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FBLA Economics
| Question | Answer |
|---|---|
| Axes | The fixed lines on a graph which carry the scales against which the coordinates are plotted |
| Balance of trade | A record of a country's exports and imports of goods and services |
| Board of directors | Individuals chosen by shareholders in a corporation to administer the affairs of the business |
| Capital | Usually used in the "real" sense in economics to refer to machinery and equipment, structures and inventories, that is, produced goods for use in further production Distinguished from "financial capital", meaning funds which are availa |
| Capital account | That part of the balance of payments accounts which records a country's lending and borrowing transactions |
| Capital goods | Unlike goods intended to be consumed, capital goods are used to produce other goods Machinery in a factory would be an example of capital goods |
| Capitalism | A system of economic organization characterized by the private ownership of the means of production, private property, and largely market |
| Central bank | An agency empowered by a government to manage a country's monetary and financial institutions, issue and maintain the domestic currency, and handle the official reserves of foreign exchange Primarily a "bank for banks." |
| Ceteris paribus | The Latin for "other things being equal." |
| Change in demand | An increase or decrease in the quantity demanded over a range of prices. Shown by a shift of the demand curve |
| Choice | Because wants are unlimited and resources are limited, all economies must choose which goods and services should be produced and in what quantities |
| Competition | In the general sense, a contest among sellers or buyers for control over the use of productive resources. Sometimes used as a shorthand way of referring to perfect competition, a market condition in which no individual buyer or seller has any significant |
| Competitive firm | A firm operating under conditions of perfect competition, a market condition in which no individual buyer or seller has any significant influence over price. A competitive firm is a price taker, responding to whatever price is established in the market fo |
| Constant dollars | Sometimes called "real dollars," to refer to price data which have been adjusted to remove the effect of changes in the general level of prices |
| Consumption | Spending to acquire consumer goods and services, or using up those goods and services to satisfy wants |
| Corporation | A legal entity formed to conduct business and possessing certain privileges not available to single proprietorships or partnerships, notably limited liability which confines the shareholder's possible losses to the amount paid to purchase shares in the bu |
| Current dollar | Values which have not been adjusted to remove the influence of changes in the general price level. |
| Deflation | A fall in the general level of all prices. The opposite of inflation |
| Depreciation | The using up or wearing out of capital goods |
| Deregulation | Reducing or eliminating government intervention to control particular market activities, especially of private firms. For example, removing price controls or monopoly privileges |
| Diminishing returns | The tendency for additional units of a productive factor to add less and less to total output when combined with other inputs which are to some degree fixed in quantity Combining more of a variable input, such as labour, with a given amount of some other |
| Disposable income | The income a person or household has left to dispose of after income tax has been deducted from personal income. Disposable income may either be spent on consumption or saved |
| Dissaving | If individuals or households spend more than their current income they are said to be dissaving |
| Entrepreneurship | The ability and willingness to undertake the organization and management of production As well as making the usual business decisions, entrepreneurship is often associated with the functions of innovating and bearing risks |
| Equity | May be used in either of two unrelated senses. In the context of income distribution theory, refers to an objective, goal or principle implying "fairness." In a financial context may refer to a share or portion of ownership |
| Exchange rate | The price of one country's currency in terms of another's |
| Firms | Economic entities which buy or employ factors of production and organize them to create goods and services for sale |
| Fiscal policy | The use by a government of its expenditures on goods and services and/or tax collections to influence the level of national income |
| Government spending | The total outlays by government on goods and services during some accounting period, usually a year. Government outlays such as welfare benefits to households, for example, are normally excluded from this amount on the grounds that they are merely transfe |
| Graph | A visual representation of a relationship between two variables, usually drawn to some specified scale |
| Gross Domestic Product (GDP) | The value of all the goods and services produced in an economy during some accounting period, usually a year |
| Gross National Expenditure (GNE) | The sum of all spending on consumption and investment plus government spending on goods and services and net exports (total exports minus imports) It is equivalent in value to GDP |
| Human capital | The stock of knowledge and acquired skills embodied in individuals |
| Indirect taxes | Taxes levied on a producer which the producer then passes on to the consumer as part of the price of a good Distinguished from direct taxes, such as sales taxes which are visible to the person who pays them |
| Inferior good | A good for which the demand decreases when income increases When a household's income goes up, it will buy a smaller quantity of such a good |
| Inflation | A general rise in the average level of all prices |
| Interest rate | The percentage rate which must be paid for the use of investable funds |
| Interest | The payment made for the use of funds to create capital goods with |
| Inventories | Stocks of goods in the hands of producers These stocks are included in the definition of capital and an increase in inventories is considered to be investment |
| Investing | Creating capital goods. Acquiring or producing structures, machinery and equipment or inventories |
| Involuntary unemployment | Unemployment caused by a deficiency in aggregate demand |
| Labor | The economically productive capabilities of humans, their physical and mental talents as applied to the production of goods and services |
| Laissez | faire |
| Land | All natural resources The "gifts of nature" which are economically useful |
| Law of demand | The inverse relationship between price and quantity of a good or service demanded |
| Liabilities | In general, debts owed by individuals or firms. In the case of commercial banks, their liabilities are largely in the form of what they owe their customers, that is, the total amount of deposits held |
| Macroeconomics | The branch of economic theory concerned with the economy as a whole. It deals with large aggregates such as total output, rather than with the behaviour of individual consumers and firms |
| Market demand | The relationship between the total quantity of a good demanded and its price |
| Market failure | Instances of a free market being unable to achieve an optimum allocation of resources |
| Markets | Any coming together of buyers and sellers of produced goods and services or the services of productive factors |
| Mercantilism | A body of policy recommendations designed to promote the development of the early nation states of western Europe in the 17th and 18th centuries. The emphasis was on utilizing trade to increase national wealth at the expense of the countries being traded |
| Monetary base | The same as "high |
| Monetary policy | The use of the central bank's power to control the domestic money supply to influence the supply of credit, interest rates and ultimately the level of real economic activity |
| Money | Anything generally acceptable in exchange Money serves a number of functions: it is a medium of exchange, it is used as a unit of account, and it can be used as a store of value In its latter use, it is an alternative to holding value in the form of goods |
| Monopoly | Strictly defined as a market situation in which there is a single supplier of a good or service, but often used to suggest any situation in which a firm has considerable power over market price |
| National income | The general term used to refer to the total value of a country's output of goods and services in some accounting period without specifying the formal accounting concept such as Gross Domestic Product |
| Natural increase | Growth of the population due to an excess of births over deaths |
| Natural monopoly | A market situation in which economies of scale are such that a single firm of efficient size is able to supply the entire market demand |
| Natural rate of unemployment | The rate of unemployment that would exist when the economy is operating at full capacity. It would be equal to the amount of frictional unemployment in the system |
| Net exports | The total value of goods and services exported during the accounting period minus the total value of goods and services imported |
| Net immigration | The total number of people leaving the country to take up permanent residence abroad minus the number of people entering the country for the purpose of taking up permanent residence |
| Net investment | Total investment during some accounting period minus the amount of depreciation during the same period |
| Partnership | An unincorporated business owned by two or more people |
| Per capita income | Total income divided by the size of the population |
| Price discrimination | The selling of a good or service at different prices to different buyers or classes of buyers in the absence of any differences in the costs of supplying it |
| Price | What must be paid to acquire the right to possess and use a good or service |
| Privatization | The selling |
| Profit | When a firm's revenues exceed its costs, profit is the difference between the two |
| Quota | A limitation on the amount of a good that can be produced or offered for sale domestically or internationally |
| Resources | All those things which can be used to produce economic satisfaction |
| Scarcity | The fact that human wants exceed the means of satisfying them |
| Shareholder | Owner of some fraction of the stock issued by a corporation |
| Single proprietorship | A form of unincorporated business in which there is only one owner |
| Size distribution of income | The distribution of income among groups of income recipients defined on the basis of the size of their incomes |
| Social cost | The real cost to society of having a good or service produced, which may be greater than the private costs incorporated by the producer in its market price |
| Tariff | A tax imposed on an imported good |
| Tort | In law, a private or civil wrong |
| Wages | The general term applied to the earnings of the factor of production, labour |
| Wants | The apparently limitless desires or wishes people have for particular goods or services |
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