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47 Cards in this Set

  • Front
  • Back
Market Economy
economic system in which supply, demand, and the price system help people make decisions and allocate resources; same as free enterprise economy
Good
tangible economic product that is useful, relatively scarce, transferable to others; used to satisfy wants and needs
Marginal Utility
satisfaction or usefulness obtained from acquiring one more unit of a product
Market Equilibrium
when quantity supplied equals quantity demanded
Diminishing Marginal Utility
decrease in satisfaction or usefulness as additional units of a product are acquired
Price
monetary value of a product as established by supply and demand
Ration Coupon
permit allowing holder to recieve a given amount of rationed product
Cyclical Unemployment
unemployment directly related to swings in the business cycle
Aggregate Demand
the total value of all goods and services demanded at different price levels
Real GPD
gross domestic product after adjustments for infaltion; same as GDP in constant dollars
Free Enterprise
market economy in which privately owned businesses have the freedom to operate for a profit with limited gov intervention
Conglomerate
firm with four or more businesses making unrelated products, with no single business responsible for a majority of its sales
Trade-Offs
alternative that must be given up when one choice is made rather than another
Laissez-Faire
philosophy that government should not interfere with business activity
Public Disclosure
requirement forcing a business to reveal information about its products or its operation to the public
Census
complete count of population, including place of residence
Rebate
partial refund of the original price of a product
Frictional Unemployment
unemployment caused by workers changing jobs or waiting to go to new ones
Wage-price controls
policies and regulations making it illegal for firms to give raises or raise prices without government permission
Workfare
program requiring welfare recipients to work in exchange for benefits
Partnership
unincorporated business owned and operated by two or more people who share the profits and have unlimited liability for the debts and obligations for the firm; same as general partnership
Workfare
program requiring welfare recipients to work in exchange for benefits
Partnership
unincorporated business owned and operated by two or more people who share the profits and have unlimited liability for the debts and obligations of the firm; same as general partnership
Free Enterprise
market economy in which privaately owned businesses have the freedom to operate for a profit with limited government intervention
Scarcity
fundamental economic problem facing all societies that results from a combination of scare resources and people's virtually unlimited wants
Supply Elasticity
responsiveness of quantity supplied to a change in price
Microeconomics
branch of economic theory that deals with behavior and decision making by small units such as individuals and firms
Substitution Effect
that portion of a change in quanity demanded due to change in the relative price of the product that makes other products more or less costly
Fixed Cost
income that does not increase even though prices go up
Price Floor
lowest legal price that can be charged for a product
Supply Elasticity
responsiveness of quantity supplied to a change in price
Microeconomics
branch of economic theory that deals with behavior and decision making by small units such as individuals and firms
Monopoly
market structure characterized by single producer; form of imperfect competition
Demand Curve
graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time
Gross Domestic Product
dollar value of all final goods, services, and structures produced with a country's national borders during a one-year period
Intermediate Products
products that are components of other final products included in gdp; new tires and radios for use on new cars
Price Flexibility
the price fluxiates with the supply and demand of it
Unemployment rate
ratio f unemployed individuals divided by total number of persons in the civilian labor force, expressed as a percentage
Technological Unemployment
unemployment caused by technological developments or automation that make some workers' skills obsolete
Easy money policy
monetary policy resulting in lower interest rates and greater access to credit; associated with an expansion of the money supply
Depression Slip
currency issued by towns, chambers of commerce, and other civic bodies during the Great Depression of the 1930s
Secret of Wealth
Adam Smith's ideals such as division of labor, and the invisible hand
Leading economic Indicator
a statistical series that normally turns down before the economy turns down or turns up before the economy turns up
Population Pyramid
diagram showing the breakdown of population by age and gender
Wage-Price controls
policies tand regulations making it illegal for firms to give raises or raise prices without government permission
Specie
money in the form of gold or silver coins
Tax Deferred + Compound Interest = ?
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