Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
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 = ?
|
the best way to save money!
|