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| Inflation | a general increase in prices
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| Internal Revenue Service | Internal Revenue Service
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| microeconomics | The study of the economic behaviors and decision making of small units, such individuals, families, and businesses.
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| conglomerate | business combination merging more than three businesses that are unrelated
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| substitution effect | when consumers react to an increase in a goods price by consuming less and more of another good
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| goods | physical objects such as clothes or shoes
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| market economy | an economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
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| disposable personal income | Disposable Personal Income (DPI) is how much money a person has to spend after taxes and any other mandatory withholdings are taken from their paycheck.
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| a cooperative | a business organization owned and operated by a group of individuals for mutual benefit
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| expenditures | the action of spending funds.
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| financial/capital account | A financial account measures the increases or decreases in international ownership assets
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| human capital | the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.
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| Consumer Price Index CPI | a pric index determined by measuring the price of a standard group of goods meant t represent the typical "market basket" of a typical urban consumer
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| supply | a stock of a resource from which a person or place can be provided with the necessary amount of that resource.
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| Demand | the desire to own something and the ability to pay for it
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| elasticity | the ability of an object or material to resume its normal shape after being stretched or compressed; stretchiness.
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| liability | a person or thing whose presence or behavior is likely to cause embarrassment or put one at a disadvantage.
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| specialization | the concentration of productive efforts of individuals and firms on a limited number of activities
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| exchange | An exchange is a marketplace where securities, commodities, derivatives and other financial instruments are traded.
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| comparative advantage | the ability to produce a product most efficiently given all other products that could be produced
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| theory of rational expectations | In economics, "rational expectations" are model-consistent expectations, in that agents inside
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| demand curve | a graphic representation of a demand schedule
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| Losses and business failures | A business failure is one that closes with a financial loss to a creditor or one that is involved in court action such as receivership or reorganization.
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| the law of comparative advantage | The law of comparative advantage describes how, 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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| secondary effect | In effects research, primary effects are those which are immediate or more predictable while secondary effects are those which are subsequent or less predictable.
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| free market economy | The free market is an economic system based on supply and demand with little or no government control.
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| economics | the study of how people seek to satisfy thier needs and wants by making choices
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| scarcity | the state of being scarce or in short supply; shortage.
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| partnership | A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits.
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| needs | of necessity
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| conglomerate goods | A conglomerate is one very large corporation.
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| trade-offs | a balance achieved between two desirable but incompatible features; a compromise.
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| market equilibrium | Definition of market equilibrium – A situation where for a particular good supply = demand.
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| marginal utility | In economics, utility is the satisfaction or benefit derived by consuming a product; thus the marginal utility of a good or service is the change in the utility from an increase in the consumption of that good or service.
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| laissez-faire | abstention by governments from interfering in the workings of the free market.
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| fixed costs | business costs, such as rent, that are constant whatever the quantity of goods or services produced.
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| industrial union | industrial union; plural noun: industrial unions
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| central bank | a bank that can lend to other banks in time of need
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| federal budget | During FY2019, the federal government spent $4.45 trillion, up $338 billion or 7.1% vs. FY2018 spending of $4.11 trillion.
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| trust funds | A trust fund allows a person (the grantor) to set aside assets like cash, investments, real estate, and life insurance for the benefit of one or more beneficiaries.
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| municipal goods | Basic city services may include sanitation (both sewer and refuse), water, streets, the public library, schools, food inspection, fire department, police, ambulance, and other health department issues and transportation.
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| modified union shop | A company that has made an agreement with a labor union stating that current employees may choose to join the union or not, but all new employees will be required to become members.
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| Lorenz Curve | A Lorenz curve is a graphical representation of income inequality or wealth inequality developed by American economist Max Lorenz in 1905.
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| commodity money | Commodity money is money whose value comes from a commodity of which it is made.
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| macroeconomics | The study of the behavior and decision making of the entire economies
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| theory of negotiated wages | The theory of negotiated wages states that organized labor's bargaining strength is a factor that helps determines wages.
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| perfect competition | the situation prevailing in a market in which buyers and sellers are so numerous and well informed that all elements of monopoly are absent and the market price of a commodity is beyond the control of individual buyers and sellers.
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| Branch of the U.S. Treasury Dept. in charge of collecting taxes | The USDT collects all federal taxes through the Internal Revenue Service
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| Which capital markets are the stock market associated with? | Capital markets are composed of primary and secondary markets.
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| What will decreasing personal tax rates do? | With lower income tax rates, they would keep more of their gross income, so effectively they have more money to spend.
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| Why is is equilibrium present in a market? | Equilibrium is the state in which market supply and demand balance each other, and as a result prices become stable.
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| When will income and living standards of a nation increase? | GDP per capita only measures the income paid to those residing in the country's borders.
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| How does the government fund a project that creates jobs | It can take measures to create private-sector jobs by moving up investments that the public needs anyway
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| Why do banks choose to borrow directly from the Federal Government? | Commercial banks borrow from the Federal Reserve System (FRS) primarily to meet reserve requirements before the end of the business day when their cash on hand is low.
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Created by:
Christopher Boyd
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