Vocabulary

balance on goods and services

built-in stabilizer

built-in stabilizer

opportunity cost

production function

consumption function

saving function; savings function

investment function

law of diminishing marginal product

factor proportions theory (of international trade)

factor intensity

income effect

celebration of longevity

substitution effect

spelling in the original language; spelling in the original script

import duty

import quota

import quota

export subsidy

voluntary export restraint; VER

monopsony

oligopsony

monopolistic competition

imperfect competition

perfect competition

consumer surplus

ability-to-pay principle (of taxation)

resource allocation

average cost

average propensity to consume

average propensity to save

benefit principle (of taxation)

balanced budget multiplier

cost minimization; cost minimisation

old hag; old woman; old bat

old man; old goat

feminazi; man-hating feminist

mainstream media; lamestream media

engineer; technician

cowshed