• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

Card Range To Study

through

image

Play button

image

Play button

image

Progress

1/27

Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

27 Cards in this Set

  • Front
  • Back
economics
the study of the way people organize themselves to sustain life and enhance its quality
microeconomics
the study of the economic activities and interactions of individuals, households, businesses, and other groups at the sub-national level
macroeconomics
teh study of how economic activities at all levels create a natural economic environment
unemployment
seeking a paying job, but not being able to get one
inflation
a rise in the general level of prices
macroeconomy
an economic system whose boundaries are normally understood to be the boundaries of a nation
global economy
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
economic actor (economic agent)
an individual, group or organization that is involved in economic activities
positive questions
questions about how things are
normative questions
questions about how things should be
well-being
a shorthand term for the broad goal of promoting the sustenance and flourishing of life
living standards growth
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
economic growth
increases in the level of production in a country or region
economic development
the process of moving from a situation of poverty and deprivation to a situation of increased production and plenty, through investments and changes
labor productivity
the level of output that can be produced per worker
business (trade) cycle
recurrent fluctuations in the level of national production, with alternating periods of recession and boom
precautionary principle
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
classical economics
the school of economics, originating in the 18th century, that stressed issues of growth and distribution, based on an image of smoothly-functioning markets
division of labor
an approach to production in which a process is broken down into smaller tasks, with each worker assigned only one or a few tasks
specialization
in production, a system of organization in which each worker performs only one type of task
laissez-faire economy
an economy with little government regulation
Say's Law
the classical belief that "supply creates its own demand"
aggregate demand
the total demand for all goods and services in national economy
Keynesian economics
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
fiscal policy
the manipulation of levels of government spending and taxation to raise or lower the level of aggregate demand
monetarist economics
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
monetary policy
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