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33 Cards in this Set

  • Front
  • Back
goods
things that are produced by a country's economy.
sevices
products of economic activity that you can'tdrop on your foot, ranging form hairdressing to websites
Human Reasources
The persons employed in a business or organization: personal
Natural resources
Materials that occur in nature and are essential or useful to humans
Capital goods
The existing stock of goods which are to be used in the production of other goods or services and which have themselves been produced by previous human activities.
Traditional economy
A mode of economic organization which borrows economic decisions made at an earlier time.
Command Economy
A mode of economic organization in which the key economic functions are principally determand by goverment directive.
Free Market Economy
A free market economy is an economy in which the allocation for resources is determined only by their supply and the demand for them.
Private Property
The concept of ownership in which the owner of the property has the right to keep other people off of it.
Profit motive
That which motivates the producer to produce what the consumer wants and to keep his costs as low as possible
Free Enterprise
an economy that relies chiefly on market forces to allocate goods and resources and to determine prices
Law of Supply and Demand
States that the prices rise with increased demand and fall when the supply of goods increase
Public Goods and Services
Goods and services that are provided by the government. they are often to expensive or not practical to be obtained by individuals
Fiscal Policy
Government measures to attain specific objectives by means of changes in the Government budget. Fiscal policy is the use of government spending and taxes to influence the nation's output, employment, and the price level
Monetary policy
The process of managing the supply of money and credit to contribute to economic performance.
Federal Reserve System
the system divides the United States into 12 Federal Reserve districts, each with its own regional Federal Reserve bank.
Regulation
Laws limiting the behaviour of consumers and producers.
Taxing power
the power granted to a government body to lay and collect taxes
Sales Tax
A tax levied on the retail price of merchandise and collected by the retailer
Income tax
A tax levied on net personal or business income
corporation tax
A tax on a business
Property Tax
A tax levied against the owner of real or personal property
Customs Duty
money collected under a tarrif
Gross Domestic Product(GDP)
the total money value of the goods and services produced by the residents of a nation during a specified period
GDP Per Capita
The value of all goods and services produced in the economy divided by population
unemployment rate
the fraction of the labor force who are seeking jobs but are unable to find them
National Debt
The amount that a nations government owes to anybody, including its own citizens
Inflation Rate
the percentage increase in the price level per year
Economic Interdependence
The extent to which economic performance in one country depends positiveliy or negatively on performance in other countries.
Export
a good that crosses out of a country's border for commercial purposes
Import
A good that crosses into a country, across its border, for commercial purposes
Tariff
A tax on trade, usually an import tariff but sometimes used to denote an export tax.
Scarcity
The fact that we have unlimited wants and needs but limited resources means the resources are scarce