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Econ 101

a flash cards for some of the economics terms def.

TermDefinition
GDP The total market value of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year.
CPI and GDP price deflator The Consumer Price Index (CPI) and the GDP price deflator represent two alternative measures of the economy's price level and the inflation rate.
labor market A market that exchanges the services of labor resources.
factor market A market used to exchange the services of a factor of production: labor, capital, land , and entrepreneurship.
nominal The actual dollar price of stuff when it's bought or sold.
nominal wage The market wage paid to labor stated in current prices.
nominal GDP The total market value, measured in current prices, of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year.
real GDP The total market value, measured in constant prices, of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year.
national income The total income earned by the citizens of the national economy as a result of their ownership of resources used in the production of final goods and services during a given period of time, usually one year.
income Revenue earned or received by households that can be used for consumption or saving.
inflation A persistent increase in the average price level in the economy.
inflation rate The percentage change in the price level from one period to the next.
investment : The sacrifice of current benefits or rewards to pursue an activity with expectations of greater future benefits or rewards.
market equilibrium The state of equilibrium that exists when the opposing market forces of demand and supply exactly offset each other and there is no inherent tendency for change.
market failure A condition in which a market does not efficiently allocate resources to achieve the greatest possible consumer satisfaction.
monopoly A market structure characterized by a single seller of a unique product with no close substitutes.
allocation The process of distributing resources for the production of goods and services, and of distributing goods and services for consumption by households.
slope A measure of the flatness or steepness of line.
input The resources or factors of production used in the production of a firm's output.
output A generic term for a tangible good or an intangible service that is the end result of the production/resource transformation process.
Created by: omarmoh.om
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