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GB101 Ch2
vocab
32
Business
Undergraduate 1
12/02/2008

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Term
Economics
Definition
The study of how society chooses to employ resources to product goods and services and distribute them for consumption among various competing groups and individuals
Term
Macroeconomics
Definition
The part of economics that looks at the operation of a nation’s economy as a whole
Term
Microeconomics
Definition
The part of economics that looks at the behavior of people and organizations in particular markets
Term
Resource Development
Definition

The study of how to increase resources and to create the conditions that will make better use of those resources.

Term
Invisible Hand
Definition
A phrase coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefits for all.
Term
Capitalism
Definition
An economic system in which all or most of the factors of production and distribution are privately owned and operated for profit
Term
Supply
Definition
The quantity of products that manufacturers or owners are willing to sell at different prices at a specific time
Term
Demand
Definition
The quantity of products that people are willing to buy at different prices at a specific time
Term
Market Price
Definition
The price determined by supply and demand
Term
Perfect Competition
Definition
The market situation in which there are many sellers in a market and no seller is large enough to dictate the price of a product
Term
Monopolistic Competition
Definition
The market situation in which a large number of sellers produce products that are very similar but that are perceived by buyers as different
Term
Oligopoly
Definition
A form of competition in which just a few sellers dominate the market
Term
Monopoly
Definition
A market in which there is only one seller for a product or service
Term
Socialism
Definition

An economic system based on the premise that some, if not most, basic businesses should be owned by the gov't so that profits can be evenly distributed among the people

Term
Brain Drain
Definition
The loss of the best and brighest people to other countries
Term
Communism
Definition
An economic & political system in which the state (gov't) makes almost all economic decisions and owns almost all the major factors of production
Term
Free-Market Economies
Definition
Economic systems in which the market largely determines what goods and services get produced, who gets them, and how the economy grows
Term
Command Economies
Definition
Economic systems in which the gov't largely decides what goods & services will be produced, who will get them, and how the economy will grow
Term
Mixed Economies
Definition
Economic systems in which some allocation of resources is made by the market & some by the gov't
Term
Gross Domestic Product
Definition
The total value of final goods & services produced in a country in a given year
Term
Unemployment Rate
Definition
The # of civilians at least 16 years old who are unemployed and tried to find a job within the prior 4 weeks
Term
Inflation
Definition
A general rise in the prices of goods and services over time
Term
Disinflation
Definition
A situation in which price increases are slowing (the inflation rate is declining)
Term
Deflation
Definition
A situation in which prices are declining
Term
Consumer Price Index
Definition
Monthly statistics that measure the pace of inflation or deflation
Term
Producer Price Index
Definition
An index that measures prices at the wholesale level
Term
Business Cycles
Definition
The periodic rises and fails that occur in all economies over time
Term
Recession
Definition
2 or more consecutive quarters of decline in the GDP
Term
Depression
Definition
A severe recession
Term
Fiscal Policy
Definition
The federal govt's efforts to keep the economy stable by increasing or decreasing taxes or gov't spending
Term
National Debt
Definition
The sum of gov't deficits over time
Term
Monetary Policy
Definition
The management of the money supply and interest rates
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