Microeconomics
This quizlet explains several different terms in Microeconomics.
Terms
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- Production
- the act of producing; creation; manufacture.
- Money
- any circulating medium of exchange, including coins, paper money, and demand deposits.
- Capitalism
- an economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations
- Profit
- pecuniary gain resulting from the employment of capital in any transaction.
- Communism
- a theory or system of social organization based on the holding of all property in common, actual ownership being ascribed to the community as a whole or to the state.
- Scarcity
- insufficiency or shortness of supply; dearth.
- laissez faire
- is a French phrase meaning "let do"
- Finance
- the management of revenues; the conduct or transaction of money matters generally, esp. those affecting the public, as in the fields of banking and investment.
- Product
- a thing produced by labor
- Wealth
- a great quantity or store of money, valuable possessions, property, or other riches
- Macroeconomical
- a branch of economics that deals with the performance, structure, and behavior of the economy as a whole
- Consumer
- a person or organization that uses a commodity or service.
- Trade
- the act or process of buying, selling, or exchanging commodities, at either wholesale or retail, within a country or between countries.
- Socialism
- a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole.
- Tax
- a burdensome charge, obligation, duty, or demand.
- Free Market
- an economic system in which prices and wages are determined by unrestricted competition between businesses, without government regulation or fear of monopolies.
- Antitrust
- opposing or intended to restrain trusts, monopolies, or other large combinations of business and capital.
- Income
- the monetary payment received for goods or services, or from other sources, as rents or investments.
- Monopoly
- exclusive control of a commodity or service in a particular market, or a control that makes possible the manipulation of prices
- Recession
- period of an economic contraction, sometimes limited in scope or duration.
- Labor
- productive activity, esp. for the sake of economic gain.
- Capital
- the wealth, whether in money or property, owned or employed in business by an individual, firm, corporation, etc.
- Welfare
- financial or other assistance to an individual or family from a city, state, or national government
- Economics
- the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind.
- Distribution
- an act or instance of distributing.
- Oppurtunity Cost
- one way to measure the cost of something
- Microeconomics
- a branch of economics that studies how individuals, households, and firms make decisions to allocate limited resources, typically in markets where goods or services are being bought and sold.
- Equilibrium
- a state of rest or balance due to the equal action of opposing forces.
- Market Failure
- a term used to describe a situation in which markets do not
- Fixed Cost
- expenses whose total does not change in proportion to the activity of a business
- Unemployment
- the state of being unemployed