Economics Dictionary

Readers and viewers must take note that this is arranged in alphabetical order.

Appreciation- the currency becomes higher in value.

Economic Development- It is a progressive process of improving
human conditions, such as the reduction or
elimination of poverty, unemployment,
illitreacy, inequality, disease and
exploitations.
- It is an objective to raise standard of
living.
Economic forces- the reaction to scarcity.

Economic Growth- It is the measurement of economic
development.

Economic Model- It is a framework that places the generalized
insights of the theory in a more specified
contextual setting.

Economic Policy- It is an action or inaction taken by the
government to influence economic conditions.

Economic Principle- It is commonly held economic insight stated
as law or general assumption.

Economic System- It is a system or method that guides the economy.

Econometrics- It is the branch of economics that applies
mathematics and statistics to economic theory.
- It is to analyze and to predict economic activity.

Economics- It is a social science that deals on the proper
allocation and efficient use of available resources for
the maximum satisfaction of human wants.

- It is the study of how goods and services get produced
and how they are distributed.

- It is the study of how human beings coordinate their
wants and desires, given the decision-making structure
, social customs, and political realities of the
society.

Wants- Things that we desire however they may not really be needs.

War Preparations- This is the compensation of war atrocities and
damages caused by Japan during World War II.

World Bank- This is an international financial institution that
makes loans for development of less developed
countries out of subscription capital as well as
from funds raised on the world's capital markets.

World Trade Organization- This is an organization committed to
getting countries to concur not to
take advantage of new tariffs or
other trade restrictions.

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