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Econ Study Guide
| Question | Answer |
|---|---|
| Inflation | A sustained increase in the general price level in an economy. |
| Branch of the U.S. Treasury Dept. in charge of collecting taxes | Internal Revenue Service |
| Microeconomics | The part of economics concerned with single factors and the effects of individual decisions. |
| Conglomerate | A corporation made up of a number of different, seemingly unrelated businesses. |
| Substitution effect | One component of the effect of a change in the price of a good upon the amount of that good demanded by a consumer. |
| Goods | Materials that satisfy human wants and provide utility. |
| Market economy | A system where the laws of supply and demand direct the production of goods and services. |
| Disposable personal income (DPI) | The amount of money that a household has available for spending and saving after income taxes have been accounted for. |
| A cooperative | People-centered enterprises owned, controlled and run by and for their members. |
| Expenditures | Represents a payment with either cash or credit to purchase goods or services. |
| Financial/capital account | Financial account: measures the increases or decreases in international ownership assets that a country is associated with Capital account: measures the capital expenditures and overall income of a country |
| Human capital | An intangible asset or quality not listed on a company's balance sheet. |
| Consumer Price Index | A measure that examines the weighted average of prices of a basket of consumer goods and services. |
| Supply and demand | Relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity consumers wish to buy. |
| Elasticity | The measure of the percentage of change of one economic variable in response to a change in another. |
| Liability | The future sacrifices of economic benefits that the entity is obliged to make to other entities as a result of past transactions or other past events. |
| Specialization and exchange | Modern economies are characterized by specialization of the means of production and by exchange of goods and services. |
| Comparative advantages | An economy's ability to produce goods and services at a lower opportunity cost than that of trade partners. |
| Theory of rational expectations | A concept and modeling technique that is used widely in macroeconomics. |
| Which capital markets are the stock market associated with? | The secondary market. |
| What will decreasing personal tax rates do? | People would keep more of their gross income, leading to more money to spend and higher economic growth. |
| Demand curve | A graph depicting the relationship between the price of a certain commodity and the quantity of that commodity that is demanded at that price. |
| When is equilibrium present in a market? | When the supply and demand curves intersect, the market is in equilibrium. This is when the quantity demanded and quantity provided are equal. |
| Losses and business failures | Loss of revenue: lost income and a declining customer base may be due to circumstances beyond a business control. |
| The law of comparative advantage | Describes how, under free trade, an agent will produce more of and consume less of a good for which they have a comparative advantage. |
| When will income and living standards of a nation increase? | When jobs are protected and total employment expands |
| How does the government fund a project that creates jobs? | Tax cuts creates jobs by giving money to consumers and businesses. |
| Secondary effect | The changes in economic activity from subsequent rounds of respending of tourism dollars |
| Free market economy | An economic system based on supply and demand with little or no government control. |
| Scarcity | The limited availability of a commodity, which may be in demand in the market or by the commons. |
| Partnership | A legal form of business operation between two or more individuals who share management and profits. |
| Needs | Things that you require to function and range from physical needs. |
| Conglomerate goods | A company that owns a controlling stake in smaller... more by purchasing other companies that make different food products. |
| Trade-offs | An exchange where you give up on thing in order to get something else that you also desire. |
| Microeconomics | The study of individuals, households and firms' behavior in decision making and allocation of resources. |
| Market equilibrium | A market state where the supply in the market is equal to the demand in the market. |
| Marginal Utility | Determines how much of an item consumers are willing to purchase. |
| Lassiez-faire | The belief that economies and businesses function best when there is no interference by the government. |
| Fixed cost | A cost that does not change with an increase or decrease in the amount of goods or services produced or sold. |
| Industrial union | A trade union that combines all workers, both skilled and unskilled, who are employed in a particular industry. |
| Central bank | An institution that manages the currency, money supply, and interest rates of a state or formal monetary. |
| federal budget | The government's estimate of revenue and spending for each fiscal year. |
| Trust funds | An estate planning tool that is legally established to hold property or assets for a person or organization, managed by a trustee, who is a neutral third party. |
| Municipal bond | Loans to city or state governments. Tax-free |
| Modified union shop | A company that has made an agreement with a labor union stating that current employees may choose to join the union or not, but all new employees will be required to become members. |
| Lorenz Curve | A graphical representation of the distribution of income or of wealth. |
| Commodity money | Money that has intrinsic value. It has value even if it is not used as money. |
| Macroeconomics | The branch of economics that studies the behavior and performance of an economy as a whole. |
| Theory of negotiated wages | Organized labor's bargaining strength is a factor that helps determine wages. |
| Perfect competition | Buyers and sellers are so numerous and well informed that all elements of the monopoly are absent and the market price of a commodity is beyond the control of individual buyers and sellers. |
| Internal Revenue Service | A bureau of the Department of Treasury that is tasked with the enforcement of income tax laws and oversees the collection of federal income taxes. |
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