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Economics 101 Final

Economics with John Proctor: Easy A

QuestionAnswer
Inelastic demand Demand in which buyers are relattively unresponsive to changes in price.
Bumper Crop An unexpectedly large crop resulting from good growing conditions
Real Price Price adjusted for the effects if inflation. We do this when we consider price changes over time.
Agricultural Subsidies Government payments to agricultural producers
Concentration The domination of a market by a few large firms.
Target prices A program in which farmers are paid the differences between the target price and the market price.
Deficiency payments The target price minus the market price, multiplied by the number of units sold.
Trade balance The value of a nation's export minus its imports.
Trade deficit The amount by which a nation's trade balance is in defecit }(imports exceed exports)
Trade surplus The amount by which a nation's trade balance is in surplus (exports exceed imports)
Retaliation A situation in which one country responds to the trade restrictions of another country by imposing trade restrictions of its own.
Primary commodities unprocessed raw materials and agricultural producers
Declining terms of trade A decline in the value of a country's exports relative to the value of its imports
Trade Embargo Restrictions on trade with another country for political reasons.
North American Free Trade Agreement (NAFTA) A
Rationing function of price The ability of a flexible market price to clear the market of shortages and surpluses.
Programs to decrease supply Policies to reduce the amount produces and offered for sale.
Dumping Exporting goods at low prices, even below the cost of production
Exports The value of goods and services sold to foreigners
Imports The value of goods and services purchased from foreigners.
Absolute advantage A situation whereby a country can produce a good at a lower resource cost than another country.
Quota A restriction on the quanity of an imported good.
Tarrif A tax on an imported good.
Comparative advantage A situtation whereby a country can produce a good at a lower opportunity cosy than another country.
Consumption possibilities curve A curve that shows alternative combinations of the maximum amounts of two products that can be consumed within a country during a particular time period.
Structural unemployment Unemployment that results from structural changes in our wconomy, such as changes in demand or technology.
Cyclical Unemployment Unemploymenyt that result from a drop in economic activity in our economy as a whole?
Full employment A situation in which there is no cyclical unemployment; all unemployment is frictional or structural
Minimum Wage A legally imposed price (wage) for labor
Price Floor A legally imposed minimum price for a good or service
Earned Income tax credit (EITC) A federal income tax credit for low-income workers and families.
Inflation A rise in teh average price level
Deflation A decrease in the average price level
Consumer Price Index (CPI) A weighted average of the prices of a fixed basket of goods and services purchased by a typical urban household.
Cost-of-living adjustment (COLA) An adjustment that automatically increases incoes or benefits when the average price level rises.
Barter The direct exchange of goods and services for other goods and services rather than for money
Hyperinflation Extremely high inflation, whereby money becomes almost worthless
Purchasing Power The ability to buy goods and services
Menu Costs The costs associated with reprinting menus, revising cost schedules, adjusting telephones and vending machines, and so on, when inflation occurs.
Demand-pull inflation Inflation that occurs when any sectors of the economy increase their demand for goods and services.
Cost-push inflation Inflation that occurs as a result of increases in the costs of production
Profit-push inflation Inflation that occurs when bussinesses use market power to restrict output in order to push up prices and profits
Price Supports Legally imposed minimum prices of goods or services. Prices supports are specific examples of price floors.
Price Floors A legally imposed maximum price for a good or service
EURO Common currency used in Europe
GATT (General agreement on tarrifs and trade) International trade agreement, first negotiated in 1947, that included efforts to reduce tariff barriers among member countries of the orld. It is now replaced by the World Trade Org.
WTO (World Trade Org) Organization taht replaced the GATT in 1995 and ccontinues ro pursue GATT's agenda to reduce barriers to trade among member countries
Exchange Rate Price of one's country's currency in terms of another country's currency.
Flexible (Floating) exchange rate system A system whereby exchange rates are determenid on the basis of international demand and supply for a currency
Appreciate The value of ones country's currency increases relative to another country's currency
Depreiciate The value of one countrys currency decreases relative to another countrys currency
G-8
G-6
G-20
Macroeconomy The total economy
Macroeconomics Study of total economy
Microeconomics Study of individual aspects within the total economy
Recession A decline in a nations gross domestic product (output) associated with a rise in unemploymeny. Technically, there must be a decline in a real GDP for atleast 2 consecutive quarters.
Labor Force All people age 16 and older who are working for pay or actively seeking employment
Labor Force participation The ratio of the number os ppl in the labor force to the number of ppl age 16 or older in the population
Unemployment rate The percentage of th labor force that is unemployed
Unemployment person PERSON AGE 16 OR OLDER WHO IS ACTIVELY SEEKING A JOB AND IS UNABLE TO FIND ONE
Discouraged Worker Ppl who would like to work but have constantly been rejected that they have lost hope and have actively stopped looking.
Frictional Unemploymeny Temporary unempleyment caused by a normal time delay when a person seeks a first job, changes job, or reenters the labor force after an absence
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