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Economics

TermDefinition
Liquidity The ease of turning an asset into money
Fiat currency Given value by declaration of the government
Fractional reserve Loaning out most of its money
Interest The price of money
Bond Certificate of indebtedness
Mutual Fund Investment company
Inflation General increase in prices
Purchasing power Ability to buy goods and services
Discount rate What banks are charged for loans
Open market operations Buying and selling federal securities
Perfect competition Many sellers and buyers
Oligopsony Only a few major buyers
Law of demand As price increases, demand falls
Law of supply As price increases, production increases
Relative price Price of one item expressed as the price for another
Price floor Creates surplus
Price elasticity of demand How much demand changes when price changes
Substitute good Demand increases when the price for another good increases
Market failure Resources not allocated efficiently
Public Goods Can be used by more than one person
Sole Proprietorship the most common form of business organization in the U.S
Corporation involves charter, board of directors, and shares of stock
Small business Create 60% -80% of Jobs in America
Entrepreneur
E-Myth If a person is good at one aspect of business, he will be good in all areas of a business
USP What your product offers that can't be found elsewhere
Economic Profit Considers opportunity cost as a real cost of business
Law of diminishing marginal returns Productivity of an input decrease as quantity of the input increases
Deadweight Loss Reduction in efficiency
Business Cycle Economic fluctuation
Created by: summerabreezy
Popular Economics sets

 

 



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