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