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Econ Fin
Terms for econ final exam
| Question | Answer |
|---|---|
| Shortage | If demand exceeds supply |
| Monopoly | Industry controlled by a single seller |
| Installment Debt | for making large purchases and repaying them over time |
| laissez-faire | economic system in which the government minimizes its interference in the economy |
| exports | goods sold to other countries |
| capitol gain | increase the value of an asset between purchase and sell |
| commercial bank | institution whose main functions are to accept deposits, lend money, and transfer funds among banks, individuals, and businesses |
| Channels of distribution | routes by which goods are moved from producers to consumers |
| intellectual property | creations of a person’s intellect |
| e-commerce | business conducted over the Internet |
| bait and switch | deceptive advertising practice that attracts consumers with a low-priced product, then tries to sell them a higher-priced product |
| GDP (Gross Domestic Product) | total dollar value of all goods and services produced in a nation in a single year |
| multinational | company that does both business and has offices and factories in many countries |
| division of labor | breaking down jobs into task performed by different workers |
| min wage law | federal law that sets the min wage a employeer can pay |
| developing nation | nation with little industrial development and low standards of living |
| subsistence agriculture | raising just enough food for a family to take care of its own needs |
| world trade organization | worlds largest trade agreement |
| deflation | prolonged decline in prices |
| reserve requirement | percentage of banks deposits that bank needs to keep on hand |
| ATM | units that helps do their banking without the help of a banker |
| depression | major slowdown of economic activity during which millions of people are unemployed, many businesses fail, and the economy operates below capacity |
| debit card | card used to make cashless purchases |
| monetarist | say the fed should establish a fixed target rate of growth for the money supply |
| transfer of payment | social security payments are a form of this to achieve equality |
| time deposit | pay higher rate of interest than checking accounts |
| m2 | broader definition of the money supply than m1 |
| scarcity | arises because needs and wants are unlimited, but resources are limited |
| shortage | when demand exceeds supply |
| business cycle | the pattern of economic expansion and contraction |
| infant mortality | developing nations have large rates of this |
| equilibrium price | the price at which the quantity supplied exactly equals the quantity demanded |
| federal reserve | is responsible for the money supply |
| monopoly | an industry controlled by a single seller |
| factors of production | land, labor, capital, and entrepreneurship |
| making a trade off involves | sacrificing on product for another |
| inverse | a demand curve shows that the relationship between price and quantity purchased is |
| consumer price index | used to keep track if the econimy |
| government securities | what the fed reserve buys to increase money supply |
| anti trust laws | ensure fair competition |
| perfect competition | when workings of supply and demand control the market |
| Under a fractional reserve banking system, | banks that belong to the Federal Reserve System must keep some of their deposits on hand or deposit them with the Federal Reserve. |
| The production possibilities curve describes | all of the combinations of goods and services that can be produce by an economy. |
| In response to a drop in aggregate demand, a Keynesian would | increase government spending. |
| If demand for a product is very elastic, | a. quantity demanded will fall when the price rises. |
| global integration has come about because of | telecommunications |
| A commercial Bank is not | a thrift institution |
| fiscal policy | government spending and taxation to affect the economy |
| Alan Greenspan | chairman of the federal reserve in the 1990's |
| spending on stocks and bonds | not a transfer payment |
Created by:
j.walters
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