Question | Answer |
Business Cycle | Natural fluctuation over time of business activity. |
Deflation | Prolonged decline in price. |
Inflation | Prolonged raise in price. |
Exports | Goods sent out of country |
GDP | Final value of all products and services. |
Economoic Indicators | Signs of economic ups and downs. |
FDIC | Federal Deposit Insurance Corporation |
Monetary Tools | Changing reserve and discount rate |
Reserve Requirement | Amount banks must keep physically backed up on site. |
Monetary Policy | Changing the rate of growth or losses in economy. |
Social Security | Fed program providing monthly payments to the elderly. |
Externalities | An economic side-affect |
WElfare | Aid provided to those out of or unable to work. |
Fiscal Policy | Govt. use of taxes to affect business |
Deman Pull Inflation | Price rises due to excessive business |
Cost Push Inflation | Excessive profit drives up price |
Comparrative andvantage | Producing a product at a lower opportunity cost than a competitor. |
Trade Deficit | Debt on account of trade. |
Specialization | Producing products a country is best suited for. |
Absolute Advantage | A country has all advantages over production of a product. |
Oligopoly | Industry controlled by a few suppliers. |
Ant-trust Laws | Laws made to bust trusts during the era of big business. |
Channels of Distribution | Means by which a good or product is circulated through the conomy. |
Utility | The satisfaction from a good or service. |
Minimum Wage | 7.25 The least amount you can legally pay someone. |
Aggregate Demand | Total quantity of goods and services demanded |
Consumer Price Index | Measures change in price over time |
Transfer Payment | Welfare and other supplementary payments. |
Depression | An economic low point or "trough." |