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32 Cards in this Set
- Front
- Back
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Monetary policy |
Gov policy of managing economy, increase or decrease money supply |
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Inflation |
Rise in $ of goods and services |
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Market economy |
In which ppl/bus own the means of production and make decisions |
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Expansion |
Economic growth |
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Command economy |
Resources/decisions are controlled by gov |
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Capital |
Factor of production that that includes tools/machinery used to make good or service |
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Depression |
Severe economic decline w unemployment |
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Lagging indicator |
Shows/follows change in business cycle that can help determine how long phase will last |
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Leading indicator |
Helps predict future Eco conditions |
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Embargo |
Ban on trade |
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Competition |
Rivalry among businesses, key to enterprise system and setting prices |
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Entrep. |
Factor of production that includes business skill |
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Opp. Cost |
Best alternative given up in making a choice |
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Bus.Cycle |
Econ patterns of prosperity and depression in free market economics |
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Trade surplus |
Occurs when country sell more than they buy |
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Trade deficit |
Country buy more than they sell |
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Comparative adv |
Country can produce more of a good or service w lower pop. Cost than it's trading partner |
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Coincident |
Indicator shows how Econ is doing at the time |
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Nafta |
Trade agree in n. America |
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Land |
Factor of production includes nat. Resources |
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Fiscal point |
Gov policy of managing Econ thru changes in tax, spending, and other payment |
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Trade barrier |
Limit on exchange of goods to protect jobs and industries |
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Market |
Consumers will buy more for a lower price |
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GDP |
Dollar value of all goods and services produced annually in a country |
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Labor |
Factor of production includes work done by ppl |
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Tariff |
Tax on imported good |
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Quota |
Limited amt. of type of good that can be imported |
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Peak |
Highest point in cycle |
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Recession |
Mild Econ down turn |
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Law of supply |
Businesses can produce more at higher $ |
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Scarcity |
Prob of limited resources to meet demands |
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Absol. Adv. |
Country can produce good or service using fewer resources than it's trading partners |
