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ECONOMICS FOR EVERYONE: ON-LINE GLOSSARY OF TERMS …

1 ECONOMICS FOR EVERYONE: ON-LINE GLOSSARY OF TERMS & CONCEPTS By Jim Stanford Canadian Centre for Policy Alternatives, 2008 Non-commercial use and reproduction, with appropriate citation, is authorized. This GLOSSARY contains non-technical descriptions of all the TERMS in ECONOMICS for Everyone highlighted in SMALL CAPITALS. Italicized TERMS within the definitions are themselves defined elsewhere in the GLOSSARY , for cross-reference. Absolute Poverty: Poverty defined with respect to an absolute material standard of living. Someone is absolutely poor if their income does not allow them to consume enough to purchase a minimum bundle of consumer goods and services (including shelter, food, and clothing).

neoliberal strategy for increasing the cost of job loss. Counter-Cyclical Policies: Governments can take many different actions to offset the ongoing booms and busts of the private-sector economy. These policies include fiscal policies (increasing government spending when the economy is weak), monetary policies (cutting interest

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ECONOMICS FOR EVERYONE: ON-LINE GLOSSARY OF TERMS …

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from their personal incomes) or public consumption (such as education or health care – consumption organized and paid for by government). Consumption is distinct from investment, which involves using produced goods and services to expand future production.

  Health, Economic, Income

ECONOMICSFOR ON-LINE GLOSSARY OF TERMS & …

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economic growth, which in turn stimulates further investment spending (as businesses enjoy stronger demand for their products). This positive feedback loop (investment causes growth which causes more investment) is called the accelerator. Allocative Efficiency: A …

  Economic, Terms, Line, Efficiency, Glossary, Allocative, Allocative efficiency, Line glossary of terms amp

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