Economic Theory Vocabulary

noun a social class that does not need to work for a living and can afford to engage in leisure activities

• The leisure class enjoys spending their time engaging in cultural activities and leisurely pursuits.
• The rich folks in the leisure class have all the time in the world to relax and have fun.
• The leisure class is living the high life, just chilling and enjoying themselves.
• In the social hierarchy, the leisure class sits comfortably at the top, free from the burdens of everyday life.

noun the state or condition of being equal, especially in status, rights, or opportunities

• The government is committed to achieving gender parity in all sectors of society.
• There needs to be parity in the way we distribute resources among team members.
• I can't believe there's still no pay parity in this company!
• In the world of sports, achieving parity among teams is a constant challenge.

noun extreme economy or frugality

• The scientist's theory was based on the principle of parsimony, using the simplest explanation possible.
• She always shops with parsimony, only buying what she absolutely needs.
• I admire his parsimony when it comes to spending money, he's so frugal.
• In writing, parsimony can be achieved by using concise language to convey a powerful message.

verb to filter gradually through a porous surface or substance

• The coffee slowly began to percolate in the glass carafe.
• I can feel ideas starting to percolate in my mind.
• Let's let that gossip percolate for a bit before spreading it around.
• The feeling of excitement started to percolate through the crowd as the concert began.

noun the purchase of goods or shares by one person or party before the opportunity is offered to others

• The doctrine of preemption allows a federal law to take precedence over state laws.
• Preemption means the federal government can override state laws.
• Preemption is like the boss telling everyone else what to do.
• In the game of chess, preemption is like anticipating your opponent's move and countering it effectively.

noun a natural inclination or tendency to behave in a particular way

• Her propensity for detail-oriented work made her the top candidate for the job.
• I've noticed your propensity for sleeping in late on weekends.
• His propensity for drama always makes things more interesting.
• The artist's propensity for using bold colors in his paintings sets him apart from others.

noun a rational being or entity

adjective based on or in accordance with reason or logic

• It is important to make rational decisions based on logical reasoning.
• I always try to be rational when it comes to making important choices.
• Dude, you gotta be rational about this and not just go with your gut feeling.
• In the heat of the moment, it can be hard to stay rational and think clearly.

adverb In a logical and reasonable manner.

• It is important to approach decision-making rationally, considering all the relevant factors.
• Let's think about this rationally before jumping to any conclusions.
• Dude, you gotta chill out and think about this rationally.
• She approached the problem rationally, like a chess player thinking several moves ahead.

noun a quality or characteristic of being concerned primarily with one's own interests, benefits, and well-being, often at the expense of others

• Selfishness is often seen as a negative trait in the workplace.
• Her selfishness really showed when she refused to share her dessert.
• Don't be so selfish, share some of your chips with us!
• The selfishness of the politicians was evident in their refusal to compromise for the greater good.

adjective a word that describes or modifies a noun, such as 'unvalued' which means not given a specific value or worth

• The unvalued assets were not included in the financial report.
• She felt unvalued at work because her efforts were not recognized.
• I'm tired of feeling unvalued in this relationship.
• The unvalued memories of childhood came flooding back as she walked through the old neighborhood.

noun a person who studies and analyzes human behavior and the ways in which it can be influenced or changed

• The behavioural scientist conducted a study on the effects of social media on adolescent behavior.
• My friend is a behavioural scientist who studies how people make decisions.
• The behavioural scientist is always analyzing everyone's actions like a detective.
• Being a behavioural scientist is like being a detective of human behavior.

noun the act of consuming or using something for one's own benefit, often resulting in the depletion or destruction of the original source

• The company decided to launch a new product line to prevent cannibalization of their existing offerings.
• They didn't want the new product to eat into sales of their other items.
• They were worried the new release would cannibalize their current sales.
• The introduction of the new service led to cannibalization of their previous business model.

noun a noun is a word that refers to a person, place, thing, or idea. In this case, 'butterfly effect' is a noun referring to the concept that small actions can have large, far-reaching consequences.

article an article is a word that is used to specify a noun as definite or indefinite. In this case, 'the' is an article used before 'butterfly effect' to specify that it is a specific concept being referred to.

• The butterfly effect is a concept in chaos theory that suggests small changes can have large effects on a complex system.
• You know, like how one small decision can set off a chain reaction of events - it's the butterfly effect.
• Dude, it's like when one little thing leads to a huge domino effect - that's the butterfly effect.
• Just like how a butterfly flapping its wings in Brazil can cause a tornado in Texas, our actions can have far-reaching consequences - it's the butterfly effect in action.

noun a word that represents a person, place, thing, or idea

verb a word that expresses an action or a state of being

adjective a word that describes or modifies a noun or pronoun

preposition a word that shows the relationship between a noun or pronoun and other words in a sentence

conjunction a word that connects words, phrases, or clauses

article a word that is used to specify or limit a noun

• The rocket and feather effect is a concept in economics that explains the asymmetry in the way prices respond to changes in supply and demand.
• Have you heard of the rocket and feather effect in economics? It's pretty interesting.
• The rocket and feather thing in economics is like when prices shoot up like a rocket but fall like a feather.
• Her mood was like a rocket and feather, soaring high one moment and plummeting the next.

adjective relating to or originating from within an organism, system, or process

• The researchers studied the endogenous factors that contribute to the development of the disease.
• They looked into the things inside the body that can cause the disease.
• They checked out what's going on internally with the disease.
• The endogenous roots of the issue run deep within the system.