Key terms for economics
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| economy | social science concerned with the way society chooses to make use of limited resources to produce goods and services for present and future consumption.
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| scarcity | an insufficient supply (shortage). This is a basic economic problems that arise because people have unlimited wants but resources are limited
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| market economy | an economic system in which economic decisions and pricing of goods and services are guided soley by natural force in our society such as competition
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| command economy | an economic resources and business activity are controlled by the government
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| revenue | the amount of money this is
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| bond | a debt investment in which an investor loans money to; last for a long time before you can use it
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| stock market | a market in which shares are issued and traded either through exchange or over the counter markets; provides companies we access to capital and investers w/o slice ownership of the company
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| stock | a share in ownership of a company
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| speculation | the process of selecting investments with a higher risk in order to profit from an anticipated price movement
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| consumer | an individual who buys products or services
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| consumer price index (CPI) | the measure that examines the weighted average of prices of a basket of consumer goods and services
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| labor | workers considered as a group
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| union | bargain with management to protect the interest of a group
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| unemployment | the total labor force that is unemployed but looking for a job
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| income | economic wealth that is generated in exchange for an individual's performance, or agreed upon activity or through investing capitol
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| wealth | the amount of money, valuable possessions, property or other riches
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| factory system | industrial manufacture of goods whereby each worker creates on piece or part of the overal finished goods
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| profit | the money made after paying for the cost of manufacture
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| debt | when someone owes; amount of money borrowed by one party from another
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| deficit | the amount by which expenses exceeded income
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| inflation | the rate at which the general level of prices for goods and services is rising and substantially purchasing power is failing
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| deflation | decline in prices caused by the reduction in the supply of money or credit
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| recession | a significant decline in activity across the economy; lasts longer than a few months
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| depression | a severe prolonged recession characterized by inefficient economic productivity, high unemployment, and falling price levels
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| gross domestic product (GDP) | basic measure of a country's overall economic performance
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