Economics - abb

D

demand

S

Supply (curve)

P

price

Q

Usually refers to quantity (e.g. demand-supply graph)

I

household income

W

economic welfare

CS

Consumer surplus

AC

Average total cost

MR

Marginal revenue

T

Lumpsum tax

X

Level of exports

S

Savings level

MPC

Marginal propensity to consume

NAIRU

Non-accelerating inflation rate of unemployment

PS

Producer surplus

DWL

Deadweight loss

U

Utility

MU

Marginal Utility

MRS

Marginal Rate of Substitution

MRT

Marginal Rate of Transformation

FC

Fixed cost

VC

Variable cost

TC

Total cost

AVC

Average variable cost

AFC

Average fixed cost

SR

Short run

LR

Long run

L

Labour

K

Capital

Y

Output produced (equates to quantity supplied)

MP

Marginal product

MC

Marginal cost

TR

Total revenue

π

Profit

^M

Superscript or sub-script used to signal the price, quantity, profit, welfare of a monopoly

^PC

PERFECT COMPETITION: superscript or sub-script used to signal the price, quantity, profit, welfare

NE

Nash Equilibrium

MEC

Marginal external cost

MSB

Marginal social benefit

MSC

Marginal social cost

t

Tax rate

GDP

Gross Domestic Product

C

Consumption level

Inv

Investment level

G

Government or public spending

M

Level of imports

NX

Level of exports minus imports

MPS

Marginal propensity to save

U

Unemployment rate

GCF

Gross capital formation

r

Market interest rate

rp

Policy interest rate (or Bank/Fed rate)

LS

Labour supply

LD

Labour demand

LF

Labour force

w

Nominal wages

K

Capital, a factor of production

L

Labour, a factor of production

TFP

Total factor productivity

MPK

Marginal product of capital

MPL

Marginal product of labour

PC

Phillips curve

M9

Quantity of money

V

Velocity of money

P9

Price level (economy)

Y9

Output level econ