Capital - productive assets. for example: a stove and baking pans
Capitalism - if you make the nom, you own the nom
Co-operative Competition - As long as we can all trade noms in peaceful, voluntary exchange, we should each be able to specialize and compete to see who can produce the most noms. Someone will discover ways to make more/better noms with the same amount of resources and we will then be able to produce more noms for everybody! - by Andrew Saavedra, Chapman University Class of '09
Communism - ideally 'each shall nom according to his needs, and bake according this his ability'
Comparative Advantage - a situation in which a baker produces noms at a lower opportunity cost than another baker which allows for gains from nom-trading and determines which baker specializes in which nom - by Gabbi Henn, Johns Hopkins University
Consumption - noming
Creative Destruction - new baking techniques replace outdated methods and stale noms
Help us expand our vocabulary! If you have a good defi-nom-tion of an econ word, please email email@example.com or reply to this post below. Include your word and definition and also your name and/or institution or webiste that you would like credited.
A made-up example submission:
Trust – if you believe someone who promises you noms will deliver on their promise
by John Hsu, University of Maryland