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44 Cards in this Set

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  • Back
is defined as not having sufficient resources to produce enough to fulfill unlimited subjective wants
usually refers to losing one quality or aspect of something in return for gaining another quality or aspect
opportunity cost, or economic cost
is the cost of something in terms of an opportunity forgone (and the benefits that could be received from that opportunity), or the most valuable forgone alternative, i.e. the second best alternative.
production possibilities
the possible combination of total output that could be produced if a nation’s resources were fully employed
an economic system
is a mechanism (social institution) which deals with the production, distribution and consumption of goods and services in a particular society.
is a formal bookkeeping and accounting term that comes from the Latin word credere, which means "to believe".
Credit history or credit report
is, in many countries, a record of an individual's or company's past borrowing and repaying, including information about late payments and bankruptcy.
a blue-collar worker
is a member of the working class who performs manual labor and earns an hourly wage
White-collar workers
perform tasks which are less "physically laborious" yet often more highly paid than blue-collar workers, who do manual work.
is a document containing a summary or listing of relevant job experience and education, usually for the purpose of obtaining an interview when seeking employment.
public sector
is that part of economic and administrative life that deals with the delivery of goods and services by and for the government, whether national, regional or local/municipal.
private sector
of a nation's economy consists of those entities which are not controlled by the state - i.e., a variety of entities such as private firms and companies, corporations, banks (other than central banks), charities, non-governmental organizations and individuals
is the aggregate amount of any material good that can be called into being at a certain price point; it comprises one half of the equation of supply and demand.
supply and demand
economic model originally developed by Antoine Augustin Cournot (published in a book in 1838) and thirty years later broadly publicized by Alfred Marshall attempts to describe, explain, and predict changes in the price and quantity of goods sold in competitive markets.
may refer to:Sense of balance, which maintains physical balance in humans and animals
Price floor
is a government-imposed limit on how low a price can be charged for a product.
Price Ceiling
is a government-imposed limit on how high a price can be charged on a product.
is the quantity "left over" after conducting an activity
a term describing a disparity between the amount demanded for a product or service and the amount supplied in a market.
is the act of striving against another force for the purpose of achieving dominance or attaining a reward or goal, or out of a biological imperative such as survival
Perfect competition
is an economic model that describes a hypothetical market form in which no producer or consumer has the market power to influence prices
imperfect competition
, is the competitive situation in any market where the conditions necessary for perfect competition are not satisfied
Derived demand
is a term in economics, where demand for one good or service occurs as a result of demand for another. This may occur as the former is a part of production of the second.
real wages
The term refers to wages that have been adjusted for inflation
progressive tax
a tax imposed so that the tax rate increases as the amount to which the rate is applied increases.
benefits-received principles
states that taxes ought to be paid by those who benefit from a government program or service
Tax incidene
the final impact of a tax
progressive tax
is a tax imposed so that the tax rate increases as the amount to which the rate is applied increases
flat tax (short for flat rate tax or proportional tax
taxes all household income, and possibly corporates profits as well, at the same marginal rate.
regressive tax
a tax which takes a larger percentage of income from people whose income is low.
free riders
actors who consume more than their fair share of a resource, or shoulder less than a fair share of the costs of its production.
public good
is a good that is non-rival
International trade
the exchange of goods and services across international boundaries or territories
comparative advantage
explains why it can be beneficial for two parties (countries, regions, individuals, ...) to trade, even though one of them may be able to produce every kind of item more cheaply than the other.
trade barrier
a general term that describes any government policy or regulation that restricts international trade
is a dynamic of being mutually responsible to and sharing a common set of principles with others.
exchange rate (also known as the foreign-exchange rate, forex rate or FX rate)
between two currencies specifies how much one currency is worth in terms of the othe
gross domestic product
or GDP, is one of the several measures of the size of its economy.
business cycle or economic cycle
refers to the ups and downs seen somewhat simultaneously in most parts of an economy
aggregate supply
is the total supply of goods and services by a national economy during a specific time period
is the 'rent' paid to borrow money
44. a person willing to work at a prevailing wage rate yet is unable to find a paying job is considered to be
determinants of supply
the amounts of a producer is willing and able to sell
determinants of demand
the quantities of a particular good or service