Teacher: Elshan Nuraddin Nasirov
The First Higher Education: Leningrad Institute of Finance and Economics. Russia, 1990
The Second Higher Education: Moscow School of International Law and Higher Business. Russia, 1995
Pedagogical experience in economics: 30 years
Business activity: President of "Ideal" Company (2001), Founder of "Birja-N" Newspaper (2013)
Pedagogical activity: Nakhchivan State University
Contact the Teacher:
Economic Terms
★ Absolute advantage — This is the simplest yardstick of economic performance. If one person, firm or country can produce more of something with the same amount of effort and resources, they have an absolute advantage over other producers.
★ Adaptive expectations — 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. For example, if inflation has been higher than expected in the past, people would revise expectations for the future.
★ Adverse selection — 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. Adverse selection refers to a situation where sellers have more information than buyers have, or vice versa, about some aspect of product quality, although typically the more knowledgeable party is the seller.
★ Advertising — is a marketing communication that employs an openly sponsored, non-personal message to promote or sell a product, service or idea. Sponsors of advertising are typically businesses wishing to promote their products or services.
★ Agency costs — These can arise when somebody (the principal) hires somebody else (the agent) to carry out 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.
★ Agriculture — is the science and art of cultivating plants and livestock. Agriculture was the key development in the rise of sedentary human civilization, whereby farming of domesticated species created food surpluses that enabled people to live in cities.
★ Agricultural policy — describes a set of laws relating to domestic agriculture and imports of foreign agricultural products. Governments usually implement agricultural policies with the goal of achieving a specific outcome in the domestic agricultural product markets.
★ Altruism — is the principle and moral practice of concern for happiness of other human beings or other animals, resulting in a quality of life both material and spiritual. The word "altruism" was coined by the French philosopher Auguste Comte in French, as altruisme, for an antonym of egoism. However, self-interest does not necessarily mean selfish. Sometimes, self-interested individuals behave altruistically because they get some benefit from doing so.
★ Amortisation — The running down or payment of a loan by instalments. An example is a repayment mortgage on a house, which is amortised by making monthly payments that over a pre-agreed period of time cover the value of the loan plus interest. In accounting, amortisation refers to charging or writing off an intangible asset's cost as an operational expense over its estimated useful life to reduce a company's taxable income.
★ Animal spirits — is the term, that John Maynard Keynes used in his book in 1936 (The General Theory of Employment, Interest and Money) to describe the instincts and emotions that ostensibly influence and guide human behavior.
