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AP Economics Summer

AP Eco Summer

QuestionAnswer
Aggregate Sum; total; gather into a mass or whole; accumulate; add up to; ex. aggregate 100 dollars
Capital Manufactured goods that aide in producing consumer goods
Command Economy Socialism/Communism: Government decides how much and what to produce, and controls all Factors of Productio (North Korea and Cuba)
Consumer Goods Satisfy our immediate needs or wants
Economics Social science. Assumes infinite wants, but goods and services are limited, so that there are not enough resources to fulfill our wants
Corporations Groups of individuals authorized by law to act as a single entity; a business owned by many investors
Currency System of money; ex: dollar, pound, euro, etc.
Bond A certificate of debt (usually interest-bearing or discounted) that is issued by a government or corporation in order to raise money
Debt A legal obligation to pay money (i.e. loan from a bank)
Demand The amount of goods and services people are willing to buy
Depression A long-term economic state characterized by unemployment and low prices and low levels of trade and investment
Exchange Rates Values of currencies in relation to each other
Export Commodities (goods or services) sold to a foreign country
Federal Reserve The central bank of the u.s. controls the supply of money and attempts to control interest rates
Fiscal Policy The federal government efforts to keep the economy stable by increasing or decreasing taxes or government spending
Full Employment Lowest possible unemployment rate when economy is growing; if unemployment is less than 4.5% it's considered full employment (official unemployment rate equals the natural unemployment rate)
GDP Gross domestic product- the total market value of all final goods and services produced annually in an economy
GNP Gross national product - the sum of all goods and services produced in a nation in a year
Interest Rate The fee, expressed as a percentage, a borrower owes for the use of a creditor's money (at an interest rate of 10%, a borrower would pay $110 for $100 borrowed)
Import Commodities (goods or services) bought from a foreign country
Income Earnings from work or investments
Inflation Increased prices for goods and services combined with the reduced value of money
Input Something put into a system, such as resources, in order to achieve a result
Investment The act of redirecting resources from being consumed today so that they may create benefits in the future; the use of assets to earn income or profit
Labor The physical and mental talents that people contribute to the production of goods and services
Labor Union An organization of workers that tries to improve working conditions, wages, and benefits for its members
Laissez-faire Capitalism An economic system in which the means of production and distribution are privately owned and operated for profit with minimal or no government interference
Long Run A period of sufficient time to alter all factors of production used in the productive process - all inputs can be changed
Macroeconomics The study of the economy as a whole, including topics such as inflation, unemployment, and economic growth
Market A group of buyers and sellers of a particular good or service
Microeconomics The part of economics concerned with decision making by individual units such as a household, a firm, or an industry and with individual markets, specific goods and services, and product and resource prices
Minimum Wage A minimum price that an employer can pay a worker for an hour of labor
Mixed Economy An economy in which most economic decisions result from the interaction of buyers and sellers in markets but in which the government plays a significant role in the allocation of resources
Monetary Policy The management of the money supply and interest rates
Opportunity Cost Cost of the next best alternative use of money, time, or resources when one choice is made rather than another
Output The amount produced (product)
Poverty Rate Percent of US residents whose income falls below the poverty line: amount of yearly income a family needs to meet its basic needs (for a family of 4 the amount of income a family needed to meet basic rquirements was $20,444 in 2006)
Price Level An index that traces the relative changes in the price of an individual good (or a market basket of goods) over time
Private Sector The part of the economy made up of private individuals and privately owned businesses (businesses not associated with government agencies)
Productivity The ratio of the quantity and quality of units produced to the labor per unit of time
Public Sector The part of the economy under the control of the government (i.e. state health and education services, the emergency services (police, fire service and ambulance) and national defence.)
Recession An economic slowdown of the economy which results in rising unemployment, increased business failures, declining economic growth and higher personal bankruptcies
Resources Anything with potential use in creating wealth or giving satisfaction
Revenue The entire amount of income before any deductions are made
Saving Income that is not spent, setting aside income or money for future use
Short Run A period of time sufficiently short that at least one of the firm's factors of production cannot be varied
Shortage A situation in which quantity demanded is greater than quantity supplied
Specialization Workers concentrate on producing those goods and services for which they have a competitive advantage
Stagflation A period of slow economic growth and high unemployment (stagnation) while prices rise (inflation)[1970's]
Created by: Dominic Esposito Dominic Esposito on 2011-08-01



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