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Semester Final

term /definition orquestion/ answer
public good a shared good or service for which it would be impractical to make consumers pay individual & exclude nonpayers.
Scarcity limited quantities of resources to meet unlimited wants.
Externality an economic side effect of a good/service that generates benefits/costs to someone other than the person deciding how much to produce/consume.
Competition the struggle among producers for the $ of consumers; the rivalry among sellers to attract customers while lowering costs.
capital any human-made resource that is used to create other goods/services.
macroeconomics the study of the behavior/decision making of entire economics.
demand the desire to own something & the ability to pay for it.
Equilibrium the point at which quantity demanded & quantity supplied are equal.
surplus situation in which quantity supplied is greater than quantity demanded; also known as excess supply.
merger combination of 2 or more companies into a single firm.
deregulation the removal of some govt controls over a market.
profit the financial gain made in a transaction.
market an arrangement that allows buyers & sellers to exchange.
Trade-off an alternative we sacrifice when we make a decision.
opportunity cost the most desirable alternative given up as the result of a decision.
patent a license that gives the inventor of a new product the exclusion right to sell it for a certain period.
laissez-faire the doctrine that states that govt generally should not intervene in the marketplace.
money anything that serves as a medium of exchange, a unit of account, and a store of value.
principal the amount of money borrowed.
stock a certificate of ownership in a corporation.
interest the price paid for the use of borrowed money or money earned by deposited funds.
assets money & other valuables belonging to an individual or business.
FDIC federal deposit insurance corporation, the govt agency that insures customer deposits if a bank fails.
CPI consumer price index, a price index determined by measuring the price of a standard group of goods meant to represent the typical "market basket" of a typical urban consumer.
SEC Securities and Exchange commission, an independent agency of the govt that regulates financial markets & investment companies.
GDP Gross domestic product, the total value of all financial goods & services produced in a particular economy the $ value of all final goods & services produced w/in a country's borders in a year.
GNP Gross national product, the annual income earned by U.S. owned firms & U.S. residents.
APR Annual percentage rate, a financial charge expressed as an annual rate.
Factors of Production Land, labor, capital and entrepreneurship. Entrepreneurs use these resources to make new products that may or may not make them money.
types of economies traditional (Amish), market/free market (united kingdom), capitalism (germany), Command/centrally planned (china), mixed (United states).
types of cost fixed (does not change), variable (rise or fall), total cost( fixed + variable), marginal ( additional cost of producing 1 or more units).
stock exchange A market for buying or selling stock, NASDAQ, AMEX, NYSE.
FICA federal insurance contributions act, taxes that fund social security and medicare.
principles of free enterprice profit motive, open opportunity, economic rights.
social security old age, survivors, and disability insurance, provide benefits to surviving family members of way earners and to people whose disabilities keep them from working.
Created by: Klash23



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