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TermDefinition
Microeconomics Part of economics concerned with the effects of single entity and individual decisions.
Values Individual beliefs that motivate people to act one way or another.
Scarcity Having unlimited wants in a world of limited resources.
Needs Things that are absolutely necessary to survive and fulfill your commitments.
Wants Things that enrich your life but are not absolutely necessary.
Opportunity Cost What you give up for something you value more
Supply and Demand -Supply is the amount of a specific good or service that's available in the market -Demand is the amount of the good or service that customers want to buy. -Supply and Demand are both influenced by the price of goods and services.
Macroeconomics the branch of economics that studies the behavior and performance of an economy as a whole.
Recession a sustained period of weak or negative growth in real GDP (output) that is accompanied by a significant rise in the unemployment rate.
Gross Domestic Product (GDP) GDP measures the value of goods and services produced in a country in a given period of time.
Supply Chain A network of people and entities who are involved in creating a product and delivering it to its consumer.
Inflation The overall General upward price movement of goods and services in an economy.
Deflation The overall general downward price movement of goods and services in an economy.
Economic Expansion Sustained increase in a nation’s overall economic output, usually measured by its gross domestic product (GDP). The primary purpose enhance the overall well-being of a country’s citizens by creating more job opportunities, increasing incomes, and boostin
Depression A steep and sustained drop in economic activity featuring high unemployment and negative GDP growth.
Fiscal Policy The use of government spending and taxation to influence the economy.
Monetary Policy A set of actions to control a nation's overall money supply and achieve economic growth.
Traditional A traditional economy is a system where goods production and distribution are driven by time-honored beliefs, customs, culture, and traditions.
Market An economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
Command AN economy in which production, investment, prices, and incomes are determined centrally by a government.
Mixed An economic system combining private and public enterprise.
Capitalism An economic and political system in which a country's trade and industry are controlled by private owners for profit.
Laissez-Faire Absence of governments from interfering in the workings of the free market.
Social Market Social marketing is a marketing approach which focuses on influencing behavior with the primary goal of achieving "common good."
Neo-Capitalism Neo-capitalism is an economic ideology which corrects its excesses by applying various measures which help protect the country’s social well-being.
Socialism Economic system in which industries are owned by workers rather than by private businesses. It is different from capitalism, where private actors, like business owners and shareholders, own the means of production.
Fascism the economy and other parts of society are heavily and closely controlled by the government, usually by using a form of authoritarian corporatism, where companies and workers are supposed to work together under national unity.
Communism Eliminating socioeconomic class struggles by creating a classless society in which everyone shares the benefits of labor and the state controls all property and wealth
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