economic terms
vocab economic
Terms
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- consumer sovereignty
- the concept that the consumer is the ruler of the market
- gross domestic product
- the dollar amount of all final goods and services produced within a country's border in a year
- consumer price index
- statistic that measures overall changes in price or inflation over time
- money
- any substance that serves as a medium of exchange, a measure of value
- standard of living
- the qaulity of life based on the possession of necessities and luxuries that make life easier
- supply
- the amount of a product that would be offered for sale at all possible prices that could prevail in the market
- capitilism
- economic system in which private citzens own and use the factors of production in order ot generate profits
- scarcity
- the condition that results from limi ted resources combined with unlimited wants
- marginal utility
- the extra usefulness gained from consuming one more unit of a product
- depression
- a state of the economy with large numbers of unemployment
- federal reserve system
- privately owned, publicly controlled, central bank of the united states
- elasticity
- a measure of responsiveness that tells us how a dependant variable such as quanity responds to an independant variable
- deregulation
- relaxation of government regulation on industry
- trade off
- alternatives that must be given up when one is chosen over another