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ECON Oak Grove

BARTER: The direct exchange of goods or services between people.
BOND: A financial promise for an investment issued by a corporation or government with regular interest payments and repayment at a later date.
CAPITAL RESOURCES: The physical equipment used in the production of goodsand services.
CARTELS: A group of sellers acting together in the market.
CIRCULAR FLOW: The movement of resources, goods and services through an economy. As a diagram, it can show how households and business firms interact with eachother int he product and resource market.
COMMAND ECONOMY: A system in which decisions are made largely by an authority such as a feudal lord or government planning agency.
COMPARATIVE ADVANTAGE: Economic theory that a country/individual should sell goods and servicews which it can produce at relatively lower cost and buy goods and services which it can produce at relatively higher costs.
COMPETITION: The rivalry among people and/or business firms for resources and/or consumers.
CONSUMER: One who buys or rents goods and services and uses them.
CONSUMER PRICE INDEX: The price index most commonly used to measurethe impactof changes in prices on households; this indexis based on a standard market basket of goods and services purchased by a typical urban family.
CORPORATION A business firm that is owned by stockingholders and is a legal entity with rights to buy, sell and make contracts. its chief advantage is that each owner's liability is limited to the amount of money he or she invested in the company.
COST: What is given up when a choice is made; monetary and/or non monetary.
COST/BENEFIT ANALYSIS: The process of weighing all predicted costs agaisnt the predicted benefits of an economic choice.
DEFLATION: A general decline in the price level.
DEMAND: The different quantities of a resource, goods or service that potential buyers are willing and able to purchase at various prices during a specific time period.
DEPRESSION: A severe recession in termsof magnitude and/or length.
DIVISION OF LABOR: A method of organizing production whereby each worker specializes in part of the productive process.
ECONOMIC GROWTH: An increase in a society's output.
ECONOMIC SYSTEMS: The way societies organize to determine what goods and services should be produced. how goods and services should be produce and who will consume goods and services. Examples include traditional, command and market.
ECONOMICS: The study of the behavior of individualsand institutions engaged in the production, distribution and consumption of goods and services.
ENTREPRENEUR: Individual who begins,manages and bears the risk of a business (e.g., Milton Hershey, F.W. Woolworth).
EQUILIBRIUM PRICE: The outlay at which quantity supplied;market clearing price.
EXCHANGE RATE: The price of the country's currency measured in the terms of another country's currency (e.g., American dollar in German mark, Japanese yen in Canadian dollar).
FEDERAL RESERVE SYSTEM: The "Central Bank" of the United Staates (consisting of the board of Governors an 12 district banks) which controls monetary policy; sometimes referred to as "The Fed" or Federal Reserve.
FISCAL POLICY: Goverment decisions on taxation and spending to achieve economic goals.
FLOW RESOURCES: Temporal energy forces that are neither renewable nor nonrenewable, but must be used as, when and where they occur or they are lost (e.g.,wind, sunlight)
GROSS DOMESTIC PRODUCT: The market value of the total output of final goods and services produced by an economy in a given time preiod, usually 1 year.
GOODS: Objects that can satisfy people's wants.
HOUSEHOLD: The group of people living together under one roof; a group of individuals whose economic decision-making is interrelated.
HUMAN RESOURCES: People's intellectual and physical abilities.
INCENTIVES: Factors that motivate or influence human behavior.
INCOME: Payments earned by people in exchange for providing resources used to produce goods and services.
INFLATION: A general rise in the price level.
INTERDEPENDENCE: ideas,goods and services in one area affect decisions and events in other areas reducing self-sufficiency.
INTEREST: Payment made for the use of borrowed money.
INTEREST RATE: The price of borrowed money.
LABOR FORCE: The part of the population which is employed or actively seeking employment
LABOR UNION: An organization of workers who seek to improve their common interests.
LABOR PRODUCTIVITY: The total output divided by the quantity of labor employed to produce it.
LAW OF DEMAND: The lower the price of good or service, the greater the quantity that people will buy, all else held constant (e.g., incomes, tastes)
LAW OF SUPPLY: The higher the price of a good or service,the greater the quantity that business will sell, all else held constant (e.g., resource costs, technology)
LOSS: The difference that arises when a firm's total revenues are less than that its total costs.
MACROECONOMICS: Study of aggregate economic activity including how the economy work as a whole. Seeks to indentify levels of National income, output, employment and prices.
MARGINAL ANALYSIS: A decision-making tool that weighs additional costs and benefits.
MARKET: A place or process through which goods and services are exchange.
MARKET ECONOMY: An economic system in which decisions are made largely by the interactions of buyers and sellers
MICROECONOMICS: Study of the behaviors of consumers, firms and the determination of the market prices.
MIXED ECONOMY: An economic system in which decisions are made by markets government and tradition.
MONETARY POLICY: Government decisions on money supply and interest rates to achieve economic goals.
MONEY: A medium of exchange.
MONEY SUPPLY: The amount of liquid assets which exists in the economy at a given time (e.g., currency, checkable deposits,travelers' checks).
MUTUAL FUND: A investment option that uses cah from a pool of savers to buy a wide range of securities.
NATURAL RESOURCES: Anything found in nature that can be used to produce a product (e.g., land, water, coal).
NONRENEWABLE RESOURCES: Finite elements that cannot be replaced once they are used (e.g., petroleum, minerals).
OPPORTUNITY COST: The highest valued alternative given up when a decision is made.
OUTPUT: The total amount of a commodity produced.
PARTNERSHIP: A business in which ownership is shared by two or more people who receive all the profits and rewards and bear all the losses and risks.
PRICE: The amount people pay in exchange for a paticulargood and servic.
PRICE CONTROL: Government restraint of prices to keep the cost of living down. It usually happens in time war, but there are also instances in peacetime
PRICE INDEX: A measure of the average level of costs at one time compared to the average level of costs at another time.
PRODUCER: One who makes goods and services.
PRODUCTIVITY: Amount of output per unitof input over a period time. It is used to measure the efficiency with which inputs canbe used
PROFIT: Total revenue minus total costs.
PROGRESSIVE TAX: Levy for which the percentage of income used to pay the levy increases as the taxpayer's income increases.
PROPPRTIONAL TAX: Levy for which the percentage of the income used to pay the levy remains the same as the taxpayer's income increases.
PUBLIC GOODS: Goods and services provided by the government rather than by the private. sector. Goods and services that more than one person can use without necessarily preventing others from using them.
PUBLIC POLICY: A government course of action that guides and future decisions.
QUANTITY DEMANDED: The amount of a good or service people are willing and able to purchase at a given price during a specific time period.
QUANTITY SUPPLIED: The amount of a good or service people are willing and able to sell at a given price during a specific time period.
QUOTA: A form of import protectionism where the total quantity of imports of a particular commodity is limited.
RECESSION: A contraction in National production that lasts six months or longer. A recession might be marked by job layoffs and high unemployment, stagment wages, reductionsin retail sales and slowing of housing and car markets.
REGRESSIVE TAX: Levy for which the percentage of income used to pay the levy decreases as the taxpayer's income increases.
RENEWABLE RESOURCES: Substances that can be regenerated if used carefully (e.g.,fish,timber).
RESOURCES: Inputs used to produce goods and services; categories include natural, human and capital.
SCARCITY: An economic condition that exist when demand is greater than supply.
SERVICES: Actions that are valued by others.
SOLE PROPRIETORSHIP: A business owned by an individual who receives all the profits and rewards and bears all the losses and risks.
SPECIALIZATION: A form of division of labor in which each individual or firm concentrates its produtive efforts on a single or limited number of activates.
STANDARD OF LIVING: A measurement of an individual's quality of life. A larger consumption of goods, and services and leisure is often assumed to indicate a higher standard of living.
STOCK: A certificate representing a share of ownership in a company.
SUPPLY: The different quantities of a resource, good or service that potential sellers are willing and able to sell at various prices during a specific time period.
TARIFF: Surcharge placed on imported goods and services. The purpose of a tariff is to protect domestic products from foreign competition.
TERTIARY: The third level of economic activity. It includes service and sevices-related industries.
TRADE: Voluntary exchange between two parties in which both parties benefit.
TRADE BALANCE: The payments of a nation that deal with merchandies imports or exports.
TRADITIONAL ECONOMY: An economic system in which decisions are made largely by repeating the actions from an earlier time or generation.
UNEMPLOYMENT RATE: The percentage of the labor force that is actively seeking employyment.
WANTS: Desires that can be satisfied by sonsuming goods, and services or leisure activities.
Created by: Pedraza18