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Econ Content Quiz

TermDefinition
Macroeconomics studies the performance of the economy as a whole, including government policies such as the actions of the Treasury, the Federal Reserve, and even Congress.
Microeconomis Looks at the behavior of individuals in the market and the factors that affect their choices and behaviors (which restaurant will you eat at, which movie will you buy a ticket for, which apartment will you rent, which job will you take?).
Opportunity Cost money spent on one thing is gone and cannot then be spent on another.
Equilibrium Price The price at which the quantity supplied of something equals the quantity of that thing demanded, so both the quantity and price do not change
Relative Price the price of one good or service compared to the prices of others.
Competition lowers costs and prices, and encourages producers to produce more of what consumers are willing and able to buy
Function Of Money whether in a form of cash or credit, makes it easier to trade, borrow, save, invest, and compare the value of goods and services.
Adam Smith wrote the first economics book, An Inquiry into the Nature and Causes of the Wealth of Nations. He suggested that society would be best served if people just looked out for their own interests, without much government interference
Laissez-fare economics French for "leave it alone." Not having much government interference and people just looked out for their own interests.
Capitalism free enterprise/ free-market system, as they call for the least government regulation and the most initiative or freedom by the individual.
Socialism based on the government owning only the major means of production (as a safety net for the population) and attempting to equalize distribution of income, while encouraging free enterprise in other areas
Mixed Economy attempting to equalize distribution of income, while encouraging free enterprise in other areas.
Deficit Spending theory that the government should spend money it does not yet have to stimulate the economy and pull the country out of a recession or depression.
Nonprofit institution exempt from most taxes, include many private hospitals, schools, charities, and religious groups.
Corporations Generally limit liability and allow people to pool their investment resources through buying stocks, making it easier for people to invest.
Gross Domestic Product A measure of a nation's economic output and income.
Trade barriers Government-induced restrictions on international trade. Tariffs is a tax on imports and quotas is a quantity limit.
Scarcity The more people who want certain things, the scarcer those things are
Interest Rates The amount paid to borrow money
Entrepreneurs People who take the risks of organizing productive resources to make goods and services, often to make new or improved products.
The Great Depression 1930's, cheap goods still unaffordable by unemployed and poverty-stricken consumers.
Globalization idea that all countries are intertwined, especially in an economic way, usually to the dismay of people who are losing jobs or markets for goods to other countries.
The New Deal a series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States between 1933 and 1939.
Monopoly A producer who either buys up or drives out of business all the other producers of a good or service. One person or company owns all of a good or service.
Tax a compulsory financial charge or some other type of levy imposed on a taxpayer by a governmental organization in order to fund government spending and various public expenditures.
Inflation a general increase in prices and fall in the purchasing value of money
Created by: kayrose2925
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