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econ luisa

QuestionAnswer
barter the direcet exchange of goods or service between people.
bond a financial promise for an investment issued by a corporation or government with regular interest payment and repayment at a later date.
capital resources the physical equipment used in the production of goods and services.
cartel a group of sellers acting together in 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 each other in the product and resoures market.
command economy a system in which decisions are made largely by an auorthity such as a ffedual lord or government planning agency.
comparative advantange Economic theory that a country/individual should sell goods and services which it can produce at relativly higher cost.
competition The rivalry among people and/or business firms for resources and/or consumers
consumer one who buys or rents goods or services and use them.
comsumer price index The price index most commonly used to measure the impact of changees in prices on housholds ;this index is based on a standard market basket of goods and servicees purchased by a typical urban family.
corporation A business firm that is owned by stockholders and is a legal entity with rights to buy' sell and make contracts. Its chief advanatage is that each owner's liability is limited to the amout of money he or she has invested in the company.
cost whatb is given up a choice is made ;monetary and /or non monetary.
cost/benefit analysis The process of weighting all predicted costs against the predicted benefits of an economic choice.
Deflation A general decline in the price level.
Demand The different quantities of a resources 'good or service that potential buyers are willing and able to purchase at various prices during a specific time period.
Depression A service recession in terms of magintude and /or legnth .
Division of labor A method of oraganizing prodution whereby each worker specializes in part of the productive process.
Economice growth An increase in a society's output.
Economic systems The way soceieties organize ton determine what goods and services should be produced' how goods and services should be producedand who will consume goods and services.Examples includes tradional,command and market .
Economics The study of the behavior of indiviuals and institutions engaged in the production,distribution and consumption of goods and services.
Entrepreneur Indiviual who begains, manages and bears the risks of a business (e.g., Miltion Hershey,F.W Woolworth).
Equilibrium price The outlay at which quantity demanded equals quantity supplied; marketing clearing price.
Exchange rate The price of one country 's currency measured in terms of another country's currency (e.g; American dollar in German mark,Japanese yen in Canadian dollar).
Federal Reserve System The "Centeral Bank" of the United States(consisting of the Board of Governors and 12 district banks) which controls monetary policy; sometimes referred to as "The Fed"or Federal Reserve.
Fiscal Policy Gorvernment decisions on taxation and spending to achieve economic
Flow Resources Temporal energey 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 ,usually 1 year.
Goods Object that can satisfy people's wants.
Household The group of people living together under one roof ;a group of indiviuals whose economic decision -making is interrelated.
Human Resources People's intellectual and pysical abilites
Incentives Factors that motivate or influence human behavior
income Payments earned by people in exchange for providing resources used to produce goods and services
Inflattion 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 used of borrowed money.
Interest Rate The price of borrowed money.
Labor force That part of the population which is employed or actively seeking emlpoyment.
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 a 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 its total costs.
macroeconomices study of aggregate economic activity includeing how the economy works as a whole. Seek to identify level 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 service are exchange
market economy An economic system in which decision are made largely by the interactions of buyers and sellers.
microeconomics study of behaviors of consumers, firms and the determination of the market prices
mixed economy An economyic 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 acount of liquid assets which exists in the economy at a given time (e.g; currency, checkable deposits, traveler's checks).
mutual 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 product(e.g; land,water,coal).
Nonrenewable resources Finite elements that cannot be replaced once they are uesd(e.g; petroleum,minerals).
opportunity cost the highest valued alteranative given up when a decision is made.
Output the total amount of a commodify produced .
partnership a business in which oweneris shared by two or more people who recive all the profits and rewards and bear all the losses and riks.
price the amount people pay in exchange fore a particular good or service.
price control government restraint of prices to keep the cost of living down.It usually
price index a measure of the average level of costs at one time compared to t6he average level of costs at another time
producer one who makes goods or services
productivity amount of output per unit of input over a period of time .It is used to measure the efficiency wiyh which inputs can be used.
profit total revenue minus total costs
progressive tax levy for which the percentage of income used to pay the levy increaes as the taxpayer's income increase
proportional tax levy for which the percentage of income used yo pay the levy remains the same as the taxpayer's income increase
public goods goodsand services provided by the government rather than by the privaste sector. Goods and services that more than one person can use without necessarily preventing others from useing them
public policy a government's course of action that guides present and future decisions.
Created by: luisap