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Economics #1

Economics Glossary

Situation in which a country can produce more of a good than another country can produce with the same quantity of resources absolute advantage
An increase in real GDP from one period to the next. absolute real economic growth
total dollar value of all goods and services produced over a specific time period GDP
Ability to produce more output with a fixed amount of resources advancement in technology
The part of income that's left over after taxes are paid after-tax income (net)
Curve that shows the quantity of goods and services that buyers are willing and able to buy at different price levels aggregate demand curve
Curve that shows the quantity of goods and services that producers are willing and able to supply at different price levels. aggregate supply curve
Legislation passed for the stated purpose of controlling monopoly power and preserving and promoting competition. antitrust law
An increase in the value of one currency relative to other currencies appreciation
Anything of value to which the firm has a legal claim asset (Vermögen)
Total cost divided by the quantity of of output average total cost
Difference between value of a country's exports and the value of it's imports balance of trade
Anything that prohibits a firm from entering a market barrier to market
Economy in which trades are made in goods and services instead of in money barter economy
Year chosen as a point of reference for comparison. When real GDP is computed, the outputs of different years are priced at base-year levels base year
Important decision-making body in a corporation. Decides corporate policies and goals, among other things board of directions
governing body of the Federal Reserve System Board of governors of the Federal Reserve System
Central Bank in the US Federal Reserve System
An IOU/promise to pay issued by companies, governments, or government agencies for the purpose of borrowing money. bond (Schuldschein)
Situation in which federal government expenses are greater than federal government tax revenues budget deficit
Situation in which federal government expenses are less than federal government tax revenues budget surplus
Recurrent swings (up and down) in real GDP business cycle
Organization or that uses resources to produce goods and services that are sold to consumers, other firms, or the government. business firm
Produced goods that can be used as resources for further production. Such things as factories, machines, and farm tractors. capital
Agreement that specifies how the firms that entered into the agreement will act in a coordinated way to reduce the competition among them cartel (Absprache) agreement
Economic relationships that exist between different economic groups in the economy circular flow of economic activity
Organization that hires only Union (Gewerkschaft) members closed shop
Created by: marie-schie



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