Glossary

Employment related Glossary – Vocabularies and its meanings

Glossary

* Full employment : Persons who are willing to work and able to work must have employment or a job

*Unemployment : when there are people, who are willing to work and able to work but cannot find suitable jobs.

*Disguised unemployment : It is found in which when more people are doing work than actually required. 12-Economics-Chapter_3.indd 47 47 T he equality between saving and investment is achieved through changes of rate of interest. Rate of interest is determined by saving and investment. Rate of interest is a stock. Supply creates its own demand. Rate of interest is a reward for saving.

* Under employment : Resources (eg. Labour) are not fully utilized in production

*Effective demand : The amount of money which entrepreneurs expect to get by the output product.

*Aggregate demand : The amount that households, firms, the governments and the foreign purchasers would like to spend on domestic output.

*Aggregate supply : The value of total output of goods and services produced in an economy in a year.

*Marginal Propensity to Consume : The additional consumption due to an additional unit of income.

*Marginal Efficiency of Capital : The expected rate of return over costs of a new capital good.

*Money supply : The total stock of money circulating in an economy.

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