there... |
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When the demand is price-elastic,... |
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When demand is price-inelastic, keeping... |
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When demand is price-inelastic, keeping... |
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When the demand is price-elastic,... |
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It explains why the price... |
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When demand is price-inelastic, there... |
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Marshal-Lerner Condition refers to the... |
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Under a price-inelastic supply, a... |
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If goods have high PED... |
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If good to be taxed... |
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-Magnitude of the value of... |
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It depicts the extent of... |
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-To Determine the Relationship of... |
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Elasticity concepts can help the... |
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In the long run, prices... |
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-When demand for good is... |
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-Degree of Necessity
-Availability of Substitutes
-Proportion... |
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-Determinants of Price Elasticity of... |
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1 : Supply is price... |
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1 : Demand is price... |
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Price elasticity of supply measures... |
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Price elasticity of demand measures... |
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Producer benefit refers to the... |
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Consumer benefit refers to the... |
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The law of diminishing marginal... |
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A shortage means that demand... |
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Fixed supply refers to the... |
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Composite demand is the demand... |
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The effect of a change... |
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The effect of a change... |
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The demand curve in downward... |
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-Costs of production
-Price of related... |
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-Taste and preferences
-Real disposable income
-Population
-Government... |
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A situation in which buyers... |
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It occurs when there is... |
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A shortage means that demand... |
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Consumers’ surplus is the difference... |
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Competitive supply occurs when increase... |
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Goods produced together from the... |
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Some goods are demanded not... |
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Goods that are jointly demanded,... |
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Goods are in competitive demand... |
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Luxury goods are products and... |
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Normal goods are any goods... |
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An inferior good is a... |
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Subsidy is a payment to... |
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Specific tax, is a tax... |
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A black market or underground... |
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Shortage is a term describing... |
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Glut is a term describing... |
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Producer surplus is the difference... |
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Consumer surplus is the difference... |
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A change in supply means... |
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A change in demand is... |
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A change in quantity supply... |
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A change in quantity demanded... |
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The supply curve shows the... |
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This condition of market equilibrium... |
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Supply refers to the amount... |
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Demand refers to the consumer’s... |
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decrease in quantity/quality of resources... |
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- increase in quantity/quality of... |
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A PPC is a graph... |
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Factors of production are the... |
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A capital good (sometimes simply... |
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This means that as more... |
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This happens when factors of... |
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Increasing opportunity cost is reflected... |
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Because of scarcity, every time... |
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In microeconomic theory, the opportunity... |
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The marginal utility of a... |
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Utility is a representation of... |
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To address the problem of... |
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There is a limited amount... |
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The fact that there are... |
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Scarcity is the fundamental economic... |
Depository EF