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13 Cards in this Set
- Front
- Back
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Scarcity:
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The condition that arises because the available resouces are insufficient to satisfy wants.
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Incentive:
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A reward or penalty - a "carrot" or a "stick" - that encourages or discourages an action.
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Economics:
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The social science that studies the choices that we make as we cope with scarcity and the incentives that influence and reconcile our choices.
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Microeconomics:
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The study of the choices that individuals and businesses make and the way these choices respond to incentives, interact, and are influenced by governments.
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Macroeconomics:
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The study of the aggregate (or total) effects on the national economy and the global economy of the choices that individuals, businesses, and governments make.
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Standard of Living:
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The level of consumption of goods and services that people enjoy, on the average; it is measured by average income per person.
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Goods and Services:
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The objects that people value and produce to satisfy human wants. Goods are physical objects, and services are tasks performed for people.
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Unemployment:
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The state of being available and willing to work but unable to find an acceptable job.
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Cost of Living:
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The number of dollars it takes to buy the goods and services that achieve a given standard of living.
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Inflation:
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A situation in which the cost of living is rising and the value of money is shrinking.
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Deflation:
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A situation in which the cost of living is falling and the value of money is rising.
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Business Cycle:
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A periodic but irregular up-and-down movement in production and jobs.
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Great Depression:
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A period during the 1930s in which the country experienced it's worst-ever recession.
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