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18 Cards in this Set

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  • Back
Economic Goods
Material Objects that have value: a price in the market place.
Economic Services
Activities of people that have a market value.
Economic Models
A representation, such as a diagram, blueprint, or pattern, which helps economists and others to understand the state of economic activity and to predict economic events.
Economic Indicators
Price indexes, production levels employment figures, and other data or stats that show the status of some aspect of an economy.
GDP
Gross Domestic Product
Trade Balance
The difference in value between the total exports and total imports of a nation during a specific period of time.
Underground Economy
Unreported earnings that escape taxation-illegal drug sales, tips, bartering.
Microeconomics
The study of forces that operate in various parts of an economic system, including business firms, consumers, labor unions and the banking system.
Macroeconomics
The study of the economic system as a whole, including total income and production, employment and price levels and economic growth.
Free Enterprise System
An economy in which there is little government intervention in citizens' economic activity.
Private Sector
Part of the economy in which businesses produce goods and services for a profit.
Public Sector
Part of the economy in which the federal, state and local government conduct businesses.
Subsistence Level
a standard of living that is sufficient to sustain a person's life with the bare minimum of food, clothing and shelter.
Factors of Production
Basic categories of economic resources used to create goods and services.
Market System
An economic system in which individual producers and consumers, guided by self-interest, make basic economic decisions.
Capitalism
An economic system in which the means of production and distribution of goods are owned and managed by the government, but which allows private ownership of property.
Communism
A political and economic system in which property and the means of production are owned and managed by the government.
Democratic System
A socialist economic system in which the people make basic economic and political decisions.