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Micro and Macro Eco
Money Matter A Unit 2
| Term | Definition |
|---|---|
| produce | to make a good or provide a service |
| incentives | rewards or punishments that encourage people to do or not do certain things |
| price ceiling | a maximum allowed price for a good or service |
| price floor | a minimum allowed price for a good or service |
| needs | goods that are necessities |
| wants | goods that are desired, but not needed |
| elasticity | how much the quantity of a good demanded when the price changes |
| positive incentives | these encourage demand |
| negative incentives | these discourage demand |
| surplus | having more than is needed |
| shortage | not having enough of something |
| influence | to change the behavior of producers and consumers |
| equilibrium | the point where supply and demand meet and prices are set |
| coordinate | o work together to meet a goal |
| law of supply | an economic law stating that the quantity suppled increases as prices rise and drops as prices fall |
| law of demand | an economic law stating that the quantity demanded increases as prices fall and decreases as prices rise |
| market supply schedule | provides data for an entire market |
| supply curve | a graph that shows how prices affect the quantity supplied |
| demand curve | a graph that shows how prices affect consumer demand |
| disequalibruim | when prices or quantity moves away from the equilibrium point |
| inflation | a gradual, steady increase in prices of goods and services |
| stagflation | a gradual, steady increase in prices combined with unemployment and low demand |
| consumer price index | a statistic that shows the average change in prices over a period of time |
| hyperinflation | an exponential rise in prices of good |
| recession | a decline in the business cycle, when people produce and spend less |
| recovery | an upturn in the business cycle, when people produce and spend more |
| depression | a time when the economy is very poor and this is high unemployment |
| business cycle | a model of economic change that shows a pattern of growth and decline |
| macroeconomics | the study of economics with a focus on large groups or units |
| aggregate | a total amount |
| sector | a subdivision within an economy |
| gross domestic product | the value of all final goods and services produced during a specific time period |
| per capita | per person |
| off set | something that balances or makes up for something else |
| monopoly | a market that has a single supplier of a good or service |
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dmcbrownell
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