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PRAXIS ECON

QuestionAnswer
an exchange of goods and services without using money barter
the buildings, tools, and machines people create and use to produce final goods and services capital
an economic system in which the government holds most property rights command economy
products that often are used together complementary goods
quantities of a particular good or service consumers are willing and able to buy at different prices at a particular time demand
the point reached when an additional unit of a product consumed is less satisfying than the one before it diminishing marginal utility
a social science that studies how people, acting individually and in groups, decide to use scarce resources to satisfy their wants economics
an acronym that stands for Federal Insurance Contributions Act, which directs the taxes people pay for Social Security and Medicare FICA
the use of government spending and taxation to stabilize the economy fiscal policy
costs that remain the same regardless of the amount of product a firm produces fixed cost
the condition that allows people to freely make choices in their economic roles free enterprise
a price index that reduces the current gross domestic product prices into prices of a base year GDP deflator
the final value of all goods and services produced within a country in a year GDP gross domestic product
an inverse relationship between the quantity demanded and the price of a product law of demand
a positive relationship between the quantity supplies and the price of the product law of supply
the extra or additional costs or benefits of a decision marginal
decision making that involves comparing marginal benefits and marginal costs marginal analysis
an economic system that blends voluntary exchange, government command, and traditional elements of economic choice-making mixed economy
the highest valued alternative given up as a result of making a choice opportunity cost
a measure of the impact of the price effect price elasticity of demand
a tax for which the percentage of income paid in taxes is the same for all income levels proportional tax
Gross domestic product adjusted for inflation real GDP
quantities of a good or service that producers are willing and able to sell at different prices at a particular time supply
the difference between the amount supplied and the amount demanded when the asking price is greater than the market clearing price surplus
costs that change with the changing amounts of production variable cost
A government restriction placed on trade. embargo
AN 1848 declaration outlinedby Marx and Engels in which they called for the overthrow of capitalism. communist manifesto
Person who favours keeping things as they are, opposed to change exept for slow, cautious reforms. conservative
Political system which empasizes nationalism, militarism, anti-communist and totalitarian rule. Individuals are allowed to retain ownership of capital goods but are subject to centralized control fascism
Polictical system that power is divided among central and regional governments federalism
An open and frank approach introduced by Mikhail Gorbachev to solve USSR problems glasnost
An Absence of government action, especially in the realm of industry where trade well flurish best when there is a minimum amout of interference by the state in economic affairs laissez faire
Policies favouring reform and progress espically in government and economics liberal
An ideology in which class conflict is considered the main force of socail change marxism
Roosevelt's policy to involve the government in the economy for recovery from the depression in 1929 new deal
Rule by few influential members oligarchy
Restructuring of the political and economic institutions of the Soviet Union under Mikhail Gorbachev perestrokia
rule by people in this government power is held by the people using free electoral systems USA is a democracy democracy
a system were the nation is ruled by a king or a queen- power is pasted down through the ruling family monarchy
the nation is ruled by one political party (people are forced to do what the government tells them to do) totalitarian
educated wealthy people aristocracy
single unelected leader uses forces to keep control (army is in control of the nation) dictatorship
no government anarchy
A good that compliments or goes along with another good. complimentary good
Goods that can be used in place of each other. (ex: brand name vs. generic) substitute good
what does O.P.E.C do? it controls the quanity and price of oil
where are most of the O.P.E.C countries located? the middle east
Created by: misty66