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Economic Terms

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Workers perform individual tasks that contribute to the production of the good or service. This means that a number of workers will work together to produce a unit of a good/service. This helps to achieve greater efficiency as workers specialise in a smaller number of tasks.

Dodd Frank Act - 2010

Passed as a response to the 2008 financial crisis, it brought the most significant changes to financial regulation in the US. Specifically it focused on ensuring that by 2019 all universal banks had ringfenced their commerical banking activities away from their investment banking activities.

Double Coincidence of Wants

For exchange to occur via barter, both parties must want the products being exchanged and the rate of exchange must be acceptable.

Durable goods

Goods that are not immediately consumed and can be used repeatedly, often over a long period of time e.g. pair of running shoes.

Dynamic efficiency

When a firm achieves productive efficiency over a sustained period of time.

Graphically this can be represented by the firms long-run average costs curves falling over time. This is achieved by the firm inventing and innovating new products and more importantly better and more efficient production processes. This type of efficiency will see both the short-run and long-run average cost curves fall over time.


Dynamic model

An economic model that considers a particular issue over a period of time.

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