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Economics portfolio

study guide

TermDefinition
Inflation a general increase in prices
Internal Revenue Service Internal Revenue Service
microeconomics The study of the economic behaviors and decision making of small units, such individuals, families, and businesses.
conglomerate business combination merging more than three businesses that are unrelated
substitution effect when consumers react to an increase in a goods price by consuming less and more of another good
goods physical objects such as clothes or shoes
market economy an economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
disposable personal income Disposable Personal Income (DPI) is how much money a person has to spend after taxes and any other mandatory withholdings are taken from their paycheck.
a cooperative a business organization owned and operated by a group of individuals for mutual benefit
expenditures the action of spending funds.
financial/capital account A financial account measures the increases or decreases in international ownership assets
human capital the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.
Consumer Price Index CPI a pric index determined by measuring the price of a standard group of goods meant t represent the typical "market basket" of a typical urban consumer
supply a stock of a resource from which a person or place can be provided with the necessary amount of that resource.
Demand the desire to own something and the ability to pay for it
elasticity the ability of an object or material to resume its normal shape after being stretched or compressed; stretchiness.
liability a person or thing whose presence or behavior is likely to cause embarrassment or put one at a disadvantage.
specialization the concentration of productive efforts of individuals and firms on a limited number of activities
exchange An exchange is a marketplace where securities, commodities, derivatives and other financial instruments are traded.
comparative advantage the ability to produce a product most efficiently given all other products that could be produced
theory of rational expectations In economics, "rational expectations" are model-consistent expectations, in that agents inside
demand curve a graphic representation of a demand schedule
Losses and business failures A business failure is one that closes with a financial loss to a creditor or one that is involved in court action such as receivership or reorganization.
the law of comparative advantage 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.
secondary effect In effects research, primary effects are those which are immediate or more predictable while secondary effects are those which are subsequent or less predictable.
free market economy The free market is an economic system based on supply and demand with little or no government control.
economics the study of how people seek to satisfy thier needs and wants by making choices
scarcity the state of being scarce or in short supply; shortage.
partnership A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits.
needs of necessity
conglomerate goods A conglomerate is one very large corporation.
trade-offs a balance achieved between two desirable but incompatible features; a compromise.
market equilibrium Definition of market equilibrium – A situation where for a particular good supply = demand.
marginal utility In economics, utility is the satisfaction or benefit derived by consuming a product; thus the marginal utility of a good or service is the change in the utility from an increase in the consumption of that good or service.
laissez-faire abstention by governments from interfering in the workings of the free market.
fixed costs business costs, such as rent, that are constant whatever the quantity of goods or services produced.
industrial union industrial union; plural noun: industrial unions
central bank a bank that can lend to other banks in time of need
federal budget During FY2019, the federal government spent $4.45 trillion, up $338 billion or 7.1% vs. FY2018 spending of $4.11 trillion.
trust funds A trust fund allows a person (the grantor) to set aside assets like cash, investments, real estate, and life insurance for the benefit of one or more beneficiaries.
municipal goods Basic city services may include sanitation (both sewer and refuse), water, streets, the public library, schools, food inspection, fire department, police, ambulance, and other health department issues and transportation.
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 Lorenz curve is a graphical representation of income inequality or wealth inequality developed by American economist Max Lorenz in 1905.
commodity money Commodity money is money whose value comes from a commodity of which it is made.
macroeconomics The study of the behavior and decision making of the entire economies
theory of negotiated wages The theory of negotiated wages states that organized labor's bargaining strength is a factor that helps determines wages.
perfect competition the situation prevailing in a market in which buyers and sellers are so numerous and well informed that all elements of monopoly are absent and the market price of a commodity is beyond the control of individual buyers and sellers.
Branch of the U.S. Treasury Dept. in charge of collecting taxes The USDT collects all federal taxes through the Internal Revenue Service
Which capital markets are the stock market associated with? Capital markets are composed of primary and secondary markets.
What will decreasing personal tax rates do? With lower income tax rates, they would keep more of their gross income, so effectively they have more money to spend.
Why is is equilibrium present in a market? Equilibrium is the state in which market supply and demand balance each other, and as a result prices become stable.
When will income and living standards of a nation increase? GDP per capita only measures the income paid to those residing in the country's borders.
How does the government fund a project that creates jobs It can take measures to create private-sector jobs by moving up investments that the public needs anyway
Why do banks choose to borrow directly from the Federal Government? Commercial banks borrow from the Federal Reserve System (FRS) primarily to meet reserve requirements before the end of the business day when their cash on hand is low.
Created by: Christopher Boyd
 

 



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