Definitions Flashcards
(169 cards)
1
Q
Demand
A
The relationship between possible prices of goods and services and the quantities that individuals are willing and able to buy over some period, ceteris paribus.
2
Q
Supply
A
The quantity of goods that firms can supply at different possible prices over a period, ceteris paribus.
3
Q
Micro
Elasticity
A
A measure of the responsiveness of an economic variable to change in another economic variable.
4
Q
Micro
Income elasticity of demand
A
The responsiveness of demand for a good or service to a change in income.
5
Q
Micro
Price elasticity of demand
A
Measures the responsiveness of a good or service’s quantity demand to a change in its price.
6
Q
Micro
Price elasticity of supply
A
Measures the responsiveness of the quantity supplied of a good or service to a change in its price.
7
Q
Micro
Perfect competition (HL)
A
A market structure with many small firms producing similar products, no entry or exit barriers, and perfect information. All the firms are thus price takers.
8
Q
Micro
Monopoly (HL)
A
A market structure in which only one firm is in the industry, so the firm is the industry. There are high barriers to entry.
9
Q
Micro
Oligopoly (HL)
A
A market structure where few large firms dominate the market, with high barriers to entry.
10
Q
Micro
Monopolistic competition (HL)
A
A market structure in which many sellers produce different products without entry barriers.
11
Q
Consumer surplus
A
The difference between the price a consumer is most willing to pay for a good and the price they pay.
12
Q
Producer surplus
A
The benefit enjoyed by producers receiving a price higher than they were willing to receive.
13
Q
Marginal utility
A
The extra or additional utility derived from consuming one more unit of a good or service.
14
Q
Micro
Externalities
A
External costs or benefits to third parties when a good or service is produced or consumed. An externality arises when an economic activity imposes costs or creates benefits on third parties for which they are not compensated or do not pay, respectively.
15
Q
Micro
Market failure
A
The failure of markets to achieve allocative efficiency. Markets fail to produce the output at which marginal social benefits equal marginal social costs; social or community surplus is not maximized.
16
Q
Micro
Public goods
A
Goods or services with non-rivalry characteristics and non-excludability, for example, flood barriers.
17
Q
Micro
Merit goods
A
Goods or services considered beneficial for people under-provided by the market and under-consumed, mainly due to positive consumption externalities.
18
Q
Micro
Demerit goods
A
Goods and services that are overconsumed by the individuals who consume them and society. They are usually due to negative consumption externalities.
19
Q
Micro
Progressive taxation
A
The fraction of tax paid increases as income increases—the average tax rate increases.
20
Q
Micro
Regressive taxation
A
The fraction of tax paid decreases as income increases. The average tax rate decreases. All indirect taxes are regressive.
21
Q
Micro
Indirect taxes
A
Taxes on expenditures to buy goods and services.
22
Q
Macro
Gross domestic product (GDP)
A
The value of all final goods and services produced within an economy over some time, usually a year or quarter.
23
Q
Macro
Inflation
A
A sustained increase in the average level of prices in a country.
24
Q
Macro
Deflation
A
A sustained decrease in the average price level of a country.
25
# Macro
Unemployment
When a person is actively looking for work without a job.
26
# Macro
Cyclical unemployment
Results from decreased aggregate demand and, thus, economic activity; it occurs in a recession.
27
# Macro
Frictional unemployment
The unemployment of individuals who are in between jobs, as people quit to find a better job or move to a different location.
28
# Macro
Seasonal unemployment
When people are out of work because their usual job is out of season.
29
# Macro
Structural unemployment
Arises from several factors, including technological changes, changes in the patterns of demand for different labor skills, changes in the geographical location of industries, and labor market rigidities.
30
# Macro
Fiscal policy
A demand-side policy that uses changes in government spending and or direct taxation to influence aggregate demand and, thus, growth, employment, and prices.
31
# Macro
Monetary policy
A demand-side policy using changes in the money supply or interest rates to achieve economic objectives relating to output, employment, and inflation.
32
# Macro
Aggregate demand (AD)
Planned spending on domestic goods and services at different average price levels per period of time. It consists of consumption, investment, government expenditures, and net exports.
33
# Macro
Aggregate supply (AS)
Planned level of output domestic firms are willing and able to offer at different average price levels.
34
# Macro
Economic growth
Refers to increases in real GDP over time.
35
# Macro
Economic development
A multidimensional concept involving a
sustained increase in living standards that
implies higher levels of income and thus greatercaccess to goods and services, better education and health, a better environment to live in as well as individual empowerment.
36
# Macro
Business cycle
The short-term fluctuations of real GDP around its long-term trend.
37
# Global
Exchange rate
The value of one currency expressed in terms of another.
38
# Global
Balance of payments
A record of the value of a country's transactions with the rest of the world over some time.
39
# Global
Comparative advantage (HL)
When a country can produce a good at a lower opportunity cost than another.
40
# Global
Dumping
When a firm sells abroad at a price below the average cost or below the domestic price
41
# Global
Tariff
A tax placed on imports to protect domestic industries from foreign competition and raise revenue for the government.
42
# Global
Quota
An import barrier that limits the quantity or value of imports that may be imported into a country.
43
# Macro
Subsidy
The amount of money the government pays to a firm per unit of output to encourage production and provide the firm an advantage over foreign competition.
44
# Global
Fixed exchange rate
A system in which the exchange rate is fixed, or pegged, to the value of another currency and maintained there with appropriate central bank intervention.
45
# Global
Floating exchange rate
A system in which the exchange rate is determined solely by the currency's market demand and supply in the foreign exchange market without any central bank intervention.
46
# Global
Appreciation
When the price of a currency increases in a floating exchange rate system.
47
# Global
Depreciation
The decrease in the value of a currency in terms of another currency in a floating or managed exchange rate system.
48
# Global
Devaluation
A decrease in the value of a currency in a fixed exchange rate system.
49
# Global
Trading bloc
A group of countries that have agreed to reduce protectionist measures, such as tariffs and quotas.
50
# Macro
Real GDP
The total value of all final goods and services
produced in an economy in a given time period, usually one year, adjusted for inflation.
51
# Macro
Nominal GDP
The total money value of all final goods and
services produced in an economy in a given
time period, usually one year, at current values (not adjusted for inflation).
52
# Global
Human Development Index (HDI)
A composite index of development that reflects the three basic goals of development: a long and healthy life, improved education, and a decent standard of living. The variables measured are life expectancy of birth, mean years of schooling and expected years of schooling, and GNI per capita.
53
# Global
Gini coefficient
Measures the degree of income inequality in a country, ranging from zero to one. Diagrammatically, it is the ratio of the area between the Lorenz curve and the diagonal over the area of the half-square.
54
# Global
National debt
The sum of all past budget deficits minus any budget surpluses, the total amount the government owes to domestic and foreign creditors.
55
# Global
Poverty
Arises when the lack of material possessions or money prevents an individual or a family from achieving a minimum satisfactory standard of living.
56
# Global
Gender inequality index
A composite indicator that measures gender inequalities in three human development dimensions: reproductive health, empowerment, and economic status.
57
# Global
Development aid
Aid aimed at assisting developing countries in their development efforts. Includes project aid, program aid, and debt relief. It’s concessional, meaning there are low-interest rates and long repayment periods.
58
# Global
Foreign aid
Refers to flows of grants or loans from developed countries to developing countries that are non-commercial from the donor's point of view and for which the terms are concessional.
59
# Global
Humanitarian aid
Aid given to alleviate short-term suffering, consisting of food aid, medical aid, and emergency relief aid, usually due to a natural catastrophe or war.
60
# Global
Official Development Assistance (ODA)
Aid provided to a country by another government or multilateral agency. It’s the most essential part of foreign aid.
61
# Global
Microfinance
The provision of small loans to poor entrepreneurs who lack access to traditional banking services.
62
# Global
Foreign direct investment (FDI)
When a firm establishes a productive facility in a foreign country or acquires controlling interest in an existing foreign firm.
63
# Global
World Trade Organization (WTO)
An international body that sets the rules for global trading and resolves disputes between its member countries. It also hosts negotiations concerning reducing trade barriers between its member nations.
64
# Global
International Monetary Fund (IMF)
An international financial institution used by 189 countries. Its objectives include improving global monetary cooperation and securing financial stability by monitoring its members' economic and financial policies and providing them with advice and loans if they face difficulties in their balance of payments.
65
# global
Non-governmental organizations (NGOs)
Organizations not part of the government that promote economic development, humanitarian ideals, or sustainable development.
66
# Global
Bilateral trade agreement
An agreement between two or more countries to phase out or eliminate trade barriers.
67
# Global
Free trade
International trade that is not subject to trade barriers, such as tariffs or quotas.
68
# Global
Free trade agreement
An agreement between two or more countries to phase out or eliminate trade barriers between them; members of the agreement can maintain their trade policy towards non-members.
69
# Global
Multilateral trade agreement
An agreement between many countries to lower tariffs or other protectionist measures currently carried out by the framework of the WTO.
70
# Global
Preferential trade agreement
Where a country agrees to give preferential access for specific products to one or more trading partners.
71
# Global
Regional trade agreement
Between countries, usually within a geographical region, to lower or eliminate trade barriers.
72
# Global
Trade creation (HL)
Occurs when lower-cost imports replace higher-cost imports due to the formation of a trading bloc or a trade agreement.
73
# Global
Trade diversion (HL)
Occurs when higher-cost imports replace lower-cost imports due to the formation of a trading bloc or a trade agreement.
74
# Global
Trade liberalization
The process of reducing barriers to international trade.
75
# Global
Trade protection
Government intervention to limit imports and encourage exports by setting up trade barriers that protect against foreign competition.
76
# Global
Sustainable Development Goals (SDGs)
17 goals set out by the UN that aim to end all forms of poverty, fight inequality, and tackle climate change.
77
# Micro
Asymmetric information (HL)
A type of market failure where one party in an economic transaction has access to more or better information than the other party.
78
# Micro
Automatic stabilizers (HL)
Institutionally built-in features (like
unemployment benefits and progressive income taxation) that tend to decrease the short-term fluctuations of the business cycle without the need for governments to intervene.
79
# Micro
Bounded rationality (HL)
A term introduced by Herbert Simon that suggests consumers and businesses have neither the necessary information nor the cognitive abilities required to maximize with respect to some objectives (such as utility), and thus choose to satisfice. They therefore are
rational only within limits.
80
# Micro
Bounded self-control (HL)
The idea that individuals, even when they know what they want, may not be able to act in their interests. Findings of bounded self- control include evidence of procrastination (for example, among students, professionals and others) that may result in self-harm, and submitting to temptation (for example, dieters).
81
# Micro
Bounded selfishness (HL)
The idea that people do not always maximize self-interest but also have concern for the well-being of others as shown by volunteer work and charity contributions.
82
# Global
Capital flight
Occurs when money and other assets flow out of a country to seek a “safe haven” in another country.
83
# Global
Capital transfers
Include financial or non-financial assets for items including debt forgiveness, investment, non-life insurance claims. They are part of the capital account of the balance of payments.
84
# Macro
Carbon taxes
Taxes levied on the carbon content of fuel. They are a type of Pigouvian tax.
85
Circular economy
An economic system that looks beyond the linear take-make-dispose model and aims to redefine growth, focusing on society-wide benefits. It is based on three principles: design out waste, keep products and materials in use, and regenerate natural systems.
86
# Micro
Collusive oligopoly (HL)
A market where firms agree to fix price and/or to engage in other anticompetitive behaviour.
87
# Global
Common market
When a group of countries agree not only to free trade of goods and services but also to free movement of capital and labour.
88
# Macro
Consumer price index (CPI) (HL)
The average of the prices of the goods and services that the typical consumer buys expressed as an index number. The CPI is used as a measure of the cost of living in a country and to calculate inflation.
89
# Macro
Contractionary fiscal policy
Refers to a decrease in government
expenditures and/or an increase in taxes that aim at decreasing aggregate demand and thus reducing inflationary pressures.
90
# Macro
Contractionary monetary policy
A policy employed by the central bank involving an increase in interest rates and aimed at decreasing aggregate demand and thus inflationary pressures. Referred to also as tight
monetary policy.
91
# Macro
Cost-push inflation
Inflation that is a result of increased production
costs (typically because of rising money wages
or rising commodity prices) and illustrated by a
leftward shift of the SRAS curve.
92
# Macro
Crowding out (HL)
The idea that expansionary fiscal policy is not
very effective in increasing aggregate demand
because the increased borrowing needs of
the government to finance the increased
expenditures could lead to increased interest
rates. Thus, reducing private sector investment,
consumer spending, and other components of
AD.
93
# Global
Current account
A subaccount of the balance of payments that
records the value of net exports in goods and
services, net income and net current transfers of
a country over a period of time.
94
# Global
Customs union
An agreement between countries to phase out
or eliminate tariffs and other trade barriers and
establish a common external barrier toward
non-members.
95
# Global
Debt relief
A reduction of the debt burden of developing
countries organized by the World Bank and the
IMF.
96
# Global
Debt servicing
Refers to the repayment of principal and interest
on the debt of a person, a firm or a country.
97
# Global
Deflationary/recessionary gap
Arises when the equilibrium level of real output
is less than potential output as a result of a
decrease in AD.
98
# Macro
Demand-pull inflation
Inflation that is caused by increases in aggregate demand.
99
# Macro
Demand side policies
Refers to economic policies that aim at affecting
aggregate demand and thus macroeconomic
variables such as growth, inflation and employment; demand side policies include fiscal
policy and monetary policy.
100
# Global
Economically least developed countries (ELDCs)
Low-income countries facing severe structural constraints to sustainable development, with low levels of human assets, highly vulnerable to economic and environmental shocks.
101
# Global
Economic integration
Economic interdependence between countries
usually involving agreements between two or
more countries to phase-out or eliminate trade
and other barriers between them.
102
# Global
Economic well-being
A multidimensional concept relating to the level
of prosperity and quality of living standards in a
country.
103
Economies of scale
Falling average costs that a firm experiences
when it increases its scale of operations.
104
Efficiency
In general, involves making the best use of
scarce resources. May refer to producing at the
lowest possible cost or to allocative efficiency
where marginal social costs are equal to
marginal social benefits or where social surplus
is maximum.
105
# Macro
Expansionary fiscal policy
Refers to an increase in government expenditures and/or a decrease in taxes that aim at increasing aggregate demand and thus real output and employment.
106
# Macro
Expansionary monetary policy
Monetary policy aiming at increasing aggregate
demand through a decrease in interest rates;
also referred to as easy monetary policy.
107
# Maco
Expenditure approach (HL)
One of three analytically equivalent approaches
of measuring GDP that adds all the expenditures
made on final domestic goods and services
over a period of time by households, firms, the
government and foreigners.
108
Factors of production
Resources used in the production of goods and
services; include land (natural resources), labour,
capital and entrepreneurship.
109
# Global
Financial account
In the balance of payments this records inflows
and outflows of portfolio and FDI funds over a
period of time, official borrowing and changes
in reserve assets.
110
# Macro
Full employment
A goal of macroeconomic policy that aims at
fully utilizing the scarce factor of production
labour. Full employment exists when the
economy is producing at its potential level
of real output and thus there is only natural
unemployment (the AD–AS model considers the
AD and AS curves together). In the production
possibilities curve (PPC model), full employment
exists when the economy is producing
111
# Macro
Gross national income (GNI)
The income earned by all national factors of
production independently of where they are
located over a period of time; it is equal to GDP
plus factor income earned abroad minus factor
income paid abroad.
112
# Global
Happy Planet Index
An index that combines four elements to show
how efficiently residents of different countries
are using environmental resources to lead
long, happy lives. The elements are well-being,
life expectancy, inequality of outcomes and
ecological footprint.
113
Human capital
The education, training, skills, experience and
good health embodied in the labour force of a
country.
114
# Micro
Imperfect competition (HL)
A market structure where firms have a degree of
market power as they face a negatively sloped
demand curve and can thus set price.
115
# Macro
Income approach (HL)
One of the three equivalent ways that GDP
can be measured, by adding all the incomes
generated in the production process (wages,
profits, interest and rent) for a given time period.
116
# Global
Inequality adjusted Human Development Index (IHDI)
A composite indicator consisting of an average
of a country’s achievements in health, education
and income all adjusted for the degree of
inequality characterizing each.
117
# Global
Infant industry
Refers to a new industry that should be protected from foreign competition until it is large enough to achieve economies of scale that will allow it to be internationally competitive. It is used as an argument in favour of trade protection in developing countries.
118
Inferior goods
Lower quality goods for which higher quality
substitutes exist; if incomes rise, demand for the
lower quality goods decreases.
119
Injections
Within the circular flow model these refer to
spending on domestic output that does not
originate from households and thus includes
investment spending by firms, government
expenditures and exports.
120
# Global
Interventionist supply side policies
A set of policies that aim to increase an
economy’s productive capacity that relies on a
greater role for the government; these include
expenditures on infrastructure, education,
health care, research and development, and all
industrial policies.
121
Law of diminishing marginal returns
A short-run law of production stating that as
more and more units of the variable factor
(usually labour) are added to a fixed factor
(usually capital) there is a point beyond
which total product continues to rise but at
a diminishing rate or, equivalently, marginal
product starts to decrease.
122
Law of diminishing marginal utility
The idea that as an individual consumes
additional units of a good, the additional
satisfaction enjoyed decreases.
123
Leakages
Income not spent on domestic goods and
services. It includes savings, taxes and import
expenditure.
124
# Macro
Long-run aggregate supply (LRAS)
Aggregate supply that is dependent upon the
resources and technology in the economy,
thus being independent of the price level. It
is vertical at the level of potential output. It
can only be increased by improvements in the
quantity and/or quality of factors of production
as well as improved technology.
125
# Macro
Long-term growth
Growth over long periods of time. In the PPC model this is shown by outward shifts of the PPC. When shown in the AD–AS model (the AD–AS model considers the AD and AS curves together), it is shown by rightward shifts in the LRAS curve.
126
Luxury goods
Goods that are not considered essential by consumers therefore they have a price elastic demand (PED > 1), or income elastic demand (YED > 1).
127
# Micro
Marginal social cost (MSC)
The extra or additional cost to society of
producing an additional unit of output,
including both the private cost and the external
costs.
128
# Micro
Marginal social benefit (MSB)
The extra or additional benefit/utility to society
of consuming an additional unit of output,
including both the private benefit and the
external benefit.
129
# Macro
Market-based supply side policies
A set of policies based on well-functioning competitive markets in order to promote long-term economic growth, shown by increases in long-run aggregate supply.
130
# Micro
Market power (HL)
The ability of a firm (or group of firms) to raise
and maintain price above the level that would
prevail under perfect competition (or P > MC).
131
# Global
Marshall-Lerner condition (HL)
A condition stating that a depreciation or
devaluation of a currency will lead to an
improvement in the current account balance
if the sum of the price elasticity of demand for
exports plus the price elasticity of demand for
imports is greater than one.
132
# Global
Monetary union
Where two or more countries share the same currency and have a common central bank.
133
# Global
Multidimensional Poverty Index (MPI)
An international measure of poverty covering over 100 of the economically least developed countries. It complements traditional income-based poverty measures by capturing the deprivations that each person faces at the same time with respect to education, health and living standards.
134
# Global
Multilateral development assistance
Assistance provided by multilateral organizations such as the World Bank when they lend to developing countries for the purpose of helping them in their development objectives.
135
# Micro
Natural monopoly (HL)
A monopoly that can produce enough output to cover the entire needs of a market while still experiencing economies of scale. Its average costs will therefore be lower than those of two or more firms in the market.
136
# Micro
Negative externalities of consumption
Negative effects suffered by a third party whose interests are not considered when a good or service is consumed, so the third party are therefore not compensated.
137
# Micro
Negative externalities of production
Negative effects suffered by a third party whose
interests are not considered when a good
or service is produced, so the third party are
therefore not compensated.
138
# Macro
Nominal GNI
The total income earned by all the residents of
a country (regardless of where their factors of
production are located) in a given time period,
usually a year, at current prices (not adjusted for
inflation).
139
# Micro
Non-collusive oligopoly (HL)
Firms in an oligopoly do not resort to agreements to fix prices or output. Competition tends to be non-price. Prices tend to be stable.
140
# Micro
Non-price competition (HL)
Competition between firms that is based on factors other than price, usually taking the form of product differentiation.
141
Nudge theory (HL)
Nudges (prompts, hints) are used to influence
the choices made by consumers in order to
improve the well-being of people and society.
142
# Global
OECD Better Life INDEX
An index to compare well-being across countries, based on several dimensions that the OECD has identified as essential, in the areas of material living conditions and quality of life.
143
# Macro
Output approach (HL)
One of the three equivalent ways that GDP can be measured, it adds up the value of final goods and services produced in a given time period.
144
# Global
Overvalued currency
A currency whose value or exchange rate
is greater than its equilibrium exchange rate, usually achieved through central bank intervention; may occur in a pegged or managed exchange rate system.
145
Pigouvian taxes
An indirect tax that is imposed to eliminate the external costs of production or consumption.
146
# Micro
Positive externalities of consumption
The beneficial effects that are enjoyed by third parties whose interests are not accounted for when a good or service is consumed, therefore they do not pay for the benefits they receive.
147
# Micro
Positive externalities of production
The beneficial effects that are enjoyed by third parties whose interests are not accounted for when a good or service is produced, therefore they do not pay for the benefits they receive.
148
# Global
Poverty trap/cycle
Any circular chain of events starting and ending in poverty—for example, low income leads to low savings, leads to low investment, leads to low growth, leads to low income.
149
# Micro
Pice competition
Competition between firms that is based on price, for example, a firm that wants to increase its sales at the expense of other firms will lower its price.
150
# Micro
Price war
Occurs when firms successively cut their prices in an effort to match the price cuts of other firms, resulting in lower profits, possibly losses.
151
# Global
Purchasing power parity (PPP) (HL)
A method used to make the buying power of
different currencies equal to the buying power
of US$1. PPP exchange rates are used to make
comparisons of income or output variables
across countries while eliminating the influence
of price level differences.
152
# Macro
Quantitative easing (HL)
An expansionary monetary policy where a central bank buys (long term) government bonds or other financial assets, in order to stimulate the economy and increase the money supply.
153
# Micro
Rational consumer choice (HL)
Occurs when consumers make choices based on the following assumptions: they have consistent tastes and preferences, they have perfect information and they arrange their purchases so as to make their utility as great as possible (maximize it). It is assumed in standard
microeconomic theory.
154
# Micro
Rational producer behavior (HL)
Occurs when firms try to maximize profit. This
is an assumption in standard microeconomic theory.
155
# Micro
Satisficing (HL)
A business or firm objective to achieve a satisfactory outcome with respect to one or several objectives, rather than to pursue any one objective at the possible expense of others by optimizing (maximizing), for example, profit, revenue or growth. It is essentially a mix of the words “satisfy” and “suffice”.
156
Scarcity
The limited availability of economic resources relative to society’s unlimited needs and wants of goods and services.
157
# Micro
Screening (HL)
In asymmetric information, the use of a screening process by the participant with less information to gain more information regarding a transaction, and so reduce adverse selection.
158
# Macro
Short-run aggregate supply (SRAS)
The total quantity of real output (real GDP) offered at different possible price levels in the short run (when wages and other resource prices are constant).
159
# Micro
Signalling (HL)
In asymmetric information, the participant with more information sending a signal revealing relevant information about a transaction to the participant with less information, to reduce adverse selection.
160
# Global
Specialization (HL)
Refers to when a firm or country focuses on the production of one or a few goods or services. This forms the basis of theory of comparative advantage in international trade.
161
# Global
Speculation
Refers to a process where something is bought or sold with a view to making a short term profit, for example, currency speculation where currencies are bought or sold so that a profit can be made when the exchange rate changes.
162
# Macro
Supply-side policies
Government policies designed to shift the long-run aggregate supply curve to the right, thus increasing potential output in the economy and achieving economic growth.
163
# Global
Sustainability
Refers to the preserving the environment so that it can continue to satisfy needs and wants into the future. Relates to the concept of “sustainable development”.
164
# Global
Sustainable development
Refers to the degree to which the current generation is able to meet its needs today but still conserve resources for the sake of future generations.
165
# Micro
Tradable permits
Permits to pollute, issued by a governing body, that sets a maximum amount of pollution allowable. These permits may be traded (bought or sold) in a market for such permits.
166
Tragedy of commons (HL)
A situation with common pool resources, where individual users acting independently, according to their own self-interest, go against the common good of all users by depleting or spoiling that resource through their collective action.
167
# Global
Unfair competition
In international trade this refers to practices of countries trying to gain an unfair advantage through such methods as undervalued exchange rates.
168
Wealth
The total value of all assets owned by a person, firm, community, or country minus what is owed to banks or other financial institutions.
169
# Micro
Welfare loss
A loss of a part of social surplus (consumer plus
producer surplus) that occurs when there is market failure so that marginal social benefits are not equal to marginal private benefits.
