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20 Cards in this Set
- Front
- Back
Scarcity |
Economic problem of having huge demand with low resources. Yeezys are very scarce in the market, so they are very expensive. |
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Macro Economics |
Branch of the economics field that studies how the aggregate economy behaves. |
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Micro economics |
Social science that studies the implication of individual human action. |
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Demand |
Consumers desire. |
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Supply |
Total amount of a specific good or service. |
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Market economy |
Economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's individual citizens and businesses. |
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Factors of production |
Factors of production is an economic term that describes the inputs that are used in the production of goods or services in order to make an economic profit. |
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Economic cycle |
Natural fluctuation of the economy between periods of expansion (growth) and contraction (recession). |
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Inflation |
Rate at which the general level of prices for goods and services is rising |
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GDP |
Monetary value of all the finished goods and services produced within a country's borders in a specific time period. |
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Unemployment |
Condition of not having an employment. People living in the streets in San Francisco are unemployed people. |
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Welfare State |
a social system based on the assumption by a political state of primary responsibility for the individual and social welfare of its citizens |
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Neoliberalism |
policy model of social studies and economics that transfers control of economic factors to the private sector from the public sector. |
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Globalization |
is the tendency of investment funds and businesses to move beyond domestic and national markets to other markets around the globe |
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Protectionism |
Protectionism refers to government actions and policies that restrict or restrain international trade |
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Tariffs and quotas |
Tariffs: Are taxes imposed on imported goods. Quotes: Numerical limits imposed on imported goods |
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Stock Market Crash |
A stock market crash is a rapid and often unanticipated drop in stock prices. |
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Interest rate |
Interest rate is the amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets. |
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Taxes |
a sum of money demanded by a government for its support or for specific facilities or services, levied upon incomes, property, sales, etc. |
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Balance of payments |
encompasses all transactions between a country’s residents and its nonresidents involving goods, services and income; financial claims on and liabilities to the rest of the world; and transfers such as gifts |
