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American Economy MB
Key terms for economics
| Term | Definition |
|---|---|
| economy | social science concerned with the way society chooses to make use of limited resources to produce goods and services for present and future consumption. |
| scarcity | an insufficient supply (shortage). This is a basic economic problems that arise because people have unlimited wants but resources are limited |
| market economy | an economic system in which economic decisions and pricing of goods and services are guided soley by natural force in our society such as competition |
| command economy | an economic resources and business activity are controlled by the government |
| revenue | the amount of money this is |
| bond | a debt investment in which an investor loans money to; last for a long time before you can use it |
| stock market | a market in which shares are issued and traded either through exchange or over the counter markets; provides companies we access to capital and investers w/o slice ownership of the company |
| stock | a share in ownership of a company |
| speculation | the process of selecting investments with a higher risk in order to profit from an anticipated price movement |
| consumer | an individual who buys products or services |
| consumer price index (CPI) | the measure that examines the weighted average of prices of a basket of consumer goods and services |
| labor | workers considered as a group |
| union | bargain with management to protect the interest of a group |
| unemployment | the total labor force that is unemployed but looking for a job |
| income | economic wealth that is generated in exchange for an individual's performance, or agreed upon activity or through investing capitol |
| wealth | the amount of money, valuable possessions, property or other riches |
| factory system | industrial manufacture of goods whereby each worker creates on piece or part of the overal finished goods |
| profit | the money made after paying for the cost of manufacture |
| debt | when someone owes; amount of money borrowed by one party from another |
| deficit | the amount by which expenses exceeded income |
| inflation | the rate at which the general level of prices for goods and services is rising and substantially purchasing power is failing |
| deflation | decline in prices caused by the reduction in the supply of money or credit |
| recession | a significant decline in activity across the economy; lasts longer than a few months |
| depression | a severe prolonged recession characterized by inefficient economic productivity, high unemployment, and falling price levels |
| gross domestic product (GDP) | basic measure of a country's overall economic performance |
Created by:
tbozarth
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