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Economic Principles

TermDefinition
Cyclical Unemployment Indicates Poor Economy
Structural Unemployment When skill set of workers doesn't match available jobs
Frictional Unemployment Period of time when people are between jobs
Monetary Policy Central Bank controls the supply of money
Fiscal Policy Changes in govt spending and taxing
Federal Reserve Jobs Stabilize prices, formulate monetary policies, keep unemployment low, manage interest rates
Fixed Capital Production equipment that can be used over and over again
Working capital raw materials and unsold inventory
Opportunity Cost The cost of giving up another opportunity
Mixed Market Economy Some govt involvement, some free trade (USA is this)
Expansionary Policies Lower taxes, pull out of recession, free up money for consumers
Contractionary Policies Goal is to shrink economy. Reduce consumer spending, lower economic output, raise taxes.
Free Market Theory Supply and demand (consumers)
Pure competition Standardized products, lots of sellers, etc.
Oligopoly Small number of large companies
Monopolistic competition Big companies selling slightly different products: McDonalds, Burger King
Equilibrium When supply meets demand
Created by: senoragates
 

 



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