BUS10 ~ CH2
Terms
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- Command Economies
- Economic systems in which the government largely decides what goods and services will be produced, who gets them, and how the economy grows
- Economics
- The study of how a society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals
- Monopoly
- A market in which there is only one seller for a product or service
- Oligopoly
- A from of competition in which just a few sellers dominate the market
- Consumer Price Index
- Monthly statistics that measure the pace of inflation or deflation
- Monopolistic Competition
- The market situation in which a large number of sellers produce products that are very similar but are perceived by buyers as different
- GDP (Gross Domestic Product)
- The total value of goods and services produced in a country in a given year
- Microeconomics
- The part of economic study that looks at the behavior of people and organizations in particular markets
- Recession
- Two or more consecutive quarters of decline in GDP
- Monetary Policy
- The management of the money supply and interest rates
- National Debt
- The sum of government deficits over time
- Deflation
- A situation in which prices are declining
- 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
- Resource Development
- The study of how to increase resources and to create the conditions that will make better use of those resources
- Business Cycles
- The periodic rises and falls that occur in all economies over time
- Producer Price Index
- An index that measures the price at the wholesale level
- Fiscal Policy
- The federal government efforts to keep the economy stable by increasing or decreasing taxes or government spending
- Free-Market Economies
- Economic system in which the market largely determines what goods and services get produced, who gets them, and how the economy will grow
- Supply
- The quantity of products that manufacurers or owners are willing to sell at different prices at a specific time
- Communism
- An economic and political system in which the government makes all the economic decisions and owns almost all the major factors of production
- Mixed Economies
- Economic systems in which some allocation of resources is made by the market and some by the government
- Capitalism
- An economic system in which all or most of factors of production and distribution are privately owned and operated for a profit
- Invisible Hand
- Phrase coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefits for all
- Macroeconomics
- The part of economics study that looks at the operation of a nation's economy as a whole
- Inflation
- A general rise in the prices of goods and services over time
- Brain Drain
- The loss of the best and brightest people to other countries
- Market Price
- The price determined by supply and demand
- Disinflation
- A situation where price increases are slowing (the inflation rate is declining)
- 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 evenly distributed among the people
- Unemployment Rate
- Number of civilians at least 16 years old who are unemployed and tried to find a job in the prior 4 weeks