Words, A-D
The quantity of a good or service that consumers want and are willing and able to purchase (or not) at various prices.
Demand.
(noun)
Something that encourages a person to do something
Incentive
(noun)
The amount of money that a person or company owes, sometimes as debt.
Liabilities.
(noun)
This is the quantity of a specific good or service that producers are willing and able to offer to the market (or not) at various price levels.
Supply
(noun)
Who is Germany's federal minister for Economic Affairs and Climate Action?
Robert Habeck
An economic situation in which prices fall and there is a reduction in wages and government spending, and low levels of growth
Deflation.
(noun)
Not having enough money to pay what you owe, especially for private individuals.
Insolvent
(adj.)
The tendency to prefer avoiding losses over receiving an equivalent gain.
Loss Aversion
(noun)
An amount of money that is paid to somebody for their work or services.
Remuneration.
(noun)
What is Germany's main export?
Cars and car parts, accounting for ca. €273 billion in 2023, or ca. 17% of exports.
(according to Statista)
When some people are willing to accept losses if they can help others instead.
Bounded self-interest
This is a commonly used measure of the size and output of an economy for a given time period. It refers to the total produced market value of a country’s goods and services, including businesses, government and private individuals.
Gross Domestic Product (GDP)
A statistical measure for uncertainty in survey results, typically reported with a confidence level. Smaller values indicates more precise estimates, while larger values mean greater uncertainty in the data. Increasing the sample size usually decreases this value.
Margin of error
(noun)
When goods are sold in large amounts to shops and businesses, especially so they can be sold again to customers to make a profit.
Wholesale
(adj.)
Millennials are considered to have be born between what decades?
From about 1980 to 2000.
+/- a few years? Depends a little on who you ask!....
Tendency to rely on immediate examples which come to mind when evaluating a decision or topic. It may lead to incorrect assumptions of probabilities.
Availability heuristic
(noun)
An country that has some but not all features of a developed market economy (e.g. US, Japan), and is in the process of becoming more engaged with global markets.
Emerging market
(noun)
The value of a company that is bought and sold on the stock market, calculated by multiplying the total number of shares by the current share price.
Market Capitalization ('market cap' for short)
The idea that people or companies are less willing to give up on projects heavily invested with their time, money, or effort. even if it means more risk or is not the best option.
Sunk cost fallacy
(noun)
Which nation is the world's 4th largest economy?
Japan.
1. USA 2. China 3. Germany 4. Japan 5. India
A warning that a person who buys something must take responsibility for conditions or the quality of goods being bought.
caveat emptor (latin: buyer beware)
(noun)
This highlights aspects of a product in a way that makes it more appealing to consumers' emotions, and not on facts or rational
Framing
(noun).
A market structure in which a small number of large firms dominate the industry, often leading to limited competition and strategic interactions between them. This mainly benefits them, not consumers.
Oligopoly
(noun)
The illegal non-payment or under-payment of taxes, usually by deliberately making a false declaration or no declaration to tax authorities.
Tax evasion
(noun)
You buy a new tablet, and then receive a free 6-month subscription to an online streaming service. When the 6 months are nearly up, you wonder if you should let the regular billing begin, or cancel. You feel a bit sad at losing the streaming possibilities, as you were half-way through a good series... What is this marketing principle called?
Partial Ownership (a feature of behavioural economics)