LANGUAGE PROFICIENCY

• 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
• 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
• If you add up marginal utility for each unit you get total utility
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• A noun is the name of a person, place, thing, or idea
• Proper noun


  Names a particular person, place, or thing, first letter is capitalized
• Common noun


  Does not denote anybody, anyplace or anything in particular, first letter is not capitalized except at the beginning of a sentence
• Other kinds of nouns

  • Collective nouns
  • Abstract nouns
• Collective noun


  Refers to a collectivity or a group of persons, animals, or things that are counted or deemed as one
• Abstract noun


  Denotes an intangible idea, names a condition or a concept
• Examples of collective nouns

  • audience
  • crowd
  • group
  • kind
  • team
  • band
  • dozen
  • heap
  • lot
  • number
  • class
  • family
  • herd
  • staff
  • committee
  • flock
  • jury
  • public
• Examples of abstract nouns

  • contentment
  • loyalty
  • friendship
  • brotherhood
• Person of a noun


  First person (denotes the speaker), second person (denotes the one spoken to), third person (denotes the one spoken about)
• Number of a noun


  Singular (refers to only one), plural (refers to more than one)
• Gender of a noun

  Masculine (denotes the male sex), feminine (denotes the female sex), neuter (denotes objects that do not have sex)
• Case of a noun

  Nominative (subject, predicate nominative, address, nominative in apposition, nominative of exclamation), possessive (indicates ownership), objective (direct object, object of a preposition, objective in apposition, indirect object, adverbial object, retained object, objective complement, cognate object)
• Nouns in the nominative case can be used as the subject, predicate nominative, address, nominative in apposition, or nominative of exclamation
• Nouns in the possessive case indicate ownership, possession or connection to another word
• Uses of nouns in the objective case

  • Direct object
  • Object of a preposition
  • Objective in apposition
  • Indirect object
  • Adverbial object
  • Retained object
  • Objective complement
  • Cognate object
• Verbs


  • ach
  • do
  • lend
  • refuse
  • tell
  • forbid
  • offer
  • remit
  • wish
  • forgive
  • owe
  • sell
  • write
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