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18 Cards in this Set

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  • Back
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What is Law of Demand?
Quanity demanded varied inversely with price.
When prices goes up demand goes down ; price goes down demand goes up. Curves shift to the right.
What is Law of Supply?
Suppliers will offer more for sale at higher prices and less at lower prices.
Curve shifts to the left.
What is Monopolistic Competition?
Like perfect except products are not identical.
What is Oligopily?
A type of industry inwhich a few large companies dominate.
What is Monopoly?
A type of industry in which one seller company dominates.
what is Price?
The monetary value of a product as est. by supply and demand.
What is National Income Accounting?
Sysetems of statistics used to track a nations overall economics performance.
*NIA*
What is Gross Domestic Product?
Dollar Amount of all finals goods and services produced within a country's national border's in a year.
*GDP*
Define Inflation
Rise in the general level of prices.
What is Consumer Price Index?
statistics used to measure price changes over time for a "market basket" of frequent used baskets.
*CPI*
Define Micro-economics
Branch of economics dealing with the economy as a whole and decison making by large units.
* Govt. Labor Unions*
Define Umployment Rate
% of people over age 16 who are willing and able to work , do not have a job, and are actively looking for a job.
* 4-5 %*
Define Stock Exchange
A place wher people meet to buy or sell stock ( Can be real physical place or on the internet)
What is a Fedral Budget ?
A budget for a year
What is a Federal Budget Deficiet?
The amount by which federal expenses exceed income for one year.
What is national debt?
Total accumulated deficiets from previous year's budget.
What is cost of living?
The amount of money it takes for a person/familys to buy nesscary items for living ,housing ,food,clothing,etc
What is Stamdard of Living?
How well off you are.
*think reality check project*