GLOSARIO MICROECONOMIA

1 Recession: recesión: is the general decline in economic activity of a country or region, as

measured by the decrease in annual rate of gross domestic product (GDP) over a sufficiently

long period. There is no agreement in the literature about which is the period.

2 Growth: crecimiento: is the increase in income or value of goods and services produced by

an economy (usually from one country or region) in a given period (usually one year). Broadly

speaking, economic growth refers to the increase of certain indicators, such as the production of

goods and services.

3 Expansión: Expansión: is the doctrine which advocates the expansion of the land base and

economic influences of a country, often through military aggression.

4 Economic activities: actividades económicas: economic activity is called to any process

where acquired products, goods and services that meet our needs or gains.

5 Effectiveness: efectividad: is the ability to achieve a desired, expected or desired. By

contrast, efficiency is the ability to achieve the effect in question with the minimum possible

resources feasible.

6 Efficacy: eficacia: ability to act or produce the desired effect.

7 Efficiency: Eficiencia: refers to the resources used and the results obtained. Therefore, it is

an ability or quality highly prized by companies or organizations because in practice everything

they do aims to achieve goals or objectives, resources (human, financial, technological,

physical, knowledge, etc..) limited and (in many cases) in complex and highly competitive.

8 Market Failure: fallo de mercado: is the term used to describe the situation that occurs

when doing a market supply of a good or service is not efficient, because the market provide

more of what would be efficient or even failure can occur because the balance of market provide

less of a particular good than would be efficient.

9 Macroeconomy: macroeconomía: is the part of economic theory that deals with the study of

the economy, by analyzing aggregate economic variables such as the total amount of goods

and services produced, total income, the level of employment of productive resources, the

balance of payments, the exchange rate and general behavior of prices.

10 Microeconomics: microeconomía: is a part of economics that studies the economic

behavior of individual economic agents, such as consumers, firms, workers and investors, as

well as markets. Consider the choices you make each to fulfill certain aims. The basic elements

that focuses on microeconomic analysis are the goods, prices, markets and economic agents.

11 Depression: depresión: is a severe form of economic crisis is a steady decline in

production and consumption, accompanied by high rates of unemployment and business

failures.

12 Invisible Hand: mano invisible: is a metaphor that expresses the ability economics free

market regulatory author. It was coined by the philosopher Adam Smith in his Theory of Moral

Sentiments (1759), and popularized by his magnum opus, The Wealth of Nations (1776),

although it was only used once in the latter text.

13 Ceteris Paribus: ceteris Paribus: is a methodological resource that is used to isolate the

influence of a particular variable has on a phenomenon that is influenced by many factors.

14 Representative Market Rate: tasa representativa del mercado: expresses the amount of

Colombian pesos that an employer must give in exchange for a foreign currency (eg U.S.

dollars). This TRM is calculated and certified daily by the Financial Superintendence of

Colombia, according to the methodology established by the Central Bank in its DODM External

Regulatory Circular - 146 of September 21, 2004.

15 Price: precio: price is called fee or reward assigned to obtain a good or service or, more

generally, any commodity. Although not necessarily such payment is made in cash prices are

generally referred to or measured in monetary units.

16 Capital swallow: capitales golondrina: capital flows are coming to a country for a short time to take advantage of attractive interest rates of the currency circumstantial and then go "flying" like swallows. Typically received hospitably emerging foreign capital, which can be used to finance the investment needed for development. However, the speed with which capital in and out sometimes generates more harm than good to the emerging country.

17 Rent: renta: is the profit in the industry and for work, and for capital in all its forms, others

use it to refer to the remuneration of all fixed capital: especially applies to capital gains property.

18 Variable costs: costos variables: variable cost refers to the costs of production that vary

depending on the level of production. All those cost increases or decreases as production

increases or decreases, is known as variable cost.

19 Fixed Costs: costos fijos: are those costs that the company must pay regardless of their

level of operation, ie, produce or not produce must pay. A fixed cost is an expense that the

company must incur mandatory, even if the firm is operating at half-speed, or do not do, which

is why they are so important in the financial structure of any company.

20 Demand: demanda: is defined as the quantity and quality of goods and services that can be

purchased in different market prices for a consumer (individual application) or by all consumers

(or market total demand), at a given time. The demand is a mathematical function.

21 Offer: oferta: The market economy system, rests on the free play of supply and demand.

Focusing on the study of supply and demand in a market for a particular good. Plans Suppose

each buyer and each seller are completely independent of any other buyer or seller.

22 Economic Models: modelos económicos: You can understand an economic model as a

representation (see scientific model) or proposal (social construct) or, more broadly, as a

concept either propositional or methodological (see construct (epistemology)) about an

economic process or phenomenon.

23 Shift in demand: desplazamiento de la demanda: is the graphical representation of the

mathematical relationship between the maximum amount of a particular good or service that a

consumer would be willing to buy at each price of that good. The demand curve with the supply

curve is a theoretical analysis tools used in neoclassical economics to predict pricing. The point

of intersection between the two curves is known as the balance between supply and demand.

24 Shift in supply: desplazamiento de la oferta: The supply curve shows the amount the

company that a producer is willing to sell of an asset, at a given price, holding constant other

factors that may affect the amount offered. The relationship between price and quantity supplied

is straightforward, since the higher price, greater profit, so that bidders are interested in selling

more of that good. 25 Phenomena of the economy: fenómenos de la economía: is an event whose consequences causes alterations in the composition, abundance or distribution of society's resources. Economics is the science that studies the efficient distribution of resources for the satisfaction of social needs.