Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
30 Cards in this Set
- Front
- Back
|
Fiscal Policy
|
Government efforts to keep the economy stable by increasing or decreasing taxes or government spending.
|
|
|
Macroeconomics
|
That part of economic study that looks at the operation of a nation's economy as a whole.
|
|
|
Producer Price Index (PPI)
|
An index that measures prices at the wholesale level.
|
|
|
Resource Development
|
The study of how to increase resources and to create the conditions that will make better use of those resources.
|
|
|
National Debt
|
The result of a series of government deficits (when the government spends more money than it collects in taxes) over time.
|
|
|
Invisible Hand
|
A phrase coined by Adam SMith to describe the process that turns self-directed gain into social and economic benefits for all.
|
|
|
Monopoly
|
A market in which there is only one seller.
|
|
|
Microeconomics
|
That part of economic study that looks at the behavior of people and organizations in particular markets.
|
|
|
Monetary Policy
|
The management of the money supply and interest rates.
|
|
|
Economics
|
The study of how society chooses to employ resources to produce goods and services and distribute them for consumption amoung verious competing groups and individuals.
|
|
|
Consumer Price Index (CPI)
|
Monthly statistics that measure changes in the prices of about 400 goods and services that consumers buy.
|
|
|
Supply
|
The quantity of products that manufacturers or owners are willing to sell at different prices at a specific time.
|
|
|
Depression
|
A severe recession.
|
|
|
Capitalism
|
An economic system in which all or most of the factors of production and distribution are privately owned and operated for profit.
|
|
|
Monopolistic Competition
|
The market situation in which there are a large number of sellers that produce similar products, but the products are perceived by buyers as different.
|
|
|
Recession
|
Two or more consecutive quarters of decline in the GDP.
|
|
|
Command Economies
|
Economic systems in which the government largely decides what goods and services will be produced, who will get them, and how the economy will grow.
|
|
|
Socialism
|
An economic system based on the premise that most basic businesses should be owned by the government so that profits can be evenly distributed among the people.
|
|
|
Gross Domestic Product (GDP)
|
The total value of goods and services produced in a country in a given year.
|
|
|
Market Price
|
The price determined by supply and demand.
|
|
|
Unemployment Rate
|
The number of civilians at least 16 years old who are unemployed and tried to find a job within the prior four weeks.
|
|
|
Demand
|
The quantity of products that people are willng to buy at different prices at a specific time.
|
|
|
Free-market Economies
|
Economic systems in which decisions about what to produce and in what quantities are decided by the market, that is, by buyers and sellers negotiating prices for goods and services.
|
|
|
Mixed Economies
|
Economic systems in which some allocation of resources is made by the market and some is made by the government.
|
|
|
Oligopoly
|
A form of competition in which the market is dominated by just a few sellers.
|
|
|
Communism
|
An economic and political system in which the state makes all economic decisions and owns all the major forms of production.
|
|
|
Disinflation
|
A condition where price increases are slowing (the inflation rate is declining).
|
|
|
Perfect Competition
|
The market situation in which there are many sellers of nearly identical products and no seller is large enough to dictate the price of the product.
|
|
|
Inflation
|
A general rise in the prices of goods and services over time.
|
|
|
Deflation
|
A situation where prices are actually declining.
|
