Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
20 Cards in this Set
- Front
- Back
Scarcity |
"Scarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants" Definition; When the demand is bigger than the supply Example; Petroleum |
|
Macro Economics |
"Branch of the economics field that studies how the aggregate economy behaves" Investopedia Definition;Study of how economy changes. Example; How inflation affects the economy |
|
Micro Economics |
"Social science that studies the implications of individual human action, specifically about how those decisions affect the utilization and distribution of scarce resources" Investopedia Definition; Study of how people organize the different resources |
|
Demand |
"Demand is a measure of how many people want to buy a particular good or service" (scholastic.com ) Example; If a restaurant has great reviews on the internet, many people would like to go, but the restaurant only has 10 tables for costumers. Definition; Is how people want a specific service of product. |
|
Supply |
"Economic concept that describes the total amount of a specific good or service that is available to consumers" Investopedia Definition; Is tha available amount of certain products or services. Example; The amount of guitar in a music shop |
|
Market Economy |
"Economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's individual citizens and businesses" Investopedia Definition; system of economics where the people choose the prices of the products instead of the government. |
|
Factors of Production |
"Economic term that describes the inputs that are used in the production of goods or services in order to make an economic profit" Investopedia Definition; Different factors that are used to create the products of different business Example; Land |
|
Economic Cycle |
" Natural fluctuation of the economy between periods of expansion (growth) and contraction (recession)" Definition; How economy changes during a period of time |
|
Inflation |
"frightening as an armed robber" (Ronald Reagan) Definition; How a price of a product rise constantly. |
|
GDP |
"Gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country's borders in a specific time period" Investopedia Definition; The income that a country recieves for their products. |
|
Unemployment |
"Phenomenon that occurs when a person who is actively searching for employment is unable to find work" Investopedia Definition; When people can not find a job. |
|
Welfare State |
"Concept of government in which the state plays a key role in the protection and promotion of the economic and social well-being of its citizens" Investopedia Definition;how the government administrates healthcare, education, etc. |
|
Neoliberalism |
"Policy model of social studies and economics that transfers control of economic factors to the private sector from the public sector" Investopedia Definition; Private sector over the public sector |
|
Globalization |
"Tendency of investment funds and businesses to move beyond domestic and national markets to other markets around the globe" Investopedia Definition; A business move outside their local country Example; Mcdonalds |
|
Protectionism |
"Protectionism refers to government actions and policies that restrict or restrain international trade" Investopedia Definition; Government do not allow business to travel to other countries. |
|
Tariff and Quotas |
"A tax imposed on imported goods and services" Investopedia Definition; A price for importing goods to other countries |
|
Stock Market Crash |
"Rapid and often unanticipated drop in stock prices" Investopedia Definition; When of the stock prices in a country suddenly drop causing severe damage on the economy. Example; Market Crash of 1929 |
|
Interest Rate |
"amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets" Investopedia Definition; The increment of money someone debts to a lender of money. |
|
Taxes |
"Generally an involuntary fee levied on individuals or corporations that is enforced by a government entity, whether local, regional or national in order to finance government activities" Definition; Amount of money the government requires from people for their services. |
|
Balance of Payments |
"A statement that summarizes an economy’s transactions with the rest of the world for a specified time period" Investopedia Definition;A summary to the transactions of money |
