50

dear money. Money that can only be corrowed with difficulty

and at a high rate of interest.

rarra\r~~~~;TPIuu,"eiu7"ararii~~37nEl" rd"gQ

Debenture bond. Bond not secured by any specific property

but issued against the gereral credit standing of a

corporation.

debt service. Payment of the interest on a debt and of such

installment of the principel as are legally due. Normally,

the term is used in connection with a public debt

n,lb?szn'l"on ru"u r&j L,IZ rarrc;uu1~a?u~*n-lunitlrr~~~~r

I'Inu~n~u='L~nsZGMGalJ1-iru-

debtor nation. A nation whose international trade and finance

is such that the total amount it owes to foreign countries

decentralization. As applied to industry :

1. The establishment of factories away frOm large Cities

and at some distance from one another.

2. A technique of organization in larqe business

enterprises whereby units of the business reDresenting

51

declining-marginal-efficiency-of capital theory. The theory

emphasized by Keynesian economists that when, at a given

rate of consumption, more and more production plants and

equipment are established, the rate of return on new and

existing capital equipment declines. Also referred to

as the falling-rate-of-profit-theory.

Decreasing cost. The situation in which the average total

unit cost decreases as total production increases.

.skmawla\r *71rd~~~U"75LIOPIO;OP11;?USn" LQi"wm\I do

52

deflation. The situation when the general price level is low

and the value of money is high.

maG! -us-~ul,R19u~?~=aaelc;iaanIR~U3U rSugu

Dfgressive tax. A progressive tax where the tax rate increases

at a decreasing rate.

demand.demand.

1. The quantity of an economic good that will be bought1. The quantity of an economic good that will be bought

at a given price at a particular time.at a given price at a particular time. Demand in thisDemand in this

sense is sometimes called "market demand."sense is sometimes called "market demand."

53

2. The quantity of an economic good that will be bought

Demand draft. Draft payable immediately on demand

rn-dldviw";;lfJ L%&si Ld8M7\187%1

Demand deposit. A bank deposit subject to with-dram1 at any

time.

demonstration effect.. The impact of an individual of seeing

54

deposit. Currency or checks presented to a bank by a customer

for credit to his account.

L~rrdln rem% rC"dphilld~r;su-l~-l~ G&l r&Gg

deposit currency. The preceeds of a bank loan which have

been credited to a depositor's account and made subject

to withdrawal by check.

depression. The period of business cycle when production is

lowest, unemployment highest and price lowest.

~i=hatln'i t9u4-u-~~~ua~7uosg%~~~~"~~w~~~~~~"

n15~1~~-lu~~d$Gl ual57Rlt;iMdq"

derived demand. The demand for a comondity which grows out

of the desire to satisfy the demand for some other

commodity.

qrlsr\sG3u r&o ~ela\sn'uou%~ipanloL1\9PSdUij\9 riT"&dQ-l""a-lunao

n?%~~-~uou~J~unu~olu~~~~~~~~~~~

devaluation. As applied.to a monetary unit, a reduction in

its metallic content as determined by law. The term also

applies to the lowering of the value of one nation's

currency in terms of the currencies of other nations.

n74anF;1 a%dms-, ada'li?=hmkl r&Jn%woudsr LvlH au-l.o"u

n7,snsiuau b~Oa~ML~fli~~Rr;~7UnaU7U "iif~wnJ-lu~Qn7ss.n7 L;iunsl

U0wJ-s~ ann&iwm~;fkJ aSuw%waalss avlao"u

55

developing nation. A nation whose people are begiming to

utilize available resources in order to bring about a

sustained increase in per capital production of goods and

services

differential duty. A custom duty imposed at different rates

upon identical commodity according to the source of those

commodities or according to some other factors unrelated

to the nature of the commodities themselves. Sometimes

differentiation, product. The creation of real or imagined

differences in essentially the same type of product, by

means of branding, packing, advertising, quality

variation, design variation etc. It is most prevalent

in consumer goods industries, e.g., washing powders,

cosmetics, motor-cars, cigarettes and alcoholic beverages.

The purpose of product differentiation is to build up

"consumer loyalty" to one firm's product or brand.

?lTa&~RmJwa"&U rowlro;,a~~~ivl~~%u~lrl,r Lslvl LGi;u7

56

diministing returns. The condition which exists when, in

successively applying equal amounts of one or two factors

of production iland, labor, or capital) to the remaining

factor or factors, an added application yields a lesser

increase in production than the application just preceding.

n-l-a& lfi"& a&&79 I~u~T~~j,,?,,a",,d,,~~~*~~~~~ (%iiu.

.LLcs\9‘9?U * es%vp] a;,fix3dunYdGinti"uii cwkln,s~~n~uiul Lii'U917M

WJGm I~U=U;DV~;1JJjUnl5U~~,‘~~~~~~~

direct cost. A cost which can be consistently identified with

a specific unit of output. Dire-.t, or vzriahle, costs

consist of two kypes : (I) direct materldls, LX supplies

which can be connected directly with dn individual

product; Ind (2) direct labor, which is that portion of "

wages and salaries tilat can be ide2tified with a specific

5-l

direct production. The satisfaction of ;I human want without

the use of capital goods of any kind.

n-lswlwn7wls~ nlSUi~Rn??UB;O\9n?caun\nuyer~~""T&'l~

3w&ds= LalnqUY~D;-lQ7"

direct tax. A tax, the burden of which cannot be easily

shifted or passed on to some other person by the person

on whom it is levied such as personal income and inheri-

tance taxes.

discount.

1. A deduction made from a debt or charge, such as an

amount deducted from a bill for prompt payment.

2. The amount deducted from the face value of a promissory

note or similar commercial paper for cashing it

previous to the date of maturity.

3. The difference between the face value of a bond and

the market price when the face value is the higher.

g&@

58

discrimination. Inequality of trade treatment given to 'I've or

more exporting nations by an importing nation, 3s through

preferential tariff rates for imports from particular

countries, or trade restrictions that apply to the exports

disposable income. The income remaining to persons after

deducting personal taxes and all other payments to the

distribution.

1. The apportionment of the total income of society among

the factors of production.

59

division of labor. The production whereby each worker,

region or country produces only the goods in which it is

most specialized.

n?4u;oYunY4*mJ n1susn uukaznuQ?uno~5u LLar8"

J-l= LvlA "=ln-l-i"tolau;-l rpW7;.~~Un?dijA71UblU7NUlnndBn

documentary bill. A bill of exchange which has documents

attached.

double taxation. The levy and collection, within one fiscal

period, of two taxes both of'which are calculated on the

same tax base.

n-la&J "7, r?iun,s 2 "&mul",'"s L101 riiu-Jrtir ur;

ii&I= r3un1ah &iiU-AirU

6 0

dual price. Sellir,g an identical product for different

prices in different markets. The practice of dual pricing

is often used in export subsidies and dumping.

. "

duopoly. The condition in which there are only two sellers

of a particular commodity.

n,ar&iQu,u%u~,u4m rzu7filJ ;Buu 2 F1u

duopsony. The condition in which there are only two buyers

of a particular commodity.

zvkki~~0700,.d~" rffua?% rauo 2 FIU

durable goods. A piece of equipment, for either consumers or

producers, that in normal used is likely to last longer

than three years. Consumer durable goods indude

61

duty. A tax imposed on the importation, exportaticn, or

consumption of goods.