Translation of terms related economics and finance Ability-to-pay principle


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Translation of terms related economics and finance 
 
Ability-to-pay principle 
The idea that taxes should be levied on a person according to how well that person can shoulder that 
burden. 
Absolute advantage 
The ability to produce more of a good or service than another producer using the same amount of 
resources as that producer. 
Absolute good 
A value that cannot be traded off against other things that are highly valued by individuals. Many moral 
or ethical laws are considered to be absolute goods by the supporters (or advocates) of such laws. 
 
Actual output (real GDP) 
The amount that an economy actually produces, as measured by real GDP. 
Adjustable-rate mortgage (ARM) 
A mortgage that permits the lender to periodically adjust the interest rate on the basis of changes in a 
specified index. 
Adjusted gross income 
Gross income minus specific adjustments. 
Administered rate 
An interest rate that is set directly rather than being influenced by the market forces of supply and 
demand. 


Adverse selection 
The tendency of insurance to be purchased by those most likely to make claims. 
Advertising 
Communication used by businesses to persuade consumers to buy a good or service. 
Agency debt 
Direct debt obligations issued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, which are 
government-sponsored enterprises (GSEs). 
Aggregate demand curve 
A graphical depiction of the amounts of real output (gross domestic product [GDP]) that buyers 
collectively desire to purchase at each possible price level. 
Aggregate supply curve 
A graphical depiction of the amounts of real output (gross domestic product [GDP]) that businesses will 
choose to produce at each possible price level. 

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