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chapter2

Terms

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supply
the quanity of products that manufacturers or owners are willing to sell at different prices at a specific time
perfect competition
the market situation in which there are many sellers in a market and no seller is large enough to dictate the price of a product
economics
the study of how society chooses to emply resources to produce goods and services and distribute them for consumption amoung various competing groups and indivivuals
disinflation
a situation in which price increases are slowing (the inflation rate is declining)
resource development
the study of how to increase resources and to create the conditions that muct be physically kept in the bank
monopoly
a market in which there is only one seller for a product or service
macroeconomics
the part of economics study that looks at the operation of a nation's economy as a whole
national debt
the sum of governemt deficits over time
mixed economies
economic systems in which some allocation of resources is mafe by the market and some by the governemt
brain drain
the loss of the best and brightest people to other countries
depression
a severe recession
fiscal policy
the federal government's efforts to keep the economy stable by increasing or decreasing taxes or government spending
communism
an economic and political system in which the state (the governement) makes almost all ecomomic decisions and owns almost all the major factoelyrs of production
gross domestic products
the total value of final goods and services produced in a country in a given year
inflation
a general rise in the prices of goods and services
business cycle
the periodic rises and falls to occur in all economies over time
invisible hand
a phrase coined by Adam Smith to describe the process that turns selfdirected gain into social and economic benefits for all
free-market economies
Economic systems in which the market largly determines what goods and services get produced,who gets them, and how the economy grows
umemployment rate
the number of civilians at least 16 years old who are unemployed and tried to find a job within the prior 4 weeks
capitalism
an economic system in which all or most of the factors of production and distribution are privately owned or operated for profit
oligopoly
a form of competitionin which just a few sellers dominate the market
deflation
a situation in which prices are declining
producer price index
an index that measures prices at the wholesales level
monopolistic competition
the market situation in which a large number of sellers produce products that are very similar but that are perceived by buyers a different
recession
two or more consecutive quaters of decline in the GDP
consumer price index
monthly statistics that measure the pace of inflation or deflation
monetary policy
the management of the money supply and interest rates
socialism
an economic system based in the premise that some, if not most, basic businesses should be owned by the governemt so that profits can be evenly distributed among the people
command economies
economic systems in which the governemt largely decides what goods and services will be provided, who will get them, and how the economy will grow

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