Economics Fiesta, Sylhet Agricultural University, Sylhet (2026)

28/05/2017

Scarcity
the limited nature of society's resources

Economics
the study of how society manages its scarce resources

Efficiency
the property of society getting the most it can from its scarce resources

Equity
the property of distributing economic prosperity fairly among the members of society

Opportunity cost
whatever must be given up to obtain some item

Market economy
an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services

Externality
the impact of one person's actions on the well being of a bystander

Inflation
an increase in the overall level of prices in the economy

Phillips curve
a curve that shows the short run tradeoff between inflation and unemployment

Business cycle
fluctuations in economic activity, such as employment and production

Circular flow diagram
a visual model of the economy that shows how dollars flow through markets and firms

Production possibilities curve
a graph that show the combinations of output that the economy can possibly produce given the available factors of production and the available production technology

Microeconomics
the study of how households and firms make decisions and how they interact in markets

Macroeconomics
the study of economy wide phenomena, including inflation, unemployment, and economic growth

Positive statements
claims that attempt to describe the world as it is

Normative statements
claims that attempt to prescribe how the world should be

Interdependence
a reciprocal relation between interdependent entities

Specialization
to focus on a particular area

Absolute advantage
the comparison among producers of a good according to their productivity

Comparative advantage
the comparison among producers according to their opportunity cost

Imports
goods produced abroad and sold domestically

Exports
goods produced domestically and sold abroad

Law of demand
the claim that, other things equal, the quantity demanded of a good falls when the price of the good rises

Normal good
a good for which, other things equal, an increase in income leads to an increase in demand

Inferior good
a good for which, other things equal, an increase in income leads to a decrease in demand

Substitutes
two goods for which an increase in the price of one good leads to an increase in the demand for the other good

Complements
two goods for which an increase in the price of one good leads to a decrease in the demand for the other good

Law of supply
the claim that, other things equal, the quantity supplied of a good rises when the price of the good rises

Equilibrium
a situation in which the price has reached the level where quantity demanded equals quantity supplied

Surplus
a situation in which quantity supplied is greater than quantity demanded

Shortage
a situation in which quantity demanded is greater than quantity supplied

Adam Smith
Scottish political economist and moral philosopher. His inquiry into the Nature and Causes of the Wealth of Nations was one of the earliest attempts to study the historical development of industry and commerce in Europe. That work helped to create the modern academic discipline of economics and provided one of the best known intellectual rationales for free trade and capitalism

John Maynard Keynes
an English economist, whose radical ideas had a major impact on modern economic and political theory as well as Franklin D. Roosevelt's New Deal. He is particularly remembered for advocating interventionist government policy, by which the government would use fiscal and monetary measures to aim to mitigate the adverse effects of economic recessions, depressions, and booms. He is considered to be the founder of macroeconomics.

Elasticity
a measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants

Price elasticity of demand
a measure of how much the quantity demand of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in price

Income elasticity of demand
a measure of how much the quantity demanded of a good responds too a change in consumer's income, computed as the percentage change in quantity demanded divided by the percentage change in income

Cross price elasticity of demand
a measure of how much the quantity demanded of one goods responds to a change in price of another good, computed as the parentage change in quantity demanded of one good divided by the percentage change in price of the second good

Price elasticity of supply
a measure of how much the quantity supplied of a good responds to a change in the price of that good, computed as the percentage change in quantity supplied divided by the percentage change in price

Price ceiling
a legal maximum on the price at which a good can be sold

Price floor
a legal minimum on the price at which a good can be sold

Tax incidence
the manner in which the burden of a tax is shared among participants in a market

Welfare economics
the study of how the allocation of resources affects economic well being

Consumer surplus
a buyer's willingness to pay minus the amount the buyer actually pays

Producer surplus
the amount a seller is paid for a good minus the seller's cost

Cost
the value of everything a seller must give up to produce a good

Deadweight loss
the fall in total surplus that results from a market distortion, such as a tax

Laffer Curve
a curved graph that illustrates the theory that, if tax rates rise beyond a certain level, they discourage economic growth, thereby reducing government revenues

Supply side economics
the branch of economics that concentrates on measures to increase output of goods and services in the long run. The basis is that marginal tax rates should be reduced to provide incentives to supply additional labor and capital, and thereby promote long term growth.

Tariff
a tax on goods produced abroad and sold domestically

Import quota
a limit on the quantity of a good that can be produced abroad and sold domestically

Coase theorem
the proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own

Pigovian tax
a tax enacted to correct the effects of a negative externality

Private goods
goods that are both excludable and rival

Public goods
goods that are neither excludable nor rival

Free rider
a person who receives the benefits of a good but avoids paying for it

Budget surplus
an excess of government receipts over government spending

Budget deficit
a shortfall of tax revenue from government spending

Average tax rate
total taxes paid divided by total income

Marginal tax rate
the extra taxes paid on an additional dollar of income

Lump sum tax
a tax that is the same amount for every person

Proportional tax
a tax for which higher income taxpayers and low income taxpayers pay the same fraction of income

Regressive tax
a tax for which higher income tax payers pay a smaller fraction of their tax than do lower income tax payers

Progressive tax
a tax for which higher income taxpayers pay a larger portion of their tax than do lower income tax payers

Total revenue
the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold

Total cost
the value of the inputs a firm uses in production

Profit
total revenue minus total cost

Explicit costs
input costs that require an outlay of money by the firm

Implicit costs
input costs that no not require the outlay of money by the firm

Economic profit
total revenue minus total cost including explicit and implicit costs

Accounting profit
total revenue minus explicit cost

Production function
the relationship between quantities of inputs used to make a good and the quantity of output of that good

Marginal product
the increase in output that arises from an additional unit of input

Diminishing marginal product
the property whereby the marginal product of an input declines as the quantity of the input increases

Fixed costs
costs that do not vary with the quantity of output produced

Variable cost
costs that vary with the quantity of output produced

Average total cost
total cost divided by the quantity of output

Average fixed cost
fixed costs divided by the quantity of output

Average variable cost
variable costs divided by the quantity of output

Marginal cost
an increase in total cost that arises from an extra unit of production

Efficient scale
the quantity of input that minimizes average total cost

Economies of scale
the property whereby long run average total cost falls as the quantity of output increases

Diseconomies of scale
the property whereby long run average total cost rises as the quantity of output increases

Constant return to scale
the property whereby long run average total cost stays the same as the quantity of output changes

Competitive market
a market with buyers and sellers trading identical products so that each buyer and seller is a price taker

Average revenue
total revenue divided by the quantity sold

Marginal revenue
the change in total revenue from an additional unit sold

Sunk cost
a cost that has already been committed and cannot be recovered

Natural Monopoly
a firm that arises because a single firm can supply a good of service to an entire market at a smaller cost than could two or more firms

Price discrimination
the business practice of selling the same good at different prices to different customers

Oligopoly
a market structure in which only a few sellers offer similar or identical products

Monopolistic completion
a market structure in which many firms sell products that similar but not identical

Collusion
an agreement among firms in a market about quantities to produce or prices to charge

Cartel
a group of firms acting in unison

Nash equilibrium
a situation in which economic actors interaction with one another each choose their best strategy given the strategies that all the other actors have chosen

Game theory
the study of how people behave in strategic situations

Factors of production
the inputs used to produce goods and services

Lorenz Curve
a curve showing the distribution of income in an economy. The cumulated percentage of families (income receivers) is measured along the horizontal axis and the cumulated percentage of income is measured along the vertical axis

Capital
the equipment and structures used to produce goods and services

Monopoly
a firm that is the sole seller of a product without close substitutes

Marginal Product of Labor
the increase in the amount of output from an additional unit of labor

12/09/2016

EID MUBARAK to you all d AGRI. ECONOMIST.

27/06/2013

১. ম্যাচের পর ম্যাচ রান না পেলেও
ইন্ডিয়া দলে তিনি "ধনী"।
২. টানা সেঞ্চুরি মেরেও
অস্ট্রেলিয়া দলে আছে বেচারা "ক্লার্ক"।
৩. পেশায় ক্রিকেটার হলেও ইংল্যান্ড
দলে আছে একজন "কুক"।
৪. সচিবালয়ের ধারে কাছে না গিয়েও সাউথ-
আফ্রিকা দলে আছে একজন "আমলা"।
৫. সেলাই না জানলেও জিম্বাবুয়ে দলে আছেন একজন
"টেইলর"।
৬. রসিক না হলেও "রস"
নিয়ে বসে আছে নিউজিল্যান্ড।
৭. খেলা ভালো না হলেও ওয়েস্টইন্ডিজ দলে আছেন
একজন "বেস্ট"।
৮. সত্যি কথা বললেও পাকিস্তানে আছে নামকরা এক
"গুল"।
৯. বিয়ে করে বাচ্চার বাবা হয়ে গেলেও
শ্রীলংকা দলে আছেন একজন "কুমার"
১০. জীবিত থেকেও বাংলাদেশ দলে আছেন একজন
"শাহাদাত্!"
(collected)