Economics… Economics Terms Series Part 7 – Wealth, Salary, Utility, Miscellaneous 9 May 20209 May 2020 WEALTH The stock of financial and non-financial assets a person or a household owns that have monetary value. SALARY An annual rate of pay, often paid to employees in professional…
Economics… Economics Terms Series Part 6 – Assets, Revenues, Capitals, Sectors, Diseconomies, Population, Merger, Miscellaneous 6 May 2020 PHYSICAL ASSETS Non-financial assets or physical products, such as commercial and residential properties, that have value and therefore contribute to wealth. FINANCIAL ASSETS Non-physical assets, such as bank deposits, shares,…
Economics… Economics Terms Series Part 5 – Trade, Trade Barriers, Balance of Payments, Stock Market, Stock Exchange, Shares 2 May 20203 May 2020 TRADE The exchange of goods and services, usually for money. INTERNATIONAL TRADE The movement and exchange of physical goods such as materials, component parts, equipment and finished products as well as…
Economics… Economics Terms Series Part 4 – Types of Taxes, Types of Rates, Boom, Recession, Recovery, Growth 1 May 20203 May 2020 PERSONAL INCOME TAX A direct tax on a person’s earnings or income. CORPORATE INCOME TAX A tax on company profits. DIRECT TAX A tax levied on the incomes or wealth…
Economics… Economics Terms Series Part 3 – GDP, Factors of Production, Market, Contrary Miscellaneous 30 Apr 20202 May 2020 APPRECIATION (in the value of a currency) A rise in the rate at which a national currency can be exchanged for another currency or currencies, i.e. a rise in the…
Business… Economics Terms Series Part 2 – Profit, Cost, Budget, Employment, Unemployment, Externality 29 Apr 20203 May 2020 PROFIT A surplus of revenue from the sale of outputs over the costs of their production. LOSS A situation of generating revenue less than cost of production. ABNORMAL PROFIT The…
Aim Institute of Economics 