1. GLOSARIO MICROECONOMIA
1 Recession: recesión: is the general decline in economic activity of a country or region, as
measured by the decrease in annual rate of gross domestic product (GDP) over a sufficiently
long period. There is no agreement in the literature about which is the period.
2 Growth: crecimiento: is the increase in income or value of goods and services produced by
an economy (usually from one country or region) in a given period (usually one year). Broadly
speaking, economic growth refers to the increase of certain indicators, such as the production of
goods and services.
3 Expansión: Expansión: is the doctrine which advocates the expansion of the land base and
economic influences of a country, often through military aggression.
4 Economic activities: actividades económicas: economic activity is called to any process
where acquired products, goods and services that meet our needs or gains.
5 Effectiveness: efectividad: is the ability to achieve a desired, expected or desired. By
contrast, efficiency is the ability to achieve the effect in question with the minimum possible
resources feasible.
6 Efficacy: eficacia: ability to act or produce the desired effect.
7 Efficiency: Eficiencia: refers to the resources used and the results obtained. Therefore, it is
an ability or quality highly prized by companies or organizations because in practice everything
they do aims to achieve goals or objectives, resources (human, financial, technological,
physical, knowledge, etc..) limited and (in many cases) in complex and highly competitive.
8 Market Failure: fallo de mercado: is the term used to describe the situation that occurs
when doing a market supply of a good or service is not efficient, because the market provide
more of what would be efficient or even failure can occur because the balance of market provide
less of a particular good than would be efficient.
9 Macroeconomy: macroeconomía: is the part of economic theory that deals with the study of
the economy, by analyzing aggregate economic variables such as the total amount of goods
and services produced, total income, the level of employment of productive resources, the
balance of payments, the exchange rate and general behavior of prices.
10 Microeconomics: microeconomía: is a part of economics that studies the economic
behavior of individual economic agents, such as consumers, firms, workers and investors, as
well as markets. Consider the choices you make each to fulfill certain aims. The basic elements
that focuses on microeconomic analysis are the goods, prices, markets and economic agents.

2. 11 Depression: depresión: is a severe form of economic crisis is a steady decline in
production and consumption, accompanied by high rates of unemployment and business
failures.
12 Invisible Hand: mano invisible: is a metaphor that expresses the ability economics free
market regulatory author. It was coined by the philosopher Adam Smith in his Theory of Moral
Sentiments (1759), and popularized by his magnum opus, The Wealth of Nations (1776),
although it was only used once in the latter text.
13 Ceteris Paribus: ceteris Paribus: is a methodological resource that is used to isolate the
influence of a particular variable has on a phenomenon that is influenced by many factors.
14 Representative Market Rate: tasa representativa del mercado: expresses the amount of
Colombian pesos that an employer must give in exchange for a foreign currency (eg U.S.
dollars). This TRM is calculated and certified daily by the Financial Superintendence of
Colombia, according to the methodology established by the Central Bank in its DODM External
Regulatory Circular - 146 of September 21, 2004.
15 Price: precio: price is called fee or reward assigned to obtain a good or service or, more
generally, any commodity. Although not necessarily such payment is made in cash prices are
generally referred to or measured in monetary units.
16 Capital swallow: capitales golondrina: capital flows are coming to a country for a short
time to take advantage of attractive interest rates of the currency circumstantial and then go
"flying" like swallows. Typically received hospitably emerging foreign capital, which can be used
to finance the investment needed for development. However, the speed with which capital in
and out sometimes generates more harm than good to the emerging country.
17 Rent: renta: is the profit in the industry and for work, and for capital in all its forms, others
use it to refer to the remuneration of all fixed capital: especially applies to capital gains property.
18 Variable costs: costos variables: variable cost refers to the costs of production that vary
depending on the level of production. All those cost increases or decreases as production
increases or decreases, is known as variable cost.
19 Fixed Costs: costos fijos: are those costs that the company must pay regardless of their
level of operation, ie, produce or not produce must pay. A fixed cost is an expense that the
company must incur mandatory, even if the firm is operating at half-speed, or do not do, which
is why they are so important in the financial structure of any company.
20 Demand: demanda: is defined as the quantity and quality of goods and services that can be
purchased in different market prices for a consumer (individual application) or by all consumers
(or market total demand), at a given time. The demand is a mathematical function.

3. 21 Offer: oferta: The market economy system, rests on the free play of supply and demand.
Focusing on the study of supply and demand in a market for a particular good. Plans Suppose
each buyer and each seller are completely independent of any other buyer or seller.
22 Economic Models: modelos económicos: You can understand an economic model as a
representation (see scientific model) or proposal (social construct) or, more broadly, as a
concept either propositional or methodological (see construct (epistemology)) about an
economic process or phenomenon.
23 Shift in demand: desplazamiento de la demanda: is the graphical representation of the
mathematical relationship between the maximum amount of a particular good or service that a
consumer would be willing to buy at each price of that good. The demand curve with the supply
curve is a theoretical analysis tools used in neoclassical economics to predict pricing. The point
of intersection between the two curves is known as the balance between supply and demand.
24 Shift in supply: desplazamiento de la oferta: The supply curve shows the amount the
company that a producer is willing to sell of an asset, at a given price, holding constant other
factors that may affect the amount offered. The relationship between price and quantity supplied
is straightforward, since the higher price, greater profit, so that bidders are interested in selling
more of that good.
25 Phenomena of the economy: fenómenos de la economía: is an event whose
consequences causes alterations in the composition, abundance or distribution of society's
resources. Economics is the science that studies the efficient distribution of resources for the
satisfaction of social needs.