Civil Engineering Reference
In-Depth Information
circular flow model
A model of the flows of resources, goods and services, as well as
money, receipts and payments for goods and services in the economy.
claimant unemployment
This is a record of the number of people claiming
unemployment related benefits on one particular day each month.
cobweb theorem
A dynamic model which tries to explain why cyclical fluctuations
in output and prices - such as those in the property sector - can occur.
coincident indicators
Economic statistics that are used by economic forecasters to
track movements in the economy. For example, changes in output and the stock
levels of raw material confirm that an economy is changing.
collusion
An agreement, written or unwritten, between producers to determine
prices, share out markets and/or set production levels, to avoid the danger of
price wars and excessive competition.
commercial banks
These are privately owned profit-seeking institutions, sometimes
referred to as joint-stock banks to highlight the fact that they have shareholders.
Most high street banks, such as HSBC, NatWest and Barclays, are commercial
banks.
community infrastructure levy
A planning charge imposed by local authorities on
developers. In effect, a type of development tax, the tariff contributes towards
infrastructure requirements. It came into force in April 2010.
competition policy
This is a collection of government measures to monitor and
control firms attempting to operate in an anti-competitive manner. For example,
the government attempts to prevent mergers between companies that are not in
the public's interest.
competitive tendering
The process of inviting contractors to bid for work on a
particular project. The opportunity to tender may be open to all companies or
restricted to a set of selected (preferred) contractors.
complementary goods
Two goods are considered complementary if both are used
together. The more you buy of one, the more you buy of the other - and vice
versa. For example, bricks and cement are complementary goods.
Confederation of British Industry (CBI)
Founded in 1965, the CBI represents the
interests of British firms. Membership consists of thousands of companies, plus
hundreds of trade associations and employers' federations. The CBI's main aim
is to express business views to government.
concentration ratio
A measure of the degree to which an industry is dominated by
its largest firms.
constant capital approach
This approach to sustainable development argues that
man-made capital can act as a substitute for natural resources (natural capital)
and, therefore, that as long as aggregate capital stock remains constant, there
will be a future.
constant prices
Monetary value expressed in terms of real purchasing power, using
a particular year as the base, or standard of comparison, to allow for price
changes. For example, by expressing GDP at constant prices, comparisons can
be made over a number of years.
constant returns to scale
A situation in which the long-run average cost curve of a
firm remains horizontal as output increases.
