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50 Cards in this Set

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Aggregate Demand
A schedule (or graph) that shows the value of output (real GDP) that would be demanded at different price levels.
Aggregate Supply
A schedule (or graph) that shows the value of output(real GDP) that would be produced at different price levels.
Barter
Trading a good or service directly for another good or service, without using money or credit.
Benefit
The advantage(s) of a particular course of action as measured by good feeling, dollars, or number of items.
Budget
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.
Budget Deficit
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.
Budget Surplus
Refers to national budgets; occurs when government income is greater than government spending in a given year.
Business Cycles
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).
Capital
Resources and goods made and used to produce other goods and services. Examples include buildings, machinery, tools, and equipment.
Competition
Attempts by two or more individuals or organizations to acquire the same goods, services, or productive and financial resources
Compound Interest
Interest that is earned not only on the principal but also on the interest already earned.
Consumer Price Index
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.
Consumer Surplus
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.
Consumers
People who use goods and services to satisfy their economic wants.
Consumption
People who use goods and services to satisfy their economic wants.
Costs
The disadvantages of a particular course of action as measured by bad feeling, dollars, or numbers of items.
Credit
he opportunity to borrow money or to receive goods or services in return for a promise to pay later.
Debt
Money owed to someone else. Also see Debt for individual and National debt.
Deflation
A sustained decrease in the average price level of all the goods and services produced in the economy.
Demand
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.
Distribution
The allocation or dividing up of the goods and services a society produces.
Division of Labor
An arrangement in which workers perform only one or a few steps in a larger production process (as when working on an assembly line).
Economic Functions of Government
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.
Economic Growth
An increase in real output as measured by real GDP or per capita real GDP.
Economic Incentives
Factors that motivate and influence the behavior of individuals and organizations, including firms and government agencies.
economics
The study of how people, firms, and societies choose to use scarce resources.
Elasticity
See Price elasticity of demand, Price elasticity of
Exports
Goods and services produced in one nation and sold to consumers in other nations.
Fiscal Policy
Changes in the expenditures or tax revenues of the federal government, undertaken to promote full employment, price stability, and reasonable rates of economic growth.
Foreign Exchange Market
Market where demand for and supply of foreign currencies determines exchange rates.
Aggregate Demand
A schedule (or graph) that shows the value of output (real GDP) that would be demanded at different price levels.
Aggregate Supply
A schedule (or graph) that shows the value of output(real GDP) that would be produced at different price levels.
Barter
Trading a good or service directly for another good or service, without using money or credit.
Benefit
The advantage(s) of a particular course of action as measured by good feeling, dollars, or number of items.
Budget
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.
Budget Deficit
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.
Budget Surplus
Refers to national budgets; occurs when government income is greater than government spending in a given year.
Business Cycles
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).
Capital
Resources and goods made and used to produce other goods and services. Examples include buildings, machinery, tools, and equipment.
Competition
Attempts by two or more individuals or organizations to acquire the same goods, services, or productive and financial resources
Aggregate Demand
A schedule (or graph) that shows the value of output (real GDP) that would be demanded at different price levels.
Aggregate Supply
A schedule (or graph) that shows the value of output(real GDP) that would be produced at different price levels.
Barter
Trading a good or service directly for another good or service, without using money or credit.
Benefit
The advantage(s) of a particular course of action as measured by good feeling, dollars, or number of items.
Budget
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.
Budget Deficit
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.
Budget Surplus
Refers to national budgets; occurs when government income is greater than government spending in a given year.
Business Cycles
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).
Capital
Resources and goods made and used to produce other goods and services. Examples include buildings, machinery, tools, and equipment.
Competition
Attempts by two or more individuals or organizations to acquire the same goods, services, or productive and financial resources