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Economic Terms #1

Economic Study Stack #1

QuestionAnswer
Scarcity Condition caused by people's unlimited wants and the relatively limited resources to meet those wants.
Opportunity Cost What a person gives up when they choose one thing over another.
Trade off Accepting less of one to get more of something.
Economic Systems The ways in which people deal with the problems of scarcity and opportunity costs.
Money Anything that serves as a medium of exchange.
Market Arrangements that allow buyers and sellers to meet and exchange goods or service.
Supply Different amounts of goods and services that will be offered for sale at a certain price for a certain amount of time.
Demand Various goods and services that will be purchased during a specific time period.
Competition More than one buyer or seller in the same market.
Gross Domestic Product (GDP) The market value of all final goods and services produced by a country in one year.
Unemployment The number of people without a job actively seeking work.
Inflation An increase in the average price level of the economy.
Deflation A decrease in the average price level of the economy.
Monetary Policy Actions that affect the amount of money and the cost of credit available in the economy.
Fiscal Policy Changes in taxes or government spending that are designed to affect demand.
Exchange Rate The price in one nation's currency in terms of another nation's currency.
Capital The tools, equipment, and factories used in the production of goods and services.
Factors of Production Things that are needed to produce any good or service. They are land, capital, labor, entrepreneurship.
Laissez Faire Means "no government interference in the economy." French to allow them to.
Want Not a basic requirement for survival.
Need A basic requirement for survival.
Consumer Goods A good intended for final use by a consumer.
Capital Good A good used to make other goods(oven in a bakery)
Durable Good Used regularly in the Last three or more years.
Good A tangible commidity (book or car)
Created by: terrybrunson
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