English

• aggression - the act of attacking someone physically or verbally
• affective - relating to emotions, feelings, or attitudes
• aesthetic - relating to beauty or art
• affective (adj): relating to emotions, feelings, or moods
• aggression (n): hostile behavior intended to harm someone or something
• When analysing markets, a range of assumptions are made about the rationality of economic agents involved in the transactions
• The Wealth of Nations was written

  1776
• Rational


  (in classical economic theory) economic agents are able to consider the outcome of their choices and recognise the net benefits of each one
• Rational agents will select the choice which presents the highest benefits
• Consumers act rationally by


  Maximising their utility
• Producers act rationally by


  Selling goods/services in a way that maximises their profits
• Workers act rationally by


  Balancing welfare at work with consideration of both pay and benefits
• Governments act rationally by


  Placing the interests of the people they serve first in order to maximise their welfare
• Rationality in classical economic theory is a flawed assumption as people usually don't act rationally
• Marginal utility


  The additional utility (satisfaction) gained from the consumption of an additional product
• If you add up marginal utility for each unit you get total utility
• affective (adj): relating to feelings, emotions, or moods
• alliteration - when words start with the same sound (e.g., "peter pig" or "big bad wolf")
• analogy - comparing something to something else to explain what it is like
• allegory - a story that has two meanings; one is literal (what happens) and the other is symbolic (the meaning behind what happens)
• allegory - a story that has two meanings; one is obvious but there is another meaning hidden beneath it
• aesthetic (adjective): relating to beauty or art
• aesthetic (noun): an appreciation of what is beautiful or attractive
• alliteration - when words with similar sounds are used together
• analogy - comparing something unfamiliar to something familiar so it becomes easier to understand
• allegory - a story that has two meanings; one literal meaning and another hidden meaning
• alliteration (n): repetition of initial consonant sounds in words that are close together
• allegory - a story that has two meanings; one literal meaning and another hidden meaning
• analogy - comparing something unfamiliar to something familiar so it is easier to understand
• allegory - a story that has hidden meanings which are not obvious at first sight
• analogy (n): comparison between two things that have similarities but are not exactly alike
• allegory - a story that has hidden meanings which are not obvious at first sight
• ambiguity (n): having more than one possible meaning; unclear
• cognitive (noun): the mental action or process of acquiring knowledge and understanding through thought, experience, and the senses.
• anecdote - a short story about something that happened to someone.
• alliteration (n): repetition of initial consonant sounds in words that are close together
• antithesis - opposite ideas put together so they contrast strongly
• apostrophe - talking directly to someone who isn’t there
• ambiguity - having more than one possible interpretation