Term
|
Definition
| Social science that analyzes the choices people and governments make in allocating scarce resources. |
|
|
Term
|
Definition
| Study of small economic units, such as individual consumers, familes, and businesses. |
|
|
Term
|
Definition
| Study of a nation's overall economic issues, such as how an economy maintains and allocates resources and how a government's policies affect the standards of living of its citizens. |
|
|
Term
|
Definition
| Willingness and ability of sellers to provide goods and services. |
|
|
Term
|
Definition
| Willingness and ability of buyers to purchase goods and services. |
|
|
Term
|
Definition
| Cyclical economic contraction that last for six months or longer. |
|
|
Term
|
Definition
Relationship between the number of units produced and the number of human and other production inputs necessary to produce them. |
|
|
Term
|
Definition
| (GDP) Sum of all goods and services produced within a country's boundaries during a specific time period, such as a year. |
|
|
Term
|
Definition
| Rising prices caused by a combination of excess consumer demand and increases in the costs of raw materials, component parts, human resources, and other factors of production. |
|
|
Term
|
Definition
| Government actions to increase or decrease the money supply and change banking requirements and interest rates to influence bankers' willingness to make loans. |
|
|
Term
|
Definition
| Government spending and taxation decisions designed to control inflation, reduce unemployment, improve the general welfare of citizens, and encourage economic growth. |
|
|
Term
|
Definition
| Organixation's plan for how it will raise and spend money during a given period of time. |
|
|
Term
|
Definition
| A graph of the amount of a product that buyers will purchase at different prices. |
|
|
Term
|
Definition
| Shows the relationship between different prices and the quantities that sellers will offer for sale, regardless of demand. |
|
|
Term
|
Definition
| The prevailing market price at which you can buy an item. |
|
|
Term
|
Definition
| A market structure, like that of small-scale agriculture or fishing, in which large numbers of buyers and sellers exchange homogeneous products and no single participants has a significant influence on price. |
|
|
Term
|
Definition
| A market Structure, like that for retailing, in which large numbers of buyers and sellers exchange relatively well-differentiated (heterogeneous) products, so each participants has some control over price. |
|
|
Term
|
Definition
| A market situation in which relatively few sellers compete and high startup cost form barriers to keep out new competitors. |
|
|
Term
|
Definition
| A single seller dominates trade in a good or service for which buyers can find no close substitutes. |
|
|
Term
|
Definition
| Government controls determine business ownership, profits, and resource allocation to accomplish goverment goals rather than those set by individual businesses. |
|
|
Term
|
Definition
First Type of Planned Economy All property would be shared equally by the people of a community under the direction of a strong central government. |
|
|
Term
|
Definition
Second Type of Planned Economy Goverment ownership and operation of major industries such as healthcare and communications. |
|
|
Term
|
Definition
| Economic systems that draw from both types of economies, to different degrees. |
|
|
Term
|
Definition
| The inflation rate of an economy after energy and food prices are removed. |
|
|
Term
|
Definition
| When prices continue to fall. |
|
|
Term
| Consumer Price Index (CPI) |
|
Definition
| Measures the monthly average change in prices of goods and services. |
|
|
Term
Four Types of Unemployment |
|
Definition
1) Frictional - not working, but looking. 2) Seasonal - not working during some months, not looking. 3) Structural - not working due to no demand for skills. 4) Cyclical - not working due to economic, looking for job. |
|
|
