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45 Cards in this Set
- Front
- Back
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economics
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The study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals.
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macroeconomics
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Th part of economics that looks at the operation of a nation's economy s a whole.
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microeconomics
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The part of economics that looks at the behavior of people and organizations in particular markets.
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resource development
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The study of how to create resources and to create the conditions that will make better use of those resources.
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invisible hand
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A phrase coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefits for all.
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economics
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The study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals.
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macroeconomics
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Th part of economics that looks at the operation of a nation's economy s a whole.
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microeconomics
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The part of economics that looks at the behavior of people and organizations in particular markets.
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resource development
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The study of how to create resources and to create the conditions that will make better use of those resources.
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invisible hand
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A phrase coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefits for all.
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capitalism
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An economic system in which all or most of the factors of production and distribution are privately owned and operated,
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supply
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The quantity of products that or owners are willing to sell at different prices at a specific time.
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demand
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The quantity of products that people are willing to buy at different pices at a specific time.
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market price
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The price determined by supply and demand.
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perfect competition
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The market situation in which a large number of sellers produce products that are very similar but that are perceive by buyers as different.
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monopolistic competition
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The market situation in which a large number of sellers produce products that are very similar but that are perceived as different.
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oligopoly
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A form of competition in which just a few sellers dominate the market.
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monopoly
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A market in which there is only one seller for a product or service.
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socialism
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An economic system based on the premise that some, if not most basic businesses should be owned by the government so that profits can be evenly distributed among the people.
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brain drain
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The loss of the best and brightest people to other countries.
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communism
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An economic and political system in which the government makes almost all economic decisions and owns almost all major factors of production.
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free-market economics
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Economic systems in which the market largely determines which goods and services get produced, who gets them, and how the economy will grow.
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mixed economics
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Economic systems in which some allocation of resources is made by the market and some by the government.
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gross domestic product(GDP)
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The total value of final goods and services produced in a country.
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unemployment rate
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The total value of civilians at least 16 years old who are unemployed and tried to find a job within the prior four weeks.
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inflation
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A general rise in the prices of goods and services over time.
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disinflation
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The situation in which price increases are slowing (the inflation rate is declining).
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deflation
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A situation in which prices are declining.
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consumer price index(CPI)
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Monthly statistics that measure the pace of inflation or deflation.
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business cycles
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The periodic rises and falls that occur in all economic.
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communism
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An economic and political system in which the government makes almost all economic decisions and owns almost all major factors of production.
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free-market economics
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Economic systems in which the market largely determines which goods and services get produced, who gets them, and how the economy will grow.
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mixed economics
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Economic systems in which some allocation of resources is made by the market and some by the government.
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gross domestic product(GDP)
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The total value of final goods and services produced in a country.
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unemployment rate
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The total value of civilians at least 16 years old who are unemployed and tried to find a job within the prior four weeks.
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inflation
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A general rise in the prices of goods and services over time.
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disinflation
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The situation in which price increases are slowing (the inflation rate is declining).
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deflation
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A situation in which prices are declining.
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consumer price index(CPI)
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Monthly statistics that measure the pace of inflation or deflation.
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business cycles
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The periodic rises and falls that occur in all economies over time.
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recession
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Two or more consecutive quarters of decline in the GDP.
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depression
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A severe recession.
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fiscal policy
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The federal government's efforts to keep the economy stable by increasing or decreasing taxes or government spending.
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national debt
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The sum of government deficits over time.
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monetary policy
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The management of the money supply and interest rates.
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