Sunday, May 19, 2013

Economics

Public Sector Net Cash Requirement (PSNCR) 

PSNCR is formerly known as Public Sector Borrowing Requirement (PSBR). The PSNCR is the difference between the expenditure of the public sector and its income.

Real business cycle theory (RBC theory)

Real business cycle theory (RBC theory) are a class of macroeconomic models in which business cycle fluctuations to a large extent can be accounted for by real shocks. RBC theory sees recessions and periods of economic growth as the efficient response to exogenous changes in the real economic environment. So, the level of national output necessarily maximizes expected utility, and government should therefore concentrate on long-run structural policy changes and not intervene through discretionary fiscal or monetary policy designed to actively smooth out economic short-term fluctuations.


Monopsony 

In economics, a monopsony is a market form in which only one buyer faces many sellers.



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