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50 Cards in this Set
- Front
- Back
surplus
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situation in which quantity supplied exceeds quantity demanded
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growth
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increse in the amount of goods and servies produced by a nation's resources
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fiscal policies
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gov economic polices taht determine how the gov collects and spends it revenue
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law of demand
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principle that buyers will purchase more of a product as its price drops and less as its price increases
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demand
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the willingness and ability of buyers to purchase a good or service
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information resources
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data andd other info used by businesses
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budget deficit
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situation in which a gov body spends more money than it takes in
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gross domestic product
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the value of all goods and servie produced in a yera by a nation' economy through domestic factors of production
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gross national product
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the value of all goods and services produced by an economic system in a year regardless of where the factors of production are located
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real gross national product
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gross national product adjusted for inflation and changes in the value of a country's currency
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private property rights
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the right to buy, own, use, and sell almost any form of property
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pure competition
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market or industry characterized by numerous small firms producing an identical product
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mixed market economy
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economic system featuring characteristics of both planned and market economics
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monetary policies
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gov economic policies that determine the size of a nation's money supply
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knowledge workers
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skilled employees in high tech industries
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demand and supply schedule
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assessment of the relationships between diff levels of demand and supply at dif price levels
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capital
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the funds needed to create and operate a business enterprise
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recession
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period characterized by decreases in employment, income, and production
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economic system
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a nation's system for allocating its resources among its citizens
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capitalism
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market economy that provides for private owndership of production and encourages entrepreneurship by offering profits as an incentive
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socialism
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planned economic sysytem in which the gov owns and operates only selected major sources of production
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market
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mechanism for exchange between buyers and seller of a particular good or service
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planned economy
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economy that relies on a centralized gov to control all or most factors of porduction and to make all ormost production and alllocation decisions
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supply curve
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graphs showing how many units of a product will be supplied at diff't prices
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unemployment
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level of joblessness among people actively seeking work
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monopoly
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market or industry in which there is only oe producer, which can therefore set the prices of its products
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law of supply
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principle that porducers will offer more of a product for sale as its price rises and less as its price drops
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inflation
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phenomenon of widespread price increases throughout an economic system
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business
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an organization that provides tgoods or services to earn profits
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profit
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the difference between a business's revenues and its expenses
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demand curve
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graphs showing how many units of a product will be demanded at diff't prices
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competition
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vying among businesses for the same resources or customers
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oligopoly
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market or industry characterized by a handful of (generally large) sellers with the power to influence the prices of their products
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privatization
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process of converting gov enterpirses into privatley owned companies
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labor
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the physical and mental capabilities of people as they contribute to economic production
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market economy
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economy in which individuals control production and allocation odesicions through supply and demand
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national debt
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total amount that a nation owes its creditors
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productivity
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measure of economic growth that compares how much a system produces with the resources needed to produce it
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input market
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market in which firms buy resources from supplier households
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monopolistic competition
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market or industry characterized by numerious buyers and relativerly numerous sellers trying to differentiate their products from those of competitors
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stability
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ondition in which the balance between the money available in an economy and the goods produced in it are growing at about the same rate
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private enterprise
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economic system that allows individuals to pursue their own interest without undue gov restriction
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supply
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the wililngness and ability of producers to offer a good or service for sale
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output market
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market in which supply goods and servies in response to demand on the part of households
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factors of production
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resources used in the production of goods and services-natural resources, labor, capital, and entrepreneurs
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physical resources
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tangible things organizations use in the conduct of their business
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market price
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profit-maximizing price at which the quantitiy fo good demanded and the quantity of goods supplied are equal
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natural monopoly
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industry in which one company can most efficiently supply all needed goods or services
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shortage
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situation in which quantity demanded exceeds quantity supplied
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depression
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partiularly severe and long lasting recession
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