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50 Cards in this Set
- Front
- Back
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Aggregate Demand
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A schedule (or graph) that shows the value of output (real GDP) that would be demanded at different price levels.
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Aggregate Supply
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A schedule (or graph) that shows the value of output(real GDP) that would be produced at different price levels.
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Barter
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Trading a good or service directly for another good or service, without using money or credit.
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Benefit
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The advantage(s) of a particular course of action as measured by good feeling, dollars, or number of items.
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Budget
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An element of financial planning where all income is listed and compared to all expenditures. Often expenditure decisions need to be made to hold spending less than or equal to income.
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Budget Deficit
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Refers to national budgets; occurs when government spending is greater than government income from taxes and tariffs in a given year. A yearly deficit adds to the public debt.
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Budget Surplus
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Refers to national budgets; occurs when government income is greater than government spending in a given year.
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Business Cycles
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Fluctuations in the overall rate of national economic activity with alternating periods of expansion and contraction; these vary in duration and degrees of severity; usually measured by real gross domestic product (GDP).
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Capital
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Resources and goods made and used to produce other goods and services. Examples include buildings, machinery, tools, and equipment.
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Competition
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Attempts by two or more individuals or organizations to acquire the same goods, services, or productive and financial resources
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Compound Interest
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Interest that is earned not only on the principal but also on the interest already earned.
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Consumer Price Index
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A price index that measures the cost of a fixed basket of consumer goods and services and compares the cost of this basket in one time period with its cost in some base period.
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Consumer Surplus
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he difference between the price a consumer would be willing to pay for a good or service and what that consumer actually has to pay.
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Consumers
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People who use goods and services to satisfy their economic wants.
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Consumption
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People who use goods and services to satisfy their economic wants.
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Costs
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The disadvantages of a particular course of action as measured by bad feeling, dollars, or numbers of items.
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Credit
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he opportunity to borrow money or to receive goods or services in return for a promise to pay later.
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Debt
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Money owed to someone else. Also see Debt for individual and National debt.
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Deflation
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A sustained decrease in the average price level of all the goods and services produced in the economy.
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Demand
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A schedule (or graph) showing how many units of a good or service buyers are willing and able to buy at all possible prices during a period of time.
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Distribution
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The allocation or dividing up of the goods and services a society produces.
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Division of Labor
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An arrangement in which workers perform only one or a few steps in a larger production process (as when working on an assembly line).
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Economic Functions of Government
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In a market economy, government agencies establish and maintain a legal system to regulate both commercial and social behavior, promote competition, respond to market failures by providing public goods and adjusting for externalities, redistribute income, and establish macroeconomic stabilization policies.
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Economic Growth
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An increase in real output as measured by real GDP or per capita real GDP.
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Economic Incentives
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Factors that motivate and influence the behavior of individuals and organizations, including firms and government agencies.
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economics
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The study of how people, firms, and societies choose to use scarce resources.
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Elasticity
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See Price elasticity of demand, Price elasticity of
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Exports
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Goods and services produced in one nation and sold to consumers in other nations.
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Fiscal Policy
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Changes in the expenditures or tax revenues of the federal government, undertaken to promote full employment, price stability, and reasonable rates of economic growth.
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Foreign Exchange Market
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Market where demand for and supply of foreign currencies determines exchange rates.
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Aggregate Demand
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A schedule (or graph) that shows the value of output (real GDP) that would be demanded at different price levels.
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Aggregate Supply
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A schedule (or graph) that shows the value of output(real GDP) that would be produced at different price levels.
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Barter
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Trading a good or service directly for another good or service, without using money or credit.
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Benefit
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The advantage(s) of a particular course of action as measured by good feeling, dollars, or number of items.
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Budget
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An element of financial planning where all income is listed and compared to all expenditures. Often expenditure decisions need to be made to hold spending less than or equal to income.
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Budget Deficit
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Refers to national budgets; occurs when government spending is greater than government income from taxes and tariffs in a given year. A yearly deficit adds to the public debt.
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Budget Surplus
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Refers to national budgets; occurs when government income is greater than government spending in a given year.
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Business Cycles
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Fluctuations in the overall rate of national economic activity with alternating periods of expansion and contraction; these vary in duration and degrees of severity; usually measured by real gross domestic product (GDP).
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Capital
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Resources and goods made and used to produce other goods and services. Examples include buildings, machinery, tools, and equipment.
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Competition
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Attempts by two or more individuals or organizations to acquire the same goods, services, or productive and financial resources
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Aggregate Demand
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A schedule (or graph) that shows the value of output (real GDP) that would be demanded at different price levels.
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Aggregate Supply
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A schedule (or graph) that shows the value of output(real GDP) that would be produced at different price levels.
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Barter
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Trading a good or service directly for another good or service, without using money or credit.
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Benefit
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The advantage(s) of a particular course of action as measured by good feeling, dollars, or number of items.
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Budget
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An element of financial planning where all income is listed and compared to all expenditures. Often expenditure decisions need to be made to hold spending less than or equal to income.
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Budget Deficit
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Refers to national budgets; occurs when government spending is greater than government income from taxes and tariffs in a given year. A yearly deficit adds to the public debt.
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Budget Surplus
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Refers to national budgets; occurs when government income is greater than government spending in a given year.
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Business Cycles
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Fluctuations in the overall rate of national economic activity with alternating periods of expansion and contraction; these vary in duration and degrees of severity; usually measured by real gross domestic product (GDP).
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Capital
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Resources and goods made and used to produce other goods and services. Examples include buildings, machinery, tools, and equipment.
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Competition
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Attempts by two or more individuals or organizations to acquire the same goods, services, or productive and financial resources
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