Economics Concepts

noun the fact or quality of being generally accepted or in use

• The exchange rate between the two currencies fluctuates daily.
• I need to exchange my currency before traveling abroad.
• I'm broke, I don't have any currency left.
• Time is the currency of life, spend it wisely.

noun A discount store is a retail store that sells products at lower prices than traditional retail stores.

• The discount store offers a wide range of products at lower prices.
• I love shopping at the discount store because everything is so cheap.
• Let's hit up the discount store for some good deals.
• The discount store is like a treasure trove of affordable items.

noun a flexible material that can stretch and return to its original shape

adjective able to be stretched and then return to its original shape or size

• The elastic material used in the production of the clothing allows for flexibility and stretch.
• I love how these elastic waistband pants are so comfortable to wear.
• I need to get some new sneakers with elastic laces - they're so convenient.
• Her mind was like an elastic band, always bouncing back from setbacks.

noun a word or phrase functioning as a noun

adjective relating to a noun or a word group that functions as a noun

adverb in name only; insignificantly small

• The nominal fee for the service is $10.
• The ticket price is just a nominal amount.
• I'll pay you back with a nominal sum.
• His title as manager was merely nominal, as he had no real authority.

adjective relating to or based on ideas or suppositions rather than actual occurrences

• The notional value of the company's assets is significantly higher than its market value.
• I have a notional idea of what we should do next, but I'm open to suggestions.
• I only have a notional understanding of how to fix a car, so I probably shouldn't try it myself.
• Her notional grasp on reality made it difficult for her to function in everyday life.

adjective relating to a tax or duty imposed based on the value of the item being taxed

adverb in a manner related to the value of the item being taxed

• The import tax is calculated ad valorem based on the value of the goods.
• The sales tax is ad valorem, meaning it's a percentage of the total purchase price.
• I hate paying ad valorem taxes on my property because they keep going up.
• Her love for him was ad valorem, increasing with each passing day.

noun TINA - a female given name, often used as a shortened form of Christina or Martina

• TINA, short for 'There Is No Alternative', is a term often used in economics to describe a situation where there are no other viable options.
• I heard TINA is the only option we have for this project, so we better make it work.
• TINA is like our only shot at getting this right, so let's not mess it up.
• In life, sometimes TINA is the path we must take, even if it seems daunting at first.

noun A Latin term meaning 'according to value' used in finance and taxation to refer to a tax or charge based on the assessed value of a transaction or property.

• The ad valorem tax is calculated based on the value of the goods being imported.
• I heard they're charging an ad val tax on all luxury items.
• I can't believe how much ad val they're adding to these products!
• The ad val of her kindness cannot be measured in material terms.