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25 Cards in this Set
- Front
- Back
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Economics
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The study of how society chooses to employ resources to produce goods and services and distribute them among various competing groups and individuals
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Macroeconomics
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The part of economics study that looks at the operation of a nation's economy as a whole
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Microeconomics
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The part of economics study that lookds at the behavior of people and organizations in particular markets
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Resource Developement
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The study of how to increase resources and to create the conditions that will make better use of those resources
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Invisible Hand
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A 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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Capitalism
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An economic system in which all or most of the factors of production and distributuion are privately owned and operated for profit.
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Supply
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The quantity of products that manufacturers or owners are willing to sell at different prices at a specifice time.
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Demand
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The quantity of products that people are willing to buy at different prices at a specific time
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Market Price
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The price determined by supply and demand
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Perfect Competition
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The market situation in which there are many sellers and no seller is large enough to dictate the product price
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Monopolistic Competition
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The market situation in which a large number of sellers produce similar products, but are perceived as different by consumers
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Oligopoly
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A form of competition in which just a few sellers dominate the market
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Monopoly
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A market in whcih there is only one seller for a product or service
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Socialism
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An economic system based on the premise that basic businesses should be owned by the government, and profits evenly distributed among the people
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Brain Drain
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The loss of the best and brightest people to other countries
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Communism
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An economic and political system in which the government makes all economic decisions
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Free-Market Economics
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Economic systems in which the market largely determines what gets made and who gets it
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Command Economics
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Economic systems in wheic the government decides what gets made and who gets it.
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Mixed Economics
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Economic systems in which some allocation of resources is made by the market and some by the government
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Gross Domestic Product (GDP)
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The total value of goods and services produced in a country in a given year
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Unemployment Rate
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The number of civilians at least 16 years old who are unemployed and tried to find a job within the prior 4 weeks
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Inflation
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A general rise in the prices of goods and services over time
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Disinflation
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A situation in which price increases are slowing
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Deflation
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A situation in which prices are declining
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Consumer Price Index (CPI)
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Monthly statistics that measure the pace of inflation/deflation
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