As economics 1.1 micro Vocab

• Quasi public goods on Long pure public goods: A good that does not perfectly possess the characteristics of non rivalry and non-excludability yet which also is not perfectly rival or excludable
• Marginalnal social and private costs and benefits: The social and private costs and benefits of the last unit either produced or consumed
• Moral hazard, speculation and market bubbles: Where buyers and sellers have different amounts of information, with one group having more information than the other
• Non-excludibility: Once provided, it is impossible to prevent any economic agent from consuming the good
• Partial market failure: when the market for a good exist but there's too much or not sufficient production of a good
• Marginal analysis: focuses on small or incremental changes in an economic variable such as cost or output
• Missing Market: a market where Market mechanism fails to supply any of a good
• Complete Market failure: Market fails to supply any of a good that is demanded, creating a missing Market
• Non provision of public goods: A good that is provided by the government but is not excludable or rivalrous, meaning consumption by one economic agent does not reduce the amount available for consumption by others.
• Market failure: where resources are inefficiently allocated due to imperfections in the working of the market mechanism
• Private goods: Don't stop possessed the characteristics of rivalry (Once Consumed, it cannot be consumed by anyone else ) and excludability (It is possible to prevent someone else from consuming the good)
• Negative production externalities: When social cost exceeds private cost
• Information failure or information job: where buyers or sellers are both do not have the information that is available to make a decision
• Positive externalities or external benefit: Exists if net social benefit is greater than net private benefit
• Non- rejectability: Once provided, it is impossible for any economic agent not to consume the good
• Cryptocurrency: a digital or virtual currency that uses cryptography as security, therefore making it secure
• Production externalities or external benefits of production :When the social cost of production are different from the private costs of production
• Public goods on pure public goods: Good stuff possessed the characteristics of non rivalry or non-deministribility and non-excludability which includes the characteristic of non-rejectability
• Non-rivarry,Non- diminishability or non-exhaustibility: Consumption by one economic agent does not reduce the amount availableConsumption by one economic agent does not reduce the amount available for consumption by others
• Free Rider: A person or organization that receives benefits the others have paid for without making any contributions
• Externality or spillover effect: Difference between social cost and benefits and private costs and benefits
• Consumption externalities or external benefits of consumption: On social cost of consumption are different from the private cost of consumption
• Moral hazard: when an economic agent makes a decision in their own best interest knowing that they'll be potential negative risks, and that if problems result, the cost will be partially paid by other economic agents
• Negative consumption externalities: when social benefits are less than private benefits
• Imperfect Market: Where buyers and sellers both lack information to make an informed decision
• Positive production externalities: when social costs are less than private costs
• Negative externality or external cost: exist if net social cost (Social cost minus social benefit )
• Principal agent problem: occurs when the goals of principles, those who are gang or lose decision, are different from Agents, those making decisions on behalf of the principle
• Positive consumption: externalities when social benefits exceeds private benefits
• Public Choice Theory: theories about how and why public spending in taxation decisions are made
• rent seeking: the use of political power by an economic agent to influence the distribution of resources for their own benefit at expense of others without creating any extra wealth for the society
• Economics as a social science
• Ceteris paribus: all things being equal; the assumption that while the effects of a change in one variable are being investigated all other variables are being kept constant
• Disposable income: the amount of money you have left after you have paid your taxes, an increase in taxation would lead to a decrease in levels of disposable income
• Empirical: Based on scientific testings or practical experience and not based on ideas
• Good: A thing that is produced in order to be sold
• Hypothesis (plural：hypotheis): an idea that is suggested as an explanation for something, but has not been yet to be proved true
• Inequality: an unfair situation, in which some groups in the society have more money opportunities or power than others
• Law: a theory or model has that has been verified by some empirical evidence
• Normative economics: the study and presentation of policy prescriptions involving value judgements about they way in which scarce resources are allocated