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Economic Growth: A sustained increase in total output or output per person for an economy over a long period of time

Economic Recovery Tax Act of 1981 (ERTA): Designed to foster savings and investment to encourage long-term growth through reductions of personal income tax rates, taxes on personal savings for retirement and business taxes for firms investing in new capital.

Economic Regulations: The control of entry into the market, pricing, the extension of service by established firms and issues of quality control.

Economic rent : Economic rent is the difference between what a factor of production is earning (its return) and what it would need to be earning to keep it in its present use. It is in other words the amount a factor is earning over and above what it could be earning in its next best alternative use (its transfer earnings).

Economic Specialization: Concentration of activity in a few particular tasks or in producing only a few items.

Economics: The study of choice and decision-making in a world with limited resources.

Economies of scale: Economies of scale occur when larger firms are able to lower their unit costs. This may happen for a variety of reasons. A larger firm may be able to buy in bulk, it may be able to organise production more efficiently, it may be able to raise capital cheaper and more efficiently. All of these represent economies of scale.

Efficiency: The allocation of goods to their uses of highest relative value.

Elasticity of Demand : The percentage change in the quantity demanded divided by the percentage change in price.

Embargo: A deliberate cutoff of supply, typically intended as a political statement.

Entitlements: Government transfer payments made to individuals having certain designated characteristics and circumstances, such as age or need.

Equation of Exchange (M x T = P x Q) : The equation indicates that the money supply multiplied by the number of times that money turns over equals the price level multiplied by real output.

Equilibrium: The amount of output supplied equals the amount demanded. At equilibrium, the market has neither a tendency to rise nor fall but clears at the existing price.

Exchange: The voluntary transfer of rights to use goods.

Exchange Rate: The price of one currency in terms of another.

Exchange Value : The purchasing power of a unit of currency for goods and services in the marketplace.

Exclusion Principle: The owner of a private good may exclude others from use unless they pay.

ExpansionPhase : The phase of the business cycle when the economy is growing rapidly: output is increasing, employment is rising, industrial production is increasing and prices are tending to rise.

Expectations-augmented Phillips Curve: The expectations-augmented Phillips Curve was developed by Milton Friedman to try explain the breakdown of the Phillips Curve in the 1970s. He incorporated people's price expectations, and said that there would be a number of short-run Phillips Curves - one for each level of price-expectations. However, in the long-run there would be no trade-off between unemployment and inflation and any attempt to reduce unemployment to below its natural rate would simply be inflationary.

Externalities: Costs or benefits that impact society but are not included in the market price of a good or service. Pollution is an example of a negative externality. Education is an example of an externality benefit when members of society other than students benefit from a more educated population. Externality is one type of market failure that causes inefficiency.

Externalities – negative: Externalities occur where the actions of firms and individuals have an effect on people other than themselves. In the case of negative externalities the external effects are costs on other people. These are known as external costs. There may be external costs from both production and consumption. If these are added to the private costs we get the total social costs. The most common example of external costs are things like pollution where people other than the firm may bear the health costs and other problems.

Externalities - positive: Externalities occur where the actions of firms and individuals have an effect on people other than themselves. In the case of positive externalities the external effects are benefits on other people. These are known as external benefits. There may be external benefits from both production and consumption. If these are added to the private benefits we get the total social benefits.

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