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Economy clagett

WordDefinition
Balance of Trade Differece between monetary value of imports and exports in an economy.
Absolute Advantage Ability to produce more goods/services than another.
Specialization Separation of tasks within a system
Trade Deficit Difference between monetary value of imports and exports
Comparative Advantage Ability ro produce a particular good or service at a lower marginal/opportunity cost then another
Monetary Policy Regulatory Committee that determine size and rate size and rate of growth of the money supply
Ben Bernanke Chairman of the Federal Reserve
Social Security Provides retired people with an income funded by taxes
Externalities Cost/benefits not transmitted through prices
Welfare Provision of public aid for all citzens
Fiscal Policy use of tax and spending to influence the economy
Demand-pull inflation When aggregate demand outpaces aggrgate supply
Cost-push inflation Caused by inflation where there is no alternative
J.M. Keynes British economists who refined the buisness cycle
Milton Friedman American economist who won a Nobel Memorial Prize in Economic Sciences.
Business Cycle Economic fluctions in economic acivity over months or years
Deflation Decrease in price level of goods/services
Inflation Increase in price level of goods/services
exports Goods shipped from the ports of a country
Gross Domestic Product Market value of all officially reconized good/services produced.
Economic Indicators Allow analysis of economic performance and predictions in the future
Federal Deposit Insurance Corporation Guarentees saftey of deposits in member banks
Monetary Tools of the Fed Open market ops, discount rate, and reserve requirments
Fractional Reserve Banking System Banks retain only a portion of customers deposits
Reserve Requiremnets Sets minimum fraction of customer deposits.
Depression Long-term sutained downturn in economic activity
Created by: 14wardk
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