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Stack #4675554
| Question | Answer |
|---|---|
| Definition of ECON | (Economics is a social science that focuses on the production, distribution, and consumption of goods and services.) |
| Economist | (An expert in economics.) |
| Money/Currency | (A current medium of exchange in the form of coins and banknotes; coins and banknotes collectively.) |
| Central Bank | (Conduct monetary policy by adjusting the supply of money, usually through buying or selling securities in the open market.) |
| Goods | (Goods are physical, produced objects for which a demand exists.) |
| Normal Goods | (A good that experiences an increase in demand due to an increase in a consumer's income.) |
| Inferior Goods | (A good whose demand drops when people's incomes rise.) |
| Complementary Goods | (An object used in combination with another product or service Peanut Butter and Jelly.) |
| Substitute Goods | (Products are often used interchangeably by consumers/McDonalds & Burger King) |
| Price | (The amount of money expected, required, or given in payment for something.) |
| Equilibrium Price | (The market price where the quantity of goods supplied is equal to the quantity of goods demanded.) |
| Quantity Supplied | (The quantity of a commodity that producers are willing to sell at a particular price at a particular point of time.) |
| Incentive | (Factors that motivate individuals, businesses, or governments to take certain economic actions or make specific decisions.) |
| Wage Rate | (The amount of base wage paid to a worker per unit of time (as per hour or day) or per unit of output if on piecework.) |
| Real Wage | (How much money an individual or entity makes after adjusting for inflation.) |
| Unions | (a club, society, or association formed by people with a common interest or purpose.) |
| Right to work laws | (protect non-union employees) |
| Elasticity/Inelastic | (An elastic demand is one in which the change in quantity demanded due to a change in price is large. An inelastic demand is one in which the change in quantity demanded due to a change in price is small.) |
| Opportunity Cost | (The forgone benefit that would have been derived from an option other than the one that was chosen.) |
| Fixed Cost | (An expense that does not change when sales or production volumes increase or decrease.) |
| Marginal | (A concept used to describe the current level of consumption or production of a good or service.) |
| Command Economy | (Centralized government controls the means of production and determines output levels/North Korea.) |
| Demand Curve & how it works | (Graphic representation of the relationship between product price and the quantity of the product demanded. It is drawn with price on the vertical axis of the graph and quantity demanded on the horizontal axis.) |
| Adam Smith (importance to ECON) | ("father of economics" because of his theories on capitalism, free markets, and supply and demand.) |
| Micro | (The part of economics concerned with single factors and the effects of individual decisions. example: car sales) |
| Macro | (the part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.) |
| 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 Curve | (A graph that represents the relationship between how much of a product is available to a market and how much the consumers in a market want the product.) |
| Excludable goods | (A good that some people are restricted from using.) |
| Non-Excludable goods | (Public goods that cannot exclude a certain individual or group of individuals from using them.) |
| Factors of Production: | (4 of them Land/Labor/Capital/Entreprenuership) |
| Renewable Resources | (Resources that continue to exist despite being consumed or can replenish themselves over a period of time even as they are used.) |
| Nonrenewable Resources | (Once these resources are used up, they cannot be replaced.) |
| Capitalism | (Capitalism is an economic system in which private individuals or businesses own capital goods.) |
| Free enterprise | (An economy where the market determines prices, products, and services rather than the government.) |
| Socialism | (A political and economic system in which property and the means of production are owned in common, typically controlled by the state or government.) |
| Communism | (A type of government as well as an economic system (a way of creating and sharing wealth.) |
| Firm | (Business) |
| Corporation | (A legal entity that is separate and distinct from its owners.) |
| Sole Proprietorship | (An enterprise owned exclusively by one natural person and in which there is no legal distinction between the owner and the business entity.) |
| Antitrust Laws | (Regulations that encourage competition by limiting the market power of any particular firm.) |
| Wall Street | (Location of some of the largest U.S. brokerages and investment banking firms) |
| Stock (Stock Holders) | (A share in the ownership of a company, including a claim on the company's earnings and assets.) |
| Monopoly (types of monopolies) | (An enterprise that is the only seller of a good or service.) |
| Gross Domestic Product/GDP | (GDP measures the value of the final goods and services produced in a country) |
| Recession | (Sustained period of weak or negative growth in real GDP (output) that is accompanied by a significant rise in the unemployment rate.) |
| Depression | (sustained period of significant economic decline that sees a nation's GDP drop, unemployment rates rise and consumer confidence suffer.) |
| Inflation | (The rate of increase in prices over a given period of time.) |
| Fiscal Policy | (The use of government spending and taxation to influence the economy.) |
| Taxation | (Imposition of compulsory levies on individuals or entities by governments.) |
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