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14 Cards in this Set

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  • Back
Full Employment
When 5% or less of the labor force over 15 years of age are looking for work
Economic Stability
When an economy looks to avoid swings in performance
Economic Security
Every memeber in society should have their basic needs satisfied. Food, shelter, clothing, health, edcation, water & sanitation
Economic Justice
Every member in society should have equal opportunities for economic success.
Conspicuous/Ostentatious Commodities
Those that consumers associate due to high price to high social class. Makes them feel ahead of others socially
Jone's Commodities
consumed because of peer pressure, to not feel that they are socially falling behind.
Non-Substitute/Absolute necessity goods
Those that have no easily available alternatives, or perceived indespinsibility.
Opportunity/Alternative Cost
The cost of using resources for a purpose, measured by the cost of not producing an alternative good.
Complementary
Completes a lack in something (a bagel and cream cheese)
Complimentary
Given without cost (Free Hotel Breakfast)
Oîkos
Home
Nomos
Management
Microeconomics
Studyies the behaviors of consumers and firms, and the determination of market prices. It analyzes the scarcity of economic resources and identify their strategic uses
Macroeconomics
Study of the aggregate economic activity. It analyzes how the economy as a whole works, identifying national income/output levels, growth, inflation, employment, money, prices, and international trade.

Employs use of fiscal policy, monetary policy, and commercial policy.