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30 Cards in this Set

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Study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals
Economics
Part of economic study that looks at the operation of a ntaion's economy as a whole
Macroeconomics
Part of economic study that looks at the behavior of people and organizations in particular markets
Microeconomics
Study of how to increase resources and to create conditons that will better use of those resources
Resource Development
Phrase coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefits for all
Invisible Hand
Economic system where all or most of the factors of production and distribution are privately owned and operated for profit
Capitalism
Quality of products that manufacturers or owners are willing to sell at different prices at a specific time
Supply
Quality of products that people are willing to buy at different prices at a specific time
Demand
Price determined by supply and demand
Market Price
Market situation where many sellers in a market and not seller is large enough to dictate the price of a product
Perfect Competition
Market situation where a large number of sellers produce products that are similar but are perceived by buyers as different
Monopolistic Competition
Form of competition where a few sellers dominate the market
Oligopoly
Market where only one seller for a product or service
Monopoly
Economic system base on the premise that some basic business should be owned by the government so that profits can be evenly distributed among the people
Socialism
Loss of best and brightest people to other countries
Brain Drain
Economic and political system where the state makes all economic decisons and owns almost all the major factors of prodction
Communism
Economic systems where the market largely determines what goods and services get produced, who gets them, and how the economy grows
Free-market economies
Economic systems where the government largely decides what goods and services will be produced, who will get them, and how the economy will grow
Command Economies
Economic systems where some allocation of resources is made by the market and some by the government
Mixed Economies
Total value of goods and services produced in a country in a given year
Gross Domestic Product (GDP)
Number of civilians as least 16 years old who are unemployed and tried to find a job within the prior 4 weeks
Unemployment Rate
General rise in the prices of goods and services over time
Inflation
Situation where price increases are slowing (the inflation rate is declining)
Disinflation
Situation where prices are declining
Deflation
Monthly statistic that measure pace of inflation of deflation
Consumer Price Index (CPI)
Index that measures prices at the wholesale level
Producer Price Index (PPI)
Periodic rises and falls that occur in all economies over time
Business Cycles
Two or more consecutive quarters of decline in the GDP
Recession
Severe Recession
Depression
Federal government's effort to keep the economy stable by increasing or decreasing taxes or government spending
Fiscal Policy