audara mahasiswa, silakan Anda pelajari istilah ekonomi berikut ini dan pilihlah jawaban yang tepat atas pertanyaan yang ada. Pertanyaan Nomor. 1 sudah
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Modul e 1 Economic Terms from A to B Dra. Siti Era Mardiani, M.Ed. APA YANG DIMAKSUD DE NGAN ECONOMIC TERMS ? Economic terms adalah istilah ekonomi yang dipakai dalam bidang ekonomi. Istilah yang berupa kata atau frasa itu dapat memiliki arti yang berbeda dari arti yang dikenal secara umum karena merujuk pada suatu kekhususan. Dengan kata lain, istilah ekonomi tidak dapat diartikan secara harfiah, penelusuran kamus istilah, ensiklopedia, atau artikel yang berkaitan dengan bidang itu sangat dian jurkan. Untuk melatih pemahaman serta meluaskan pengetahuan tentang istilah ekonomi, M odul 1 6 ini sangat berguna. Untuk memudahkan Anda, maka istilah ekonomi itu disusun secara alfabetis, dimulai dengan huruf A dan diakhiri dengan huruf R. Setelah mempe lajari BMP (Buku Materi Pokok ) ini Anda diharapkan dapat : 1. memahami istilah ekonomi yang dimulai dengan huruf A sampai huruf R ; 2. mengerti istilah ekonomi yang dimulai dengan huruf A sampai dengan huruf B. Modul ini terdiri dari 2 learning a ctivity , yaitu sebagai berikut. Learning Activity 1 : membahas istilah ekonomi yang dimulai dengan huruf A . Learning Activity 2 : membahas istilah ekonomi yang dimulai dengan huruf B. Untuk menjawab pertanyaan yang ada, Anda harus memahami dahulu isi seti ap bacaan. Jika belum mengerti, ulangi kembali hingga Anda mengerti. Bila mengalami kesulitan dalam memahaminya, kamus dwibahasa (Inggris – Indonesia) dapat membantu Anda. PENDAHULUAN
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1. 2 Bahasa Inggris Niaga Learning Activity 1 Economic Terms Started with A audara mahasiswa, silakan And a pelajari istilah ekonomi berikut ini dan pilihlah jawaban yang tepat atas pertanyaan yang ada. Pertanyaan Nomor 1 sudah dikerjakan untuk Anda sebagai contoh! A. ADAPTIVE EXPECTATION S In e conomics , adaptive expectations means that people form their expectations about what will happen in the future based on what has happened in the past. For example, if inflation has been higher than expected in the past, people would revise expectations fo r the future. A theory of how people form their views about the future that assumes they do so using past trends and the errors in their own earlier predictions. Contrast with rational expectations . B. ADVERSE SELECTION This can be defined as: 1. the tendency of those in dangerous jobs or high risk lifestyles to get life insurance ; 2. a situation where sellers have information t hat buyers don’t (or vice versa) about some aspect of product quality. When you do business with people you would be better off avoiding. this is one of two main sorts of market failure often associated with insurance. The other is moral hazard . Adverse selection can be a problem when the re is asymmetric information between the seller of insurance and the buyer; in particular, insurance will often not be profitable when buyers have better information about their risk of claiming than does the seller. Ideally, insurance premiums should be set according to the ri sk of a randomly selected person in the insured slice of the population (55 – year – old male smokers, say). In practice, this means the average risk of that group. when there is adverse selection, people who know they have a higher risk of claiming than the average of the group will buy the insurance, whereas those S
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ADBI4201 /MODUL 1 1. 3 wh o have a below – average risk may decide it is too expensive to be worth buying. in this case, premiums set according to the average risk will not be sufficient to cover the claims that eventually arise, because among the people who have bought the policy mo re will have above – average risk than below – average risk. putting up the premium will not solve this problem, for as the premium rises the insurance policy will become unattractive to more of the people who know they have a lower risk of claiming. One way t o reduce adverse selection is to make the purchase of insurance compulsory, so that those for whom insurance priced for average risk is unattractive are not able to opt out. 1 ) Adverse selection can be caused by A . market failure B . moral hazard C . asymmetric information D . average risk 2 ) What do people use when they form their views about the future that assumes they do? A . Past trends B . Insurance C . Symmetric information D . Average risk Petunjuk Jawaban Latihan 1 ) Jawaban yang tepat untuk soal No. 1 adalah C karena pernyataan itu terdapat berikut ini yang terdapat dalam istilah ekonomi yang berjudul adverse selection can be a problem when there is asymmetric information between the seller of insurance and the buyer . Exercise 1 Untuk memperdalam pemahaman Anda mengenai materi di atas, kerjakanlah latihan berikut!
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1. 4 Bahasa Inggris Niaga Jadi, jelas bahw a adverse selection timbul bila ada asymmetric information . 2 ) A. C. ADVERTISING It is: 1. the activity of attracting public attention to a product or business, as by paid announcements in the print, broadcast, or electronic media ; 2. the business of designing and writing advertisements ; 3. advertisements considered as a group: This paper takes no advertising . Many firms advertise their goods or services, but are they wasting economic resources? Some economists reckon that advertising merely manipula tes consumer tastes and creates desires that would not otherwise exist. By increasing product differentiation and encouraging brand loyalty advertising may mak e consumers less price sensitive, moving the market further from perfect competition towards imperfect competition (see monopolistic competition ) and increasing the ability of firms to charge more than marginal cost. Heavy spending on advertising may also create a barrier to entry, as a firm entering the market would have to spend a lot on advertising too. However, some economists argue that advertising is economically valuable because it increases the flow of information in the economy and reduces the asym metric information between the seller and the consumer. This intensifies competition, as consumers can be made aware quickly when there is a better deal on offer. 3 ) What does advertising manipulate? A . Consumer desire . B . Consumer taste . C . Consum er sensitivity . D . Consumer loyalty . Exercise 2 Untuk memperdalam pemahaman Anda mengenai materi di atas, kerjakanlah latihan berikut!
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ADBI4201 /MODUL 1 1. 5 4 ) What does advertising intensify? A . Asymmetric information . B . A better deal . C . Competition. D . Flow of information . Petunjuk Jawaban Latihan 3 ) B 4 ) C D. AGENCY COSTS A type of internal cost that arises fro m, or must be paid to, an agent acting on behalf of a principal. Agency costs arise because of core problems such as conflicts of interest between shareholders and management. Shareholders wish for management to run the company in a way that increases shar eholder value. But management may wish to grow the company in ways that maximize their personal power and wealth that may not be in the best interests of shareholders. These can arise when somebody (the principal) hires somebody else (the agent) to carry o ut a task and the interests of the agent conflict with the interests of the principal. An example of such principal – agent problems comes from the relationship between the shareholders who own a public company and the managers who run it. The owners would l ike managers to run the firm in ways that maximize the value of their shares, whereas the managers’ priority may be, say, to build a business empire through rapid expansion and mergers and acquisitions , which may not increase their firm’s share price. One way to reduce agency costs is for the principal to monitor what the agent does to make sure it is what s/he has been hired t o do. But this can be costly, too. It may be impossible to define the agent’s job in a way that can be monitored effectively. For instance, it is hard to know whether a manager who has expanded a firm through an acquisition that reduced its share price was pursuing his own empire – building interests or, say, was trying to maximize shareholder value but was unlucky.
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1. 6 Bahasa Inggris Niaga Another way to lower agency costs, especially when monitoring is too expensive or too difficult, is to make the interests of the agent more like those of the principal. For instance, an increasingly common solution to the agency costs arising from the separation of ownership and management of public companies is to pay managers partly with shares and share options in the company. This gives the ma nagers a powerful incentive to act in the interests of the owners by maximizing shareholder value. But even this is not a perfect solution. Some managers with lots of share options have engaged in accounting fraud in order to increase the value of those op tions long enough for them to cash some of them in, but to the detriment of their firm and its other shareholders. See, for example, Enron . 5 ) What doe s the principal want the managers do? A . To build a business empire B . To expand the firm through an acquisition C . To pursue his/her own empire building interests D . To maximize the value of their shares 6 ) What is too expensive or too difficult to do in reducing agency costs? A . To pay managers partly with shares B . To make the interests of the agent more like those of the principal C . To give the managers a powerful incentive to act in the interests of the owners D . To monitor what the agent does Petunjuk Jawaban Latihan 5 ) D 6 ) D Exercise 3 Untuk memperdalam pemahaman Anda me ngenai materi di atas, kerjakanlah latihan berikut!
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1. 8 Bahasa Inggris Niaga the free trade rhetoric has often run far ahead of genuine ref orm. In 2003, rich countries together spent over $300 billion a year supporting their farmers, more than six times what they spent on foreign AID . Finding a way to end agricultural support had become by far the biggest remaining challenge for those trying to negotiate global free trade . F. AGRICULTURE Farming a round the world continues to become more productive while generally accounting for a smaller share of employment and national income , althoug h in some poor countries it remains the sector on which the country and its people depend. Farming, forestry and fishing in 1913 accounted for 28% of employment in the United States, 41% in France and 60% in Japan, but only 12% in the UK. Now the proportio n of the workforce employed in such activities has dropped below 6% in these and most other industrialized countries. The total value of international trade in agriculture has risen steadily. But the global agriculture market remains severely distorted by trade barriers and government subsidy, such as the European Union ‘s common agricultural policy . 7 ) How does the government do to guarantee a minimum level of farm prices? By. A . minimizing competition to EU farmers B . destroying it if prices would fall C . joining the EU D . subsidizing agriculture 8 ) What makes global agriculture market remain severely distorted? A . Government subsidy B . Smaller national income Exercise 4 Untuk memperdalam pemahaman Anda mengenai materi di atas, kerjakanlah latihan berikut!
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ADBI4201 /MODUL 1 1. 9 C . Free trade D . Smaller share of employment Petunjuk Jawaban Latihan 7 ) B 8 ) A G. ALTRUISM It is unselfish concern for the welfare of others; selflessness It is often alleged that altruism is inconsistent with economic rationality, which assumes that people behave selfishly. Certainly, much economic analysis is concerned with how individuals be have, and homo economicus ( economic man ) is usually assumed to act in his or her self – interest. However, self – interest does not necessarily mean se lfish. Some economic models in the field of behavioral economics assume that self – interested individuals behave altruistically be cause they get some benefit, or utility , from doing so. For instance, it may make them feel better about themselves, or be a useful insurance policy agains t social unrest, say. Some economic models go further and relax the traditional assumption of fully rational behavior by simply assuming that people sometimes behave altruistically, even if this may be against their self – interest. Either way, there is much economic literature about charity, international aid , public spending and redistributive taxation. 9 ) What assumes that self – interested individuals behave altruistically? A . Behavioural economics . B . Economic man . C . Economic rationality . D . Economic analysis . Exercise 5 Untuk memperdalam pemahaman Anda mengenai materi di atas, kerjakanlah latihan berikut!
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1. 10 Bahasa Inggris Niaga 10 ) Wh at assumes that people behave selfishly? A . Behavioural economics . B . Economic analysis . C . Economic man . D . Economic rationality . Petunjuk Jawaban Latihan 9 ) A 10 ) D H. AMORTISATION It is the running down or payment of a loan by instalments . An example is a repayment mortgage on a house, which is amortized by making monthly payments that over a pre – agreed period of time cover the value of the loan plus interest . With loans that are not amortized , the borrower pays only the interest during the period of the loan and then repays the sum borrowed in full. I. ANIMAL SPIRITS It is the colourful name that Keynes 1 gave to one of the essential ingredients of economic prosperity: confidence. According to Keynes, animal spirits are a particular sort of confidence, “naive optimism”. He meant this in the sense that, for entrepreneurs in particular, “the thought of ultimate loss which often overtakes pioneers, as experience undoubtedly tells us and them, is put aside as a healthy man puts aside the expect ation of death”. Where these animal spirits come from is something of a mystery. Certainly, attempts by politicians and others to talk up confidence 1 Keynes : John Maynard Keynes ( pronounced nz/ “cains”) ( June 5 , 1883 April 21 , 1946 ) was a British economist whose ideas, called Keynesian economics , had a major impact on modern economic and political theory as well as on many governments’ fiscal policies . He is one of the fathers of modern theoretical macroeconomics and considered by so me to be the most influential economist of the 20th century .
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ADBI4201 /MODUL 1 1. 11 by making optimistic noises about economic prospects have rarely done much good. 1 1 ) What does the borrower pay when loans are not amortized ? A . the sum borrowed in full B . instalments C . only interest D . mortgage 1 2 ) What is the other name of confidence? A . Expectation of death B . Naive optimism C . Animal spirits D . Economic prospects Petunjuk Jawa ban Latihan 11 ) C 12 ) B J. ANTITRUST Opposing or intended to regulate business monopolies, such as trusts or cartels, especially in the interest of promoting competition: antitrust legislation. Antitrust is government policy for dealing with monopoly . Antitrust laws aim to stop abuses of ma rket power by big companies and, sometimes, to prevent corporate mergers and acquisitions that would create or strengthen a m onopolist. There have been big differences in antitrust policies both among countries and within the same country over time. This has reflected different Exercise 6 Untuk memperdalam pemahaman Anda mengenai materi di atas, kerjakanlah latihan berikut!
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