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38 Cards in this Set
- Front
- Back
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Economics |
The study of how society chooses to employ resources to produce goods and services and as she read them for consumption among various competing groups and individuals |
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Macro economics |
The part of economic study that looks at the operation of a nation's economy as a whole |
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Micro economics |
The part of economic study that looks at the behavior of people and organizations in particular markets |
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Resource development |
The study of how to increase resources and to create conditions that will make better use of those resources |
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Invisible Hand |
A phrase coined by Adam Smith described the process that turn self-directed gain into social and economic benefits for all |
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Capitalism |
An economic system in which all or most of the factors of production and distribution are privately owned and operated for profit |
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State capitalism |
A combination of freer markets and some government control |
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Free Market |
A free market is one in which decisions about what and how much to produce are made by the market - by buyers and sellers negotiating prices for goods and services |
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Supply |
The quantity of products that manufactures or owners are willing to sell at different prices at specific time |
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Demand |
The quantity of products that people are willing to buy at different prices at its specific time |
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Market price |
The price determined by supply And demand |
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Perfect competition |
The degree of competition in which there are many sellers in a market and none is large enough to dictate the price of a product |
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The four different degrees of competition |
Perfect Competition Monopolistic competition Oligopoly Monopoly |
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Monopolistic competition |
The degree of competition in which I large number of sellers produce very similar products that buyers neverless perceived as different |
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Oligopoly |
A degree of competition in which just as few sellers dominate the market |
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Monopoly |
Monopoly A degree of competition which only one celica trolls a toll of supply of a product or service a sets the price |
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Socialism |
An economic system based on the premise that some, if not most, basic businesses should be owned by the government so that profits can be more evenly distributed among the people |
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Brain drain |
The loss of the best and brightest people to other countries |
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Free market economies |
Economic systems in which the market largely determines what goods and services get produced, who get some, and how the economy grows |
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Command Economies |
Economic systems in which the government largely desides what goods and services will be produced, who will get them, and how the economy will grow |
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Mixed economies |
Economic systems in which some allocation of resources is made by the market in some by the government |
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Gross domestic product |
The total value of final goods and services produced in a country in a given year |
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Gross output |
A measure of total sales volume at all stages of production |
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Unemployment rate |
The number of civilians at least 16 years old to are unemployed and tried to find a job within the prior 4 weeks |
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Inflation |
A general rise in the prices of goods and services over time |
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Disinflation |
A situation in which price increases are slowing (the inflation rate is declining) |
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Deflation |
A situation in which prices are declining |
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Stagflation |
A situation when the economy is slowing but prices are going up anyhow |
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Consumer price index |
Monthly statistics that measure the pace of inflation or deflation |
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Core inflation |
CPI minus Food And energy cost |
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Producer price index |
An index that measures prices at the wholesale Level |
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Business cycles |
The periodic rises and falls that Occur in economies over time |
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Recession |
2 or more consecutive quarters of decline in the GDP |
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Depression |
A severe recession, usually accompanied by deflation |
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Fiscal policy |
The federal government's efforts to keep the economy stable by increasing or decreasing taxes or government spending |
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National debt |
Some of government the deficits over time |
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Keynesian economic theory |
A theory that a government policy increasing spending could stimulate the economy in a recession |
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Monetary policy |
The Management of the money supply in interest rates by the federal reserve |
