Economic Terms

Front 1

the type of unemployment that consists of workers who have no job because their jobs only exist during certain parts of the year

Back 1

Seasonal unemployment

Front 2

the type of unemployment that consists of workers whoe skills or abilities are no longer in demand

Back 2

Structural Unemployment

Front 3

the type of unemployment that consists of workers who are between jobs, most of which who have chosen to be unemployed

Back 3

Frictional Unemployment

Front 4

the type of unemployment that consists of workers who have given up looking for a job because they have little skill or ability and no chance for advancement

Back 4

Discouraged Worker

Front 5

the type of unemployment that consists of those workers who have lost their jobs due to recession or a downturn in the economy

Back 5

Cyclical Unemployment

Front 6

CPI stands for

Back 6

Consumer Price Index

Front 7

reporting GDP without adjusting for inflation

Back 7

Nominal Value

Front 8

is the measure of the value of production by measuring the money that a business takes in

Back 8

Income Approach

Front 9

the result of the demand for goods and services exceeding supply

Back 9

Demand Pull

Front 10

is measuring production by measruing spending

Back 10

Expenditure

Front 11

the tools that economists use to determine where in the business cyle the economy is

Back 11

Leading Indicators

Front 12

reporting the GDP adjusting for inflation

Back 12

Real Value

Front 13

when prices go up because there has been an increase in the costs of production

Back 13

Cost Push

Front 14

the interest rate charged by the Federal Reserve to banks

Back 14

Discount Rate

Front 15

the interest rate that banks charge to their customers

Back 15

Prime Lending Rate

Front 16

when a firm continues even if its owner dies

Back 16

Unlimited Life

Front 17

the governmental policy of "hands off" the economy

Back 17

Laissez Faire

Front 18

a unit of ownership of a firm

Back 18

Stock

Front 19

the idea that customers determien what products will be produced by showing demand in the market

Back 19

Consumer Sovereignty

Front 20

sharing in the profits of a firm that you have ownership in

Back 20

Dividend

Front 21

the expenses that must be paid no matter how many products are produced

Back 21

Fixed Cost

Front 22

the legal term for the owners beign responsible for all debts incurred by the firm

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unilimited liability

Front 23

the payment for the use of a resource that belongs to someone else

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rent

Front 24

the term that Adam Smith gave to the forces that guide the marketplace

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invisible hand

Front 25

a loan to a firm

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bond

Front 26

the most common type of business organization in the United States

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Sole Proprietorship

Front 27

when each additional unit of a product is less useful to you than the one that came before it

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Diminishing Marginal Utility

Front 28

means that a business only exists as long as the owners does

Back 28

limited life

Front 29

governmental restricts in the marketplace

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Consumer Protection

Front 30

the expenses that change with the number of products produced

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Variable Cost

Front 31

the profits made when you sell your stock

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Capital Gains

Front 32

the legal term for the owners not being responsible for the debts incurred by the firm

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Limited Liability

Front 33

the payment for using someone else's money

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Interest

Front 34

says that people will buy more of a product at a lower price than they will buy at a higher price, if nothing else changes

Back 34

Law of Demand

Front 35

those things desired that are not needed for physical survival

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Wants

Front 36

the quantity of products that a firm is willing to sell at a particular price

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Supply

Front 37

the limited resources relative to the wants for goods and services

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Scarcity

Front 38

the willingness to buy a product at a particular price

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demand

Front 39

the value of the sacrificed alternative

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Opportunity costs

Front 40

intangible things; things that people do

Back 40

services

Front 41

states that producers are willing to offer more products for sale at a higher price than they would be willing to sell at a lower price

Back 41

Law of Supply

Front 42

the things necessary for physical survival

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needs

Front 43

the study of the decision involved in priducing, distributing, and consuming goods and services

Back 43

economics

Front 44

tangible things; physical objects

Back 44

goods

Front 45

a set of rules that governs what goods and services to proeduce, how to produce them, and for whom they are produce. It also decides how to distribute the resource to satisfy its people wants.

Back 45

Economic System