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PRAXIS ECON
| Question | Answer |
|---|---|
| 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
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