ch2
Terms
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- depression
- a se vere recessio usually accompanied by deflation
- socialism
- occurs wen there is only one seller for a product or service
- macroeconomics
- operations of a nations economy as a whole
- command economies
- government largely decides what goods and services will be produced, who will get them, and how the economy will grow
- recession
- is two or more consecutive quarters off decline in the GDP
- microeconomics
- behavior of people and its organizations in particuler projects
- resource development
- study of how o increase resources and to create the conditions that will make better use of those resources
- free market economies
- market largely determines what goods and services get ptoduced, who gets them, and how the economy grows
- monopolistic competition
- large number of sellers produce products that are very similar but are perceived by buyers as different
- fsical policy
- federal governments policy to keep the economy stable by increasing or decreasing taxes or government spending
- brain drain
- the lost of the best and brightest peopleto other countries
- deflation
- prices are declining
- national debt
- sum of governement deficits over time
- supply
- amount of goods being sold
- prdoucer price index
- measure the price at the whole sale level
- disinflation
- describes a situation in which price increases are slowing
- gross domestic product
- total value of final goods and services produced in a country in a given year
- perfect competition
- many sellers and no seller is large enough to dictate the price of a product
- unemployment rate
- number of civilians at least 16 years old who are unemployed and tried to find a job within the prior four weeks
- monetary policy
- management of the money supply and ineterest rates
- monopoly
- only one seller for a product or service
- invisible hand
- turns self-directed gain into social and economics benefits for all
- mixed economies
- some allocation of resources is made by the market and some by the government
- capitalsim
- economic system in which all or most of the factors of production and distribution are privatel owned and operated for profit
- market price
- a
- oligopoly
- form of competition in which just a few sellers dominate a market
- consumer price index
- monthly statisics that measure the price of inflatio or deflation
- inflaion
- general rise in the prices of goods and services over time
- business cycles
- periodic rise and fall in economics over time