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American Economy MB

Key terms for economics

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