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Economics

Economic Terms

QuestionAnswer
Productivity The amount of goods and services produced for every unit of resources used in their production.
Inflation A rapid rise in prices, usually occurring when demand exceeds supply.
Deflation Prolonged decline in the general price level of goods and services.
Monopoly A condition in which a market is controlled by one supplier with no substitute goods or services readily available.
Free Enterprise Economic system in which individuals own the factors of production and decide how to use them within legal limits; same as capitalism
Oligopoly Industry dominated by a few suppliers who exercise some control over price.
Conglomerate Large corporation made up of smaller corporations dealing in unrelated businesses.
Capital Goods Previously manufactured goods (or human creations) used to make other goods and services.
Capital Money needed to start and operate a business.
Capitalism an economic system characterized by private ownership of businesses and marketplace competition.
Communism (also called a command economy) a type of government that relies on collectivization of labor and good to equal out the classes.
Socialism a system in which ownership of assets, and the control over the means of production, are taken from the people and given to the government.
Economies In Transition (transitional economies) an economic system in the process of shifting from central planning to competitive markets.
Gross Domestic Products (GDP) the final market value of the total output of all goods and services produced within a country's geographic boundaries during a year's time; expresses the dollar value of what is produced, not the volume of production.
Gross National Products (GNP) is the total dollar value of all final goods and services produced for consumption in society during particular time.
Consumer Price Index (CPI) measure of the changes in prices over time of a specific group of goods and services used by the average household.
Producer Price Index (PPI) measure of the changes in prices over time that United States producers charge for their goods and services. Measures wholesale price levels in the economy.
Unemployment Rate The number of people without jobs who are looking for work divided by the number in the labor price.
Business Cycle Recurring slowdown and growth of an economy.
Expansion
Recession A decline in total production lasting at least two consecutive quarters, or at least six months
Depression Major slow down of economic activity.
Recovery The increase in the overall economic activity.
Prosperity A successful, flourishing, or thriving condition, esp. in financial respects; good fortunes.
Laissez-faire Economic System in which government minimizes its interference with the economy.
Labor Union An organized association of workers, often in a trade of profession, formed to protect and further their rights and interests
Right-to-work law are statutes in a number of states in the United States that prohibit union security agreements, or agreements between labor unions and employers, that govern the extent to which an established union can require employees' membership
Collective Bargaining meditator negotiation of wages and other conditions of employment by an organized body of employees.
Binding Arbitration is a proceeding in which a dispute is resolved by an impartial adjudicator whose decision the parties to the dispute have agreed, or legislation has decreed, will be final and binding.
Strike a refusal to work organized by a body of employees as a form of protest, typically in an attempt to gain a concession or concessions from their employer.
Featherbedding
Created by: choop4.a
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