Agriculture National income

The cultivation of crops See gross domestic product and gross

and the tending of animals for the national product
purpose of supplying food. For
millennia, this was mankind’s
primary economic activity.

Currency Pr
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The monetary unit of a nation state,
or group of states. Examples are the
American dollar, the euro and the
Japanese yen. In the modern era,
most currencies are allowed to rise
and fall in value against each other
and are traded in the foreign
exchange
market.

Elasticity
A measure of the responsiveness of
one variable to changes in another.
For example, if a good rises in
price by 10%, then demand could
fall by less than 10% (price
inelasticity) or more than 10%
(price elasticity). Essential goods
like food and fuel tend to be price
inelastic.
.
Reflation
Policies designed to stimulate the
economy. This may involve fiscal
policy (cutting taxes and/or
increasing public spending)
or monetary policy (cutting interest
rates and/or quantitative easing). Both
approaches are likely to send
the inflation rate higher, although this
is not a problem if the economy is
experiencing low inflation or deflation.
Demand
Demand is a principle of
economics that captures the
consumer's desire to buy the
product or service. The demand is
calculated as the price the
consumers are willing to pay for
the product or service.
Quantity
In economics, quantity supplied
describes the number of goods or services
that suppliers will produce and sell at a
given market price. The quantity supplied
differs from the actual amount of supply
(i.e., the total supply) as price changes
influence how much supply producers
actually put on the market.
Budget Opportunity cost
The annual process through which The cost of something may not just be its
a government sets out its spending price but the alternative; what was given up
plans and tax measures. A balancedto get it. So the opportunity cost of
budget is when revenues are spending the afternoon at a bar is
expected to match expenditure. the wages you might have earned had you
More usually, spending outstrips stayed at work. Money spent on a fancy
revenues and the government runs
a budget deficit. Creating or meal could have been spent on a training
expanding a deficit course to enhance your skills.
can be a deliberate act to boost an
economy 
Framing SUPPLY
In behavioural economics, the idea supply is the amount of a resource that
that how a proposition is framed firms, producers, labourers, providers of
can affect the reaction of financial assets, or other economic agents
individuals. So expressing the cost
are willing and able to provide to the
of an annual subscription at $72 a
year will attract fewer customers marketplace or to an individual. Supply can
than describing it as $6 a month. be in produced goods, labour time, raw
materials, or any other scarce or valuable
object.
GDP Tax
measures the monetary value of
final goods and services—that is, a mandatory payment or charge collected
those that are bought by the final by local, state, and national governments
user—produced in a country in a from individuals or businesses to cover the
given period of time (say a quarter costs of general government services,
or a year). It counts all of the goods, and activities.
output generated within the borders
of a country.

Holding
he contents of an investment
portfolio held by an individual or
an entity, such as a mutual fund or
a pension fund. Portfolio holdings
may encompass a wide range of
investment products, including
stocks, bonds, mutual funds,
options, futures,and exchange
traded funds (ETFs).