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Something of monetary value owned by an individual or organization. |
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| referring to national budgets, it occurs when government spending is greater than government income in a given year. |
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| A period during which production or economic activity expands, then contracts for several quarters or more, and then expands again. |
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| a nation’s central bank that is established to regulate the money supply and oversee the nation’s banks. The Federal Reserve System is the central bank of the United States. |
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| something of value pledged by a borrower as security for a loan. |
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| an economy in which most economic issues or production and distribution are resolved through central planning and control. |
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| The ability of a producer or country to produce a good or service at a lower opportunity cost than some other producer or country. |
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| interest that is earned not only on the original sum but also on the interest accumulated. |
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| a report about a person’s credit history, including ability and willingness to repay debts. |
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| a sustained period of decrease in the average price level of all goods and services produced in the economy. |
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| the percentage increases in real output as measured by real GDP. |
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| a reasoning process that involves considering opportunity costs as well as benefits in making decisions. |
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| the price at which the quantity demanded by buyers equals the quantity supplied by sellers. |
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| resources required to produce the goods and services that people want, such as natural resources, human resources, capital goods and entrepreneurship. |
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| Federal Deposit Insurance Corporation |
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| decisions about spending and taxation levels by the federal government made to promote full employment and output or reduce inflation. |
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| the market value of all final goods and services produced in a country in a calendar year. |
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| payment made by individuals and corporations to the federal government based on earned and unearned income received. |
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| a rise in the general or average price level of the goods and services produced in an economy. |
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| an arrangement whereby a company provides a guarantee of compensation for specified forms of loss, damage, injury or death. People pay premiums to buy. |
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| the people in a nation who are 16 or over and are employed or actively looking for work. |
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| responsibility for a debt or payment. |
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| an economy that relies on a system of interdependent market prices to allocate goods, services, and productive resources. The American economy. |
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| changes in the supply of money and the availability of credit initiated by a nation’s central bank to promote price stability, full employment and reasonable rates of economic growth. |
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| the total amount owed by the national government to those from whom it has borrowed to finance the accumulated difference between annual budget deficits and annual budget surpluses. |
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| the current value of a person’s assets minus liabilities. |
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| the amount of output (goods and services) produced per unit of input. |
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| a decline in the rate of national economic activity, usually measured by a decline in real GDP for at least two consecutive quarters (six months) |
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| the fraction of a bank’s deposits that is required by law to keep on hand or with the Federal Reserve. |
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| the money a business receives from customers who buy its goods and services. |
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| an ownership share or shares of ownership in a corporation. |
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| a tax on an imported good or service. |
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| the idea that the dollar received in the future has less value than the dollar received today because a dollar received today can earn interest over time. |
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| an economy in which customs and habits from the past are used to resolve most economic issues of production and distribution. |
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| Diminish Marginal Utility |
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is the measurement of how changing one economic variable affects others.
Demand: is an economic principle that describes a consumer's desire and willingness to pay a price for a specific good or service. |
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| when a quantity consumers are willing and able to buy equals the quantity producers are willing and able to sell. Demand = supply |
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| the highest you can get paid. |
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| the minimum amount you can get paid. |
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| A lot of people want a product and there is not enough of the product to go around |
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| A relation showing the quantities of a good producers grew willing and able to sell at various prices during a given period. |
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| not To much stuff on a rack and people will not by it. So the prices go down. |
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