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Economics OG

QuestionAnswer
Barter The direct exchange of goods or services bewteen people.
Bond A financial promise for an investment issued by a corporation or government with regular interst payment and repayment at a later date.
Capitel Resources The physical equipment used in the production of goods and services.
Cartels A group of sellers acting together in the market.
Circular flow The movement of resources,goods and services throught an economy.As a diagram,it can show how households and business firms interact with each other in the product and resoure markets.
Command economy A system in which deisions are made largely by an authority such as a feudal lord or government planning agency.
Comparative advantge Economic theory that a country/individual should sell goods and services which it can produce ar relatively lower costs and buy goods and services which it can produce at relatively higher costs.
Cometition The rivalry among people and/or business firms for resoures and/or consumers.
Consumer One who buys or rents goods or services and uses them.
Consumer Price Index The price index most commonly used to measure the impact of changes in prices on household;this index is based on a standard market basket of goods and services purchased by a typical unban family.
Corporation A business firm that is owned by stockholders and is a legal entity with rights to buy, sell and make conracts.Its chief advantage is that each owner's liability is limited to the amount of money he or she has invested in the company.
Cost What is given up whan a chice is made; monetary and /or non monetary.
Cost/benefit analysis The process of weighing all predited costs against the predicted benefits of an economic choice.
Deflation A general decline in the price level.
Demand The different quantities of a resource,goods and services that potential buyers are willing and able to purchase at prices during a specific time period.
Depression A severe recessio in terms of magnitude and/or length.
Divison 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 system The way societies organize to determine what goods and services should be produced,how goods and services should be produced and who will consume goods and services.Example include traditional,command and market.
Economic The study of the behavior of individuals and institions engaged in the production,disrtibution and consumption of goodfs and services.
Equilibrium price Theoutlay at which quatity demanded equals quantity supplied;market clearing price.
Exchange rate The price of one country's currency measured in term of another country's currency(e.g,American doller in German mark,Japanese yen in Canadian doller).
Federal Reserve System The "Centeral Bank"of the united states(consisting of the Boaed of Governors and 12 district Banks)which controlsmonetary policy;sometimes referred to as "The Fed" or Federal Reserve.
Fiscal policy Government decisions on taxation and spending to achieve economic goals.
Flow resources Temporal energy forces that are neither renewable nor nonenewable,but must be used as,when and where occur or they are lost(e.g.,wind,sunlight).
Gross Domestic product The market value of the tatal output of final goods and services produced by an economy in a given time period,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 decison-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 reducing self-sufficiency.
Interest Payment made for the use of borrowed money.
Interest rate The price of borrowed money.
Labor force That part of the population which employed or actively seeking employment.
Labor union An organization of workers who seek to improve their common intersts.
Labor productivity The total output divided by the quantitu of labor employed to produce it.
Low of demand The lower the price of a good or service,the greater the quantity the people will buy,all else held constant (e.g.,incomes,tastes).
Low 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 its total costs.
Marcoecinomics Study of aggregate economic activity including how the economy works as a whole.Seeks to identify levels of National iccome,output,employment and prices.
Marginal analysis A decision-making tool that weight additional costs and benefits.
Market A place or process though which goods and service are exchanged.
Market economy An economic system in which decisions are made largely by the interactions of buyers and sellers.
Mixed economy An econoim 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).
Mutal fund An investment potion that uses cash 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 element 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 tatal 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 ans risks.
Price The amount people pay in exchange for a particular good and service.
Price control Government restraint of price to keep the cost of living down.It usually happens in time of 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 unit of input over a period of time,It is used to measure the efficiency with which input can be used.
Profit Total revenue minue total cost.
Progreeive tax Levy for which the percentage of income used to pay the levy increases as the taxpayer's income increases.
Proportional tax Levy for which the percentage of income used to pay the levy remains the same as the taxpayer's income increases.
Public goods goods and service provided by the government rather than by the private sector.Goods and services that more than one person can without necessatily preventing others from them.
Public policy A government's course of action that guides present and future decisions.
Quantity demanded The amount of a goods or services people are willing and able to purchase at a given price during a specific time period.
Quantity supplied The amount of a good and services people are willing and able to sell at a given price during a specific time period.
Quota A foem 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 hight unemplayment,stagnant wages, reductions in retail sales and slowing housing and car markets.
Pegressive 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 canditions that exists when demand is greater than supply.
Services Actions that are valued by others.
Sole propietorship A business owned by an individual who receives all the profits and rewards and bears all the losses and risks.
Spesialization A form of division of laber in which each individual of firm concentrates its productive efforts on a single or limited number of activities.
Standed of living A measurement of an idividual's quality of life. A langer consumption of goods and services and leisure is often assumed to indicate a higher standard if living.
Stock A certificate representing a share of ownership in a company.
Supply The different quantities of a resource,good or services.The purpose of a tariff is to protect domestic products from foreign competiton.
Tariff Surchange placed on imported goods and services. the purpose of a tariff is to protect domestic products from competiton.
Tertiary The third level of economic activity.It includes service and servicesrelated inustries.
Trade Voluntary exchange betweeen two parties in which both parties benefit.
Trade balance The payment of a nation that deal with merrchandis imports or exports.
Traditional economy An economic system in which desisions are made largely by repeatting the actions from an earlies time or generation.
Unemployment rate The percentage of the laber force that is actively seeking employment.
Wants Desires that can be satisfied by consuming goods,services or leisure activities.
Created by: Javaid A
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