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Economics #1
Economics Glossary
| Question | Answer |
|---|---|
| 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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