Economic Principles Terms (D)
Basic Economic Principles terms and definitions beginning with the letter D
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- Created by: Chloe
- Created on: 24-04-13 15:04
deadweight loss of an indirect tax
the loss of consumer plus producer surplus from he imposition of an indirect tax
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deadweight welfare loss
the loss of consumer plus producer surplus in imperfect markets (when compared with perfect competition)
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debit card
a card that has the same use as a cheque. its use directly debits the person's current account
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debt-servicing costs
the costs incurred when repaying debt, including debt interest payments
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decision tree (or game tree)
a diagram showing the sequence of possible decisions by competitor firms and the outcome of each combination of decisions
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deflationary gap
the shortfall of national expenditure below national income (and injections below withdrawals) at the full employment level of national income
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deflationary policy
fiscal or monetary policy designed to reduce the rate of growth of aggregate demand
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demand curve
a graph showing the relationship between the price of a good and the quantity of the good demanded over a given time period. price is measured on the vertical axis, quantity demanded is measured on the horizontal axis
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demand management policies
demand-side policies (fiscal and/or monetary) designed to smooth out the fluctuations in the business cycle
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demand schedule (market)
a table showing the different total quantities of a good that consumers are willing and able to buy at various prices over a given period of time
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demand-deficient unemployment
disequilibrium unemployment caused by a fall in aggregate demand with no corresponding fall in the real wage rate
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demand-pull inflation
inflation caused by persistent rises in aggregate demand
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dependency
where the development of a developing country is hampered by its relationships with the industrialised world
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depreciation (of a currency)
a fall in the free market exchange rate of the domestic currency with foreign currencies
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depreciation (of capital)
the decline in value of capital equipment due to age, or wear and tear
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deregulation
where the government removes official barriers to competition (e.g. licenses and minimum quality standards)
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derived demand
the demand for a factor of production depnds on the demand for the good that uses it
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destabilising speculation
where the actions of speculators tend to make price movements larger
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devaluation
where the government re-pegs the exchange rate at a lower level
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diminishing marginal utility
as more units of a good are consumed, additional units will procide less additional satisfaction than previous units
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diminishing marginal utility of income
where each additional pound yields less additional utility
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direct taxes
taxes on income and wealth. paid directly to the tax authorities on that income or wealth
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discounting
the process of reducing the value of future flows to give them a present valuation
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discretionary fiscal policy
deliberate changes in tax rates or the level of government expenditure in order to influence the level of aggregate demand
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diseconomies of scale
where costs per unit of output increase as the scale of production increases
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disequilibrium unemployment
unemployment resulting from real wage rates in the economy being above the equilibrium level
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disguised unemployment
where the same work could be done by fewer people
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disposable income
income after tax and other deductions and after the receipt of benefits
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diversification
where a firm expands into new types of business
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dominant firm price leadership
when firms (the followers) chose the same price as that set by a dominant firm in the industry (the leader)
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dominant strategy game
where the same policy is suggested by different strategies
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dumping
when exports are sold at prices below marginal cost - often as a result of a government subsidy
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Other cards in this set
Card 2
Front
deadweight welfare loss
Back
the loss of consumer plus producer surplus in imperfect markets (when compared with perfect competition)
Card 3
Front
debit card
Back
Card 4
Front
debt-servicing costs
Back
Card 5
Front
decision tree (or game tree)
Back
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