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Econ. Study Guide!

TermDefinition
Inflation A general increase in prices and fall in the purchasing value of money.
Branch Of The US Treasury Role Of The Treasury.
Microeconomics The part of economics concerned with single factors and the effects of individual decisions.
Conglomerate a number of different things or parts that are put or grouped together to form a whole but remain distinct entities.
Substitution Effect One component of the effect of a change in the price of a good upon the amount of that good demanded by a consumer, the other being the income effect!
Goods Merchandise or possessions.
Market Economy An economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
Disposable Personal Income After tax income.
Cooperative Involving mutual assistance in working toward a common goal.
Expenditure The action of spending funds.
Financial Account Measures the increase or decrease in a country's ownership of international assets.
Human Capital The skills, knowledge, and experienced possessed by an individual or population, viewed in terms of their value or cost to an organization or country.
Consumer Price Index An index of the variation in prices paid by typical consumers for retail goods and other items.
Supply And Demand The amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.
Elasticity The ability of an object or material to resume its normal shape after being stretched or compressed; strechiness.
Liability The state of being responsible for something, especially by law!
Specialization The act of trading with others to obtain what we desire.
Comparaitive Advantage The ability of an individual or group to carry out a particular economic activity more efficiently than another activity.
Rationial Expectations Economic theory used to explain how indoviduals make predictions about the future based on all available information.
Equity Capital Market Where financial institutions help companies raise equity capital, comprises the primary market and secondary market.
Positive Effects Of Tax Rate Cuts on the size of the economy arise because lower tax rates raise the after - tax reward to working, saving, and investing.
Demand Curve A graph showing how the demand for a commodity or service varies with changes in its price.
Equilibrium Is the state in which market supply and demand balance each other, and as a result prices become stable.
Business Failure A business that closes or ceases operations, causing the creditors to lose money.
Comparitive Advantage At producing something if he or she can produce it at a lower cost than anyone else.
Standard Living Increases Improvements in human capital, physical capital, and technology interacting in a market - oriented economy.
Measuring Job Creation The number of employees added to nonfarm payrolls monthly, as reported by the U.S. Bureau Of Labor Statistics (BLS).
Primary & Secondary Effects Those which are subsequent or less predictable.
Free Market Economy An economic system in which the prices of goods and services are determined by supply and demand expressed by sellers and buyers.
Banks Borrowing From The Feds By lending against the assets at their originial price instead of their lower market value, the Feds can insulate banks from having to sell those securities at big losses.
Economics The branch of knowledge concerned with the production, consumption, and transfer of wealth.
Scarcity The state of being scarce or in short supply; shortage.
Partnership The state of being a partner or partners.
Needs Of Neccesity
Conglomerate Goods Supplies a variety of goods and services that are not necesarily related to one another.
Trade - Off A balance acheieved between two desriable but incompatiable features; a compromise.
Microeconomics The part of economics concerned with single factors and the effects of individual decisions.
Economic Equilibrium Is a situation in which economic forces such as supply and demand are balanced and in the absence of external influences the values of economic variables will not change.
Marginalutility The benefit gained from consuming one additionial unit of a good or service.
Laissez - Faire A policy or attitude of letting things take their own course, without interfering.
Fixed Costs Business costs, such as rent, that are constant whatever the quantity of goods or services produced.
Industrial Union See Vertical Union.
Central Bank A nationial bank that provides financial and banking services for it's country's government and commerical banking system, as well as implementing the govenrment's monetary policy and issuing currency.
U.S. Fed. Budget Comprises the spending and revenues of the U.S. Federal government.
Trust Fund A fund consisting of assets belonging to a trust, held by the trustees for the benificiaries.
Muncipal Bond A security issued by or on behalf of a local authority.
Modified Union Shop A provision in the union contract requiring all new employees to join the union and requiring all workers already in the union to remain as union members.
Lorenz Curve A graph on which the cummlative percentage of total nationial income is plotted against the cummlative percentage of the corresponding population.
Commodity Money Is money whose value comes from a commodity of which it is made.
Macroeconomics The part of economics concerned with large - scale or general economic factors, such as interest rates and nationial productivity.
Theory Of Negotiated Wages One labor market theory that argues that labor unions' bargaining power 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.
Internal Revenue Service Is the revenue service for the U.S. federal governmet, which is responsible for collecting U.S. federal taxes and administering the internal revenue code, the main body of the federal staulatory tax law.
Created by: Makenzie_81482
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