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10 Cards in this Set

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  • Back
inputs/ factors of production
the labor, machinery, buildings, and natural resources used to make outputs.
outputs
the goods and services that consumers and others want to acquire.
Gross Domestic Product (GDP)
a measure of the size of the economy- the total amount it produces in a year.
The Real GDP
adjusts this measure for changes in the purchasing power of money, that is, it corrects it for inflation.
open
an economy is relatively this if its exports and imports constitute a large share of its GDP
closed
an economy is considered relatively this if its exports and imports constitute a small share of its GDP
recession
a period of time during which the total output of the economy falls.
transfer payments
sums of money that certain individuals recieve as outright grants from the government rather than payments for services rendered.
progressive
a tax is this if the ratio of taxes to income rises as the income rises.
mixed
an economy with some public influence over the workings of free markets. There may also be some public ownership mixed in with private property.