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STC BusinessNow CH2
| Term | Definition |
|---|---|
| Brain drain: | The loss of the best and brightest people to other countries. |
| Business cycle: | A common pattern in which there is a period of rapid economic growth (recovery and prosperity) wen supply and demand stimulate each other, alternating with a period of decline (contraction or recession) with diminishing demand and supply. |
| Capitalism: | An economic system in which all or most of the factors of production and distribution are privately owned and operated for profit. |
| Command Economies: | Economic systems in which the government largely decides what goods and services will be produced, who will get them, and how the economy will grow. |
| Communism: | An economic and political system in which the state (the government) makes almost all economic decisions and owns almost all the major factors of production, including housing for its people. |
| Consumer price index (CPI): | A set of monthly statistics that measure the pace of inflation or deflation. |
| Deflation: | A general decline in the prices of goods and services over time. |
| Demand: | The quantity of products people are willing and able to buy at different prices at a specific time. |
| Depression: | A severe recession. |
| Deregulation: | The removal of government control and strict oversight in a market thereby opens the market for other to enter. |
| Economics: | The study of how individuals and society chooses to use scarce resources to produce goods and services and distribute them for consumption. |
| Equilibrium point: | The point in which the amount of goods sought by buyers is equal to the amount of goods produced by supplier. |
| Free market: | A system in which decisions about what to produce and in what quantities are made by the market. |
| Free-market economies: | Economic systems in which the market largely determines what goods and services get produced, who gets them, and how the economy grows. |
| Gross domestic product (GDP): | The total value of final goods and services produced in a country in a given year. |
| Gross national product (GNP): | The value of goods and services produced by a country’s factors of production, regardless of where these factors are based. |
| Inflation: | A general rise in the price of goods and services over time. |
| Interest rate: | A rate charged for using money. |
| Invisible hand: | A phrase coined by Adam Smith to describe the process that turns self-directed gain into social economic benefits to all. |
| Macroeconomics: | The study of the operation of a nation’s economy as a whole. |
| Microeconomics: | The study of a behavior of people and organizations in particular markets. |
| Mixed economies: | Economic systems in which some allocation of resources is made by the market and some is by the government. |
| Monetary policy: | The management of the money supply and interest rates by the Federal Reserve Bank. |
| Monopolistic competition: | A market condition in which a large number of businesses produce products that are very similar but are perceived by buyers as different. |
| Monopoly: | A form of competition in which only one business controls the total supply of a product and its price. |
| National debt: | The sum of government deficits over time. |
| National deficit: | The money the federal government spends over and above its revenue for a specific period of time. |
| Oligopoly: | A form of competition in which just a few businesses dominate a market. |
| Opportunity cost: | Refers to what you give up (your next best choice) in order to do or get something else (your chosen decision). |
| Perfect competition: | A market condition in which there are many businesses and no one business is large enough to dictate the price of a product. |
| Producer price index (PPI): | A set of monthly statistics that measure prices at the wholesale level. |
| Product differentiation: | An attempt to make buyers think similar products are different in some way. |
| Recession: | Period during which the GDP of a nation declines for two or more quarters. |
| Recovery: | A period following a recession during which an economy stabilizes and begins to grow again. |
| Resource development: | The study if how to increase resources and create the conditions that will make better use of those resources. |
| Socialism: | An economic system based on the premise that some, if not most, basic businesses should be owned by the government so profits can be evenly distributed among all people. |
| Stagflation: | A situation where the economy is slowing but prices are rising. |
| Supply: | The quantity of products manufacturers or owners are willing to sell at different prices at a specific time. |
| Unemployment rate: | The number of civilians 16 years of age and older who are unemployed and have tried to find a job within the prior four weeks. |
Created by:
vjambriz