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13 Cards in this Set

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Scarcity:
The condition that arises because the available resouces are insufficient to satisfy wants.
Incentive:
A reward or penalty - a "carrot" or a "stick" - that encourages or discourages an action.
Economics:
The social science that studies the choices that we make as we cope with scarcity and the incentives that influence and reconcile our choices.
Microeconomics:
The study of the choices that individuals and businesses make and the way these choices respond to incentives, interact, and are influenced by governments.
Macroeconomics:
The study of the aggregate (or total) effects on the national economy and the global economy of the choices that individuals, businesses, and governments make.
Standard of Living:
The level of consumption of goods and services that people enjoy, on the average; it is measured by average income per person.
Goods and Services:
The objects that people value and produce to satisfy human wants. Goods are physical objects, and services are tasks performed for people.
Unemployment:
The state of being available and willing to work but unable to find an acceptable job.
Cost of Living:
The number of dollars it takes to buy the goods and services that achieve a given standard of living.
Inflation:
A situation in which the cost of living is rising and the value of money is shrinking.
Deflation:
A situation in which the cost of living is falling and the value of money is rising.
Business Cycle:
A periodic but irregular up-and-down movement in production and jobs.
Great Depression:
A period during the 1930s in which the country experienced it's worst-ever recession.