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30 Cards in this Set
- Front
- Back
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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Economics
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Part of economic study that looks at the operation of a ntaion's economy as a whole
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Macroeconomics
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Part of economic study that looks at the behavior of people and organizations in particular markets
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Microeconomics
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Study of how to increase resources and to create conditons that will better use of those resources
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Resource Development
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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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Invisible Hand
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Economic system where all or most of the factors of production and distribution are privately owned and operated for profit
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Capitalism
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Quality of products that manufacturers or owners are willing to sell at different prices at a specific time
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Supply
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Quality of products that people are willing to buy at different prices at a specific time
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Demand
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Price determined by supply and demand
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Market Price
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Market situation where many sellers in a market and not seller is large enough to dictate the price of a product
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Perfect Competition
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Market situation where a large number of sellers produce products that are similar but are perceived by buyers as different
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Monopolistic Competition
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Form of competition where a few sellers dominate the market
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Oligopoly
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Market where only one seller for a product or service
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Monopoly
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Economic system base on the premise that some basic business should be owned by the government so that profits can be evenly distributed among the people
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Socialism
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Loss of best and brightest people to other countries
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Brain Drain
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Economic and political system where the state makes all economic decisons and owns almost all the major factors of prodction
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Communism
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Economic systems where the market largely determines what goods and services get produced, who gets them, and how the economy grows
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Free-market economies
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Economic systems where the government largely decides what goods and services will be produced, who will get them, and how the economy will grow
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Command Economies
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Economic systems where some allocation of resources is made by the market and some by the government
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Mixed Economies
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Total value of goods and services produced in a country in a given year
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Gross Domestic Product (GDP)
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Number of civilians as least 16 years old who are unemployed and tried to find a job within the prior 4 weeks
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Unemployment Rate
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General rise in the prices of goods and services over time
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Inflation
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Situation where price increases are slowing (the inflation rate is declining)
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Disinflation
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Situation where prices are declining
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Deflation
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Monthly statistic that measure pace of inflation of deflation
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Consumer Price Index (CPI)
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Index that measures prices at the wholesale level
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Producer Price Index (PPI)
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Periodic rises and falls that occur in all economies over time
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Business Cycles
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Two or more consecutive quarters of decline in the GDP
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Recession
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Severe Recession
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Depression
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Federal government's effort to keep the economy stable by increasing or decreasing taxes or government spending
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Fiscal Policy
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