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27 Cards in this Set
- Front
- Back
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Balance of Payment |
A statement showing the sum total of a nation's expenditures and receipts in international transactions. |
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Bond |
A written promise to repay, at some specific future date, a sum of money borrowed. |
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Budget |
A plan of estimated receipts and expenditures for some future period of time. |
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Business Cycle |
Fluctuations is economic activity away from the norm |
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Capitalism |
An economic system which is based on the private ownership of property and the freedom and the freedom of the individual to do with their property as they see fit, within certain legal limits imposed to protect the rights of others. |
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Cost |
The value of the alternation which are bapassed |
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Credit |
A promise to pay for goods and services or to repay money borrowed at some specified future time |
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Deflation |
A decrease in the general level of prices resulting from the economy producing more than it is willing or able to buy |
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Depression |
A phase of the business cycle in which economic activity is below the long run trend of GNP and is falling |
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Economics |
The study of man's efforts to satisfy his seemingly unlimited, competing wants through the use of the limited, relatively scarce resources of nature |
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Equilibrium Price |
The price at which demand and quantity demanded and quantity supplied are equal |
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Factors of Production |
The elements that combine to produce economic products; land, labor and capital |
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Goods |
Tangible items which have a usefulness in the satisfaction of human wants |
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Gross National Product (GNP) |
The value of all final goods and services produced in the country in a year |
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Inflation |
An increase in the general level of prices resulting from the economy spending beyond its existing level of output |
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Interest |
The price of money; money paid for the use of borrowed funds |
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Laissez Faire |
A term meaning no intervention by government in economic affairs |
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Law of Demand |
The demand for economic product varies inversely with its price |
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Law of Supply |
The quantity of an economic product offered for sale varies directly with its price |
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Market |
Any situation in which an economic good or service can readily be bought and sold |
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Money |
Any substance which functions as a medium of exchange, a measure of value and a store of value |
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Price |
The amount of money for which goods and services can be purchased |
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Recession |
A phase of the business cycle in which economic activity has slowed and is headed downward but still above the long run trend of GNP |
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Services |
Intangible items which have a usefulness in the satisfaction of human wants |
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Asset |
Anything that has value i.e.. business license, raw material, inventory and money |
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Business License |
This gives the buyer the right to operate a business for profit. Also it entitles the owner's household to receive a $5,000 per round salary |
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Capital |
In general economic terms this refers to all man-made aids to production such as tools and machinary. In the game the word refers to "money capital" which is avaliable for purchasing inventory |
