Shared Flashcard Set

Details

Econ vocab unit 3
vocabular words for unit 3 of econ
60
Economics
12th Grade
01/25/2012

Additional Economics Flashcards

 


 

Cards

Term
Budget Deficit
Definition
When government's budget spends more than available revenue
Term
Budget Surplus
Definition
When government's budget is lower than available revenue
Term
Coincident Indicator
Definition
an economic indicator, as gross national product, that typically fluctuates in correlation with the total economy.
Term
Commercial Bank
Definition
One of the largest types of banks. Commercial Banks loan and transfer money, as well as make deposits.
Term
Credit Unions
Definition
A type of bank where the members own a share of the bank. perform same tasks as Commercial Banks, but the more one deposits, the bigger share they own
Term
Cost Push
Definition
A type of inflation where the cost of production pushes up prices but demand remains the same.
Term
Contraction
Definition
When business slows down; The negative slope on a Business Cycle between the peak and the trough
Term
Cyclical Unemployment
Definition
Unemployment caused by fluctuations in the business cycle
Term
CPI (Consumer Price Index)
Definition
an index of the changes in the cost of goods and services to a typical consumer, based on the costs of the same goods and services at a base period.
Term
Deficit Spending
Definition
Government's policy of spending more money that it has in revenue on programs.
Term
Debt Ceiling
Definition
The most debt the government is allowed to accumulate. This can be raised by Congress
Term
Demand-Side Economics
Definition
Government stimulation of the economy by increasing the aggregate demand
Term
Discount Rate
Definition
The interest rate charged by the Federal Reserve to its member banks
Term
Deregulation
Definition
The stripping away of government regulations
Term
Depression
Definition
A long term recession; In the Business Cycle, a deep, long lasting trough.
Term
Discouraged Workers
Definition
People that are apart of the work force but have stopped looking for work because of lack of work
Term
Deflation
Definition
Opposite of inflation; When prices drop and the economy is damaged.
Term
Demand Pull
Definition
A type of inflation where the demand for a product pulls the prices up
Term
Excise Tax
Definition
A tax on certain manufactured goods, usually luxury items
Term
Estate Tax
Definition
A tax on the assets of one who is deceased
Term
Easy-Money Policy
Definition
A policy where government pushes money out into the economy to stimulate growth. Is generally used during Expansion on the Business Cycle
Term
Expansion
Definition
When business grows; A growth in economy; On the Business Cycle, the positive slope going from a trough to a peak.
Term
Federal Budget
Definition
The Governments spending plan for the fiscal year.
Term
Fiscal Year
Definition
12 month financial period, not always matching to the calender year.
Term
Fiscal Policy
Definition
The policies on spending, taxing, and borrowing money.
Term
Federal Reserve System (FED)
Definition
The central bank of America; The bank for banks and government.
Term
Gold Standard
Definition
The old monetary system of the United States and much of the rest of the world where all currency was backed by an equal amount in gold.
Term
Government Regulation
Definition
Rules imposed by the government, usually on businesses and programs to keep them from cheating the economy
Term
GDP (Gross Domestic Product)
Definition
the total value of all goods and services produced domestically by a nation during a year. It is equivalent to gross national product minus net investment incomes from foreign nations
Term
Hyper Inflation
Definition
Extreme inflation
Term
Inflation
Definition
The increase in the average price of general products
Term
Income Gap
Definition
The difference in income between social classes; The amount of income inequality
Term
Leading Indicator
Definition
data that reflect current economic conditions and can suggest future developments or fluctuations in the nation's economy: issued, usually monthly, by the U.S. Bureau of Economic Analysis in the commerce Department.
Term
Lagging Indicator
Definition
A measurable economic factor that changes after the economy has already begun to follow a particular pattern or trend.
Term
Labor Productivity
Definition
The measure of how much each worker is producing
Term
Monetary Policy
Definition
Government's plan to influence the economy by expanding and contracting the money supply
Term
Macro economics
Definition
The study of whole economies
Term
Marginally Attached Workers
Definition
People of the work force who once held a job but have since given up on work
Term
National Debt
Definition
The total deficit over the years
Term
Nominal GDP
Definition
The GDP before being adjusted for inflation
Term
Prime Rate
Definition
Interest rate charge by banks to their best costumers
Term
Privatization
Definition
The process of moving a government (public) program to private management.
Term
Peak
Definition
Highest point of economic growth before the economy slows down; On a Business Cycle, the high point between expansion and contraction
Term
Personal Consumption Expenditures
Definition
Consumer purchases
Term
Price Index
Definition
A way to measure inflation. Examples are the CPI (consumer) PPI (producer) RPI (retail) and FPI (farmer)
Term
Poverty Threshold
Definition
Income line between poverty and middle class.
Term
Poverty Rate
Definition
The percent of people living in poverty
Term
Recession
Definition
When a decrease in the GDP lasts for 6 months; In the Business Cycle, it is a small trough.
Term
Real GDP
Definition
National GDP after being adjusted for inflation
Term
Real GDP Per Capita
Definition
A measure of the total output of a country that takes the gross domestic product (GDP) and divides it by the number of people in the country. The per capita GDP is especially useful when comparing one country to another because it shows the relative performance of the countries. A rise in per capita GDP signals growth in the economy and tends to translate as an increase in productivity.
Term
Supply-Side Economics
Definition
The believe that if you raise the supply of a product, the demand will raise as well, stimulating the economy.
Term
Savings and Loans
Definition
A type of bank that focuses primarily on saving and loaning money.
Term
Seasonal Unemployment
Definition
When a worker is unemployed because his job is only available during certain seasons, but will return to that job during the next season it is available. (i.e. forest fire fighters)
Term
Tax Incentive
Definition
Tax Breaks given to companies so they can use the money to expand and create more jobs.
Term
Tax
Definition
Money paid by an individual or company to the government. There are many kinds of taxes, including income tax, sales tax, and property tax.
Term
Tax Rate
Definition
The percentage of an individual's or companies revenue (income) goes to taxes
Term
Tight-Money Policy
Definition
The governmental policy of taking money out of circulation, making money more difficult to get but worth more. Generally used in the contraction stage of the business cycle.
Term
Trough
Definition
When the economy is at the lowest level before raising up again; The section of the Business Cycle between contraction and expansion
Term
Unemployment Rate
Definition
The percent of people in the work force who are unemployed
Term
Underemployed
Definition
When a worker is over qualified for a job
Supporting users have an ad free experience!