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Economics Final
| Question | Answer |
|---|---|
| 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 |
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