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JWHS Economics

Buisness Economic Vocab

QuestionAnswer
Asset something of monetary value owned by an individual or organization
Budget deficit referring to national budgets, it occurs when government spending is greater than government income in a given year.
Business Cycle A period during which production or economic activity expands, then contracts for several quarters or more, and then expands again.
Central Banking System a nation’s central bank that is established to regulate the money supply and oversee the nation’s banks. The Federal Reserve System is the central bank of the United States.
Collateral something of value pledged by a borrower as security for a loan.
Command Economy an economy in which most economic issues or production and distribution are resolved through central planning and control
Comparative Advantage The ability of a producer or country to produce a good or service at a lower opportunity cost than some other producer or country.
Compound Interest interest that is earned not only on the original sum but also on the interest accumulated.
Credit Report a report about a person’s credit history, including ability and willingness to repay debts
Deflation a sustained period of decrease in the average price level of all goods and services produced in the economy.
Economic Growth the percentage increases in real output as measured by real GDP.
Economic Way of Thinking Economic Way of Thinking
Equilibrium Price the price at which the quantity demanded by buyers equals the quantity supplied by sellers.
Factors of Production resources required to produce the goods and services that people want, such as natural resources, human resources, capital goods and entrepreneurship.
FDIC Federal Deposit Insurance Corporation
Fiscal Policy decisions about spending and taxation levels by the federal government made to promote full employment and output or reduce inflation.
Gross Domestic Product the market value of all final goods and services produced in a country in a calendar year.
Income Tax payment made by individuals and corporations to the federal government based on earned and unearned income received.
Inflation a rise in the general or average price level of the goods and services produced in an economy.
Insurance an arrangement whereby a company provides a guarantee of compensation for specified forms of loss, damage, injury or death. People pay premiums to buy.
Labor Force the people in a nation who are 16 or over and are employed or actively looking for work.
Liability – responsibility for a debt or payment.
Market Economy an economy that relies on a system of interdependent market prices to allocate goods, services, and productive resources. The American economy.
Monetary Policy changes in the supply of money and the availability of credit initiated by a nation’s central bank to promote price stability, full employment and reasonable rates of economic growth.
National Debt the total amount owed by the national government to those from whom it has borrowed to finance the accumulated difference between annual budget deficits and annual budget surpluses.
Net Worth the current value of a person’s assets minus liabilities.
Productivity – the amount of output (goods and services) produced per unit of input.
Recession a decline in the rate of national economic activity, usually measured by a decline in real GDP for at least two consecutive quarters (six months
Reserve Requirements the fraction of a bank’s deposits that is required by law to keep on hand or with the Federal Reserve.
Revenue the money a business receives from customers who buy its goods and services.
Stock an ownership share or shares of ownership in a corporation.
Tariff a tax on an imported good or service.
Time Value of Money the idea that the dollar received in the future has less value than the dollar received today because a dollar received today can earn interest over time.
Traditional Economy an economy in which customs and habits from the past are used to resolve most economic issues of production and distribution.
Created by: schmidtman2016
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