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27 Cards in this Set
- Front
- Back
economics
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the study of the way people organize themselves to sustain life and enhance its quality
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microeconomics
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the study of the economic activities and interactions of individuals, households, businesses, and other groups at the sub-national level
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macroeconomics
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teh study of how economic activities at all levels create a natural economic environment
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unemployment
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seeking a paying job, but not being able to get one
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inflation
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a rise in the general level of prices
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macroeconomy
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an economic system whose boundaries are normally understood to be the boundaries of a nation
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global economy
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the system of economic rules, norms, and interactions by which economic actors and actions in different parts of the world are connected to one another
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economic actor (economic agent)
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an individual, group or organization that is involved in economic activities
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positive questions
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questions about how things are
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normative questions
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questions about how things should be
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well-being
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a shorthand term for the broad goal of promoting the sustenance and flourishing of life
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living standards growth
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improvements in people's diet, housing, medical attention, education, working conditions and access to care, transportation, communication, entertainment and the like, that can allow people to have long and enjoyable lives and have the opportunity to accomplish the things that give their lives meaning
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economic growth
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increases in the level of production in a country or region
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economic development
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the process of moving from a situation of poverty and deprivation to a situation of increased production and plenty, through investments and changes
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labor productivity
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the level of output that can be produced per worker
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business (trade) cycle
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recurrent fluctuations in the level of national production, with alternating periods of recession and boom
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precautionary principle
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the principle that we should err on the side of caution when dealing with natural systems or human health, especially when major health or environmental damage could result
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classical economics
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the school of economics, originating in the 18th century, that stressed issues of growth and distribution, based on an image of smoothly-functioning markets
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division of labor
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an approach to production in which a process is broken down into smaller tasks, with each worker assigned only one or a few tasks
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specialization
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in production, a system of organization in which each worker performs only one type of task
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laissez-faire economy
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an economy with little government regulation
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Say's Law
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the classical belief that "supply creates its own demand"
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aggregate demand
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the total demand for all goods and services in national economy
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Keynesian economics
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the school of through, named after John Maynard Keynes, that argued for the active use of fiscal policy to keep aggregate demand high and employment rates up
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fiscal policy
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the manipulation of levels of government spending and taxation to raise or lower the level of aggregate demand
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monetarist economics
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the school that focused on the effects of monetary policy, and argued that governments should aim for steadiness in the money supply rather than play an active role
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monetary policy
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the use of tools controlled by the gov, such as banking regulations and the issuance of currency, to try to affect the levels of money supply, interest rates and credit
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