Glossary
Definitions of the key terms used in this course.
Domesday Book - A record of landholders and of the manors which they held. It was the result of the great survey commissioned by William the Conqueror.
Econ 101 - A '101' course is an introductory course that covers the basics of a subject. 'Econ 101' therefore refers to a basic economics course.
Endogenous - A variable whose value is determined by the equilibrium of a system, in contrast to an exogenous variable that is imposed on a system from outside.
Externality - A cost or benefit arising from any activity which does not accrue to the person or organisation carrying out the activity.
Hadrian’s Wall -The 118-km-long Hadrian’s Wall was built on the orders of the Emperor Hadrian c. AD 122 at the northernmost limits of the Roman province of Britannia.
Hold-up Problem - A class of contracting problems in which the relative bargaining power between agents can be affected by actions.
Inclusive state - A state whose policies are directed towards addressing the needs of [all] its citizens and creating equal opportunities for all.
Input - What is put in, taken in, or operated on by any process or system.
Kenyan Crisis ’08 - The political, economic, and humanitarian crisis caused by the violence that erupted to contest the results of the December 2007 presidential elections.
Mercantilism - The economic theory that trade generates wealth and is stimulated by the accumulation of profitable balances, which a government should encourage by means of protectionism.
Narrative - A spoken or written account of connected events; a story.
Norm - Something that is usual, typical or standard.
OECD - The Organisation for Economic Co-operation and Development is an intergovernmental economic organisation with 35 member countries.
Police State - A totalitarian state controlled by a political police force that secretly supervises the citizens' activities.
Priming - In a task involving recall, recognition, or some other form of cognitive performance, the provision of a contextual cue, prime, or prompt that provides information about either the identity or the time of appearance of a target stimulus and that may facilitate a response or inhibit it.
Public good - A commodity or service that is provided without profit to all members of a society, either by the government or by a private individual or organisation.
Rubric - A list of instructions that helps the learner address the requirements of an assignment. The rubric is often used for assessing assignments.
Syrian Refugee Crisis - Millions of Syrians escaping their country due to the conflict that started in 2011.
Zero-sum game - Whatever is gained by one side is lost by the other.