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Economics Final

QuestionAnswer
Socialism political and economic theory of that advocates that the means of production, distribution, and exchange should be owned or regulated.
Opportunity cost the loss of potential gain from other alternatives when one alternative is chosen
Scarcity a small and inadequate amount
need cannot avoid
want have desire, wish for
factors of production land,labor,capital
Insurance premium payment for insurance
good debt a payable debt
bad dept a dept that cannot be paid
fixed expense expenses that MUST be paid monthly
stock market a stock exchange
stock broker broker who buys and sells securities on a stock exchange on behalf of clients
savings account a bank account that earns interest
401(k) type of retirement plan
municipal bond security issued by or on behalf of a local authority
bull market market in which shares prices are rising
pension arrangement to provide people with an income
mutual fund progam funded by shareholders
complements a thing that completes or brings to perfection
substitution effect consumer choice is a theory of microeconomics that relates preferences to consumer demand curves
inelastic not elastic
elastic able to resume to its normal shape
demand insistent and peremptory request
supply make available to someone
microeconomics branch of economics
fixed cost periodic charge that does not vary with business volume
surplus to have leftovers after requirements are met
price floor lowest legal price that can be charged for a product
equilibrium price price where quantity supplied equals quantity demanded
monopolistic competition market structure having all conditions of pure competition except for identical products
oligopoly few large sellers dominate industry and have ability to affect prices
monopoly market structure characterized by single producer
collusion agreements, usually illegal, among producers to fix prices
negative externality harmful side effect that affects uninvolved third party
externality economic side effect that affects uninvolved third party
trade offs alternative that must be given up when once choice is made rather than another
parts of business cycle expansion and contraction
deflation decrease in the general level of prices
inflation increase in the general level of prices
depression state of economy where large number of people are unemployed
creeping inflation relatively low rate of inflation
Created by: rileyx420
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