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