Study Guide
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | Inflation is a quantitative measure of the rate at which the average price level of a basket of selected goods and services in an economy increases over a period of time
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| Branch of the U.S. Treasury Dept. in charge of collecting taxes | show 🗑
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| Microeconomics | show 🗑
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| conglomerate | show 🗑
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| substitution effect | show 🗑
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| goods | show 🗑
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| market economy | show 🗑
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| show | is the amount of money that households have available for spending and saving after income taxes have been accounted for.
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| a cooperative | show 🗑
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| show | The action of spending funds.
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| financial/capital account | show 🗑
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| show | economic value of a worker's experience and skills. This includes assets like education, training, intelligence, skills, health, and other things employers value such as loyalty and punctuality
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| Consumer Price Index (know how it works) | show 🗑
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| supply & demand (be able to read and understand a supply & demand chart) | show 🗑
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| show | elasticity is the measurement of the proportional change of an economic variable in response to a change in another. It shows how easy it is for the supplier and consumer to change their behavior and substitute another good,
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| liability | show 🗑
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| show | Modern economies, whether capitalistic or socialistic, whether fully developed or not, are characterized by specialization of the means of production and by exchange of goods and services. common form of specialization is that of labor.
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| comparative advantages | show 🗑
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| show | when making decisions, individual agents will base their decisions on the best information available and learn from past trends.
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| Which capital markets are the stock market associated with | show 🗑
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| show | With lower income tax rates, they would keep more of their gross income, so effectively they have more money to spend. Higher economic growth.
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| show | a demand curve is a graph depicting the relationship between the price of a certain commodity (the y-axis) and the quantity of that commodity that is demanded at that price (the x-axis).
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| show | When the supply and demand curves intersect, the market is in equilibrium. This is where the quantity demanded and quantity supplied are equal.
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| show | Loss of revenue; lost income and a declining customer base may be due to circumstances beyond a businesses control, such as the current economic climate
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| show | The law or principle of comparative advantage holds that under free trade, an agent will produce more of and consume less of a good for which they have a comparative advantage.
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| show | jobs are protected and total employment expands.. One of the most important factors that will affect that is the availability of income resources (JOBS), and of course the continuity of this source.
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| show | Tax cuts create jobs by giving money to consumers and businesses. Discretionary spending creates jobs by directly hiring workers, sending contracts to businesses to hire workers, or increasing subsidies so that they don't have to lay off workers.
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| secondary effect | show 🗑
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| show | The free market is an economic system based on supply and demand with little or no government control. Based on its political and legal rules, a country's free market economy may range between very large or entirely black market.
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| Why do banks choose to borrow directly from the Federal Government? | show 🗑
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| show | economics is the study of how society uses its limited resources. Economics is a social science that deals with the production, distribution, and consumption of goods and services
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| scarcity | show 🗑
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| partnership | show 🗑
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| needs | show 🗑
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| conglomerate goods | show 🗑
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| show | trade off is an exchange where you give up one thing in order to get something else that you also desire. An example of a trade off is when you have to put up with a half hour commute in order to make more money.
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| show | Microeconomics is the study of individuals, households and firms' behavior in decision making and allocation of resources. It generally applies to markets of goods and services and deals with individual and economic issues.
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| market equilibrium | show 🗑
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| show | quantifies the added satisfaction that a consumer garners from consuming additional units of goods or services. The concept of marginal utility is used by economists to determine how much of an item consumers are willing to purchase.
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| laissez-faire | show 🗑
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| fixed cost | show 🗑
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| show | Industrial union, trade union that combines all workers, both skilled and unskilled, who are employed in a particular industry. At the heart of industrial unionism is the slogan “one shop, one union.” Industrial union. Organized labour.
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| show | A central bank, reserve bank, or monetary authority is an institution that manages the currency, money supply, and interest rates of a state or formal monetary.
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| federal budget | show 🗑
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| trust funds | show 🗑
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| municipal bond | show 🗑
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| modified union shop | show 🗑
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| show | the Lorenz curve is a graphical representation of the distribution of income or of wealth. It was developed by Max O. Lorenz in 1905 for representing inequality of the wealth distribution.
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| commodity money | show 🗑
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| show | Macroeconomics is the branch of economics that studies the behavior and performance of an economy as a whole. It focuses on the aggregate changes in the economy such as unemployment, growth rate, gross domestic product and inflation.
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| show | The theory of negotiated wages states that organized labor's bargaining strength is a factor that helps determines wages. A strong union, for example, may have the power to force higher wages on some firms.
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| Perfect Competition | show 🗑
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| Internal Revenue Service | show 🗑
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| task cards | show 🗑
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| Isjsjjs | show 🗑
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