click below
click below
Normal Size Small Size show me how
Test Study Guide
Economics Study Guide - Test - November 7th, 2014
| Question | Answer |
|---|---|
| macroeconomics | deals with the actions of the economy as a whole. |
| lease | legal agreement between tenant and landlord. |
| normative analysis | deals with the question, "What should be?"; based on opinion. |
| entrepreneur | a person who recognizes a profit opportunity and is able to organize the resources and take the risk. |
| security deposit | an amount of money that is due, up front, paid to your landlord before you move in. |
| metropolitan statistical area | a geographical region with a relatively high population density at its core, used as an economic statistical areas. |
| land | any natural resource, such as trees, plants, lovestock, wind, sun, water, and oil. |
| positive analysis | a study of economics based upon known facts which can be observed and recorded. |
| Federal Housing Act | makes it illegal for landlords to discriminate against people who want to rent, or are renting property. |
| landlord | the person who owns the house or apartment that is being leased. |
| US Census Bureau | it collects economic statistics for the federal government. |
| microeconomics | deals with one person, or one house, or one business, etc. |
| evicted | forcefully removed from your house or apartment. |
| unemployment rate | the percentage of people who are looking for work but can't find any. |
| resource | anything that can be used to make something of value. |
| inflation | the gradual rise of prices over time. |
| capital | anything that is manufactured in order to be used in the production of goods and services. |
| GDP (Gross Domestic Product) | the total value of a nation's entire economy. |
| labor | any human resource, both physical and intellectual. |