- Industry: Economy; Printing & publishing
- Number of terms: 15233
- Number of blossaries: 1
- Company Profile:
Продажа безопасности, например, долю, что вы не владеете в настоящее время, в надежде на то, что его цена будет падать к тому времени безопасности должно быть доставлено к его новому владельцу. Если цены падают, вы можете купить безопасности по более низкой цене, доставить его в тот, кто вам продал его и сделать прибыль. Риск является, что цена поднимается, оставив вас с потерей.
Industry:Economy
Решение одного из крупнейших источников провал рынка: асимметричная информация. Часто большой проблемой, стоящей перед продавцами является как убедить покупателей, что они продают так же хорошо, как они говорят, что это. Эта проблема возникает в ситуациях, где качества продаются вещи не могут быть соблюдены легко покупателями, которые таким образом опасаются, что продавцы могут Коннинг их. В таких ситуациях ответ может быть для продавцов, чтобы делать то, что показывает, что они означают, что они говорят о качестве. Это что-то то, что экономисты называют сигнализации. Собирается поступить в ведущий университет может быть стоит гораздо больше за то, что он сигнализирует потенциальным работодателям о ваших способностей, чем на то, что вы узнаете, как студент. Аналогичным образом тот факт, что фирма готов потратить много денег на рекламу своего продукта может сказать гораздо больше о что он думает о продукте, чем любой информации, включенной в фактическое объявление. Чтобы быть полезным, сигналы должны устанавливать более расходы на тех, которые используют их для отправки ложных сообщений было чем любые выгоды от лжи.
Industry:Economy
Essential to any market economy. To trade, it is essential to know that the person selling a good or service owns it and that ownership will pass to the buyer. The stronger and clearer property rights are, the more likely it is that trade will take place and that prices will be efficient. If there are no property rights over something there can be severe consequences. A solution to the costly externality of clean air being polluted may be to establish property rights over the air, so that the owner can charge the polluter to pump smoke into the atmosphere. Private property rights are often more economically efficient than common ownership. When people do not own something directly, they may have little incentive to look after it. (See the tragedy of the commons. ) Strikingly, in Russia after communism, the establishment of a well-functioning market economy proved difficult, partly because it was unclear who owned many of the country’s resources, and those property rights that did exist often counted for little. Businesses would often have their products stolen by criminal gangs or be forced to hand over most of their profits in protection money. It is no coincidence that an effective judicial system, as well as property rights for it to enforce, is a feature of all advanced market economies. That said, nowhere are property rights absolute. For instance, taxation is a clear example of the state infringing taxpayers’ ownership of their money. The economic cost of infringing property rights underlines how important it is that governments think carefully about the consequences for economic growth of their tax policies.
Industry:Economy
Economics abounds with propensities to do various things: consume, save, invest, import, and so on. In each case, it is important to distinguish between the average propensity and the marginal one. The average propensity to consume is simply total consumption divided by total income. The marginal propensity to consume measures how much of each extra dollar of income is consumed: the percentage change in consumption divided by the percentage change in income. The value of the marginal propensity to consume, which determines the multiplier, is harder to predict than the value of the average propensity to consume.
Industry:Economy
Taxation that takes a larger proportion of a taxpayer’s income the higher the income is. (See vertical equity. )
Industry:Economy
The presumed goal of firms. In practice, business people often trade off making as much profit as possible against other goals, such as building business empires, being popular with staff and enjoying life. The growing popularity in recent years of paying bosses with shares in their firm may have reduced the agency costs that arise because they are the hired hands of shareholders, making them more likely to pursue profit maximization.
Industry:Economy
The main reason firms exist. In economic theory, profit is the reward for risk taken by enterprise, the fourth of the factors of production – what is left after all other costs, including rent, wages and interest. Put simply, profit is a firm’s total revenue minus total cost. Economists distinguish between normal profit and excess profit. Normal profit is the opportunity cost of the entrepreneur, the amount of profit just sufficient to keep the firm in business. If profit is any lower than that, then enterprise would be better off engaged in some alternative economic activity. Excess profit, also known as super-normal profit, is profit above normal profit and is usually evidence that the firm enjoys some market power that allows it to be more profitable than it would be in a market with perfect competition.
Industry:Economy
The relationship between inputs and output, which can be applied to individual factors of production or collectively. Labor productivity is the most widely used measure and is usually calculated by dividing total output by the number of workers or the number of hours worked. Total factor productivity attempts to measure the overall productivity of the inputs used by a firm or a country. Alas, the usefulness of productivity statistics is questionable. The quality of different inputs can change significantly over time. There can also be significant differences in the mix of inputs. Furthermore, firms and countries may use different definitions of their inputs, especially capital. That said, much of the difference in countries’ living standards reflects differences in their productivity. Usually, the higher productivity is the better, but this is not always so. In the UK during the 1980s, labor productivity rose sharply, leading some economists to talk of a “productivity miracle”. Others disagreed, saying that productivity had risen because unemployment had risen – in other words, the least productive workers had been removed from the figures on which the average was calculated. There was a similar debate in the United States starting in the late 1990s. Initially, economists doubted that a productivity miracle was taking place. But by 2003, they conceded that during the previous five years the United States enjoyed the fastest productivity growth in any such period since the Second World War. Over the whole period from 1995, labor productivity growth averaged almost 3% a year, twice the average rate over the previous two decades. That did not stop economists debating why the miracle had occurred.
Industry:Economy
How likely something is to happen, usually expressed as the ratio of the number of ways the outcome may occur to the number of total possible outcomes for the event. For instance, each time you throw a dice there are six possible outcomes, but in only one of these can a six come up. Thus the probability of throwing a six on any given throw is one in six. The fact that you threw a six last time does not alter the one-in-six probability of throwing a six next time (see risk).
Industry:Economy
