Term
|
Definition
| the most desirable alternative given up as the result of a decision |
|
|
Term
|
Definition
| econmic system in which the central government makes all decision on the production and consumption of goods and services |
|
|
Term
|
Definition
| economic system that combies the free market with limited government involvement |
|
|
Term
|
Definition
| economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services |
|
|
Term
|
Definition
| the concept that people may decide what and when they want to buy and sell |
|
|
Term
|
Definition
| an economic system characterized by private or corporate ownership of capital goods |
|
|
Term
|
Definition
| economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets |
|
|
Term
|
Definition
| a social and political philosophy based on the belief that deomcratic means should be used to evenly distributed wealth thoughout a society |
|
|
Term
|
Definition
| a political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government |
|
|
Term
|
Definition
| economics law that states that consumers buy more of a good when its price decreases and less when its price increases |
|
|
Term
|
Definition
| the value of a foreign nations currency in terms of the home nations currency |
|
|
Term
|
Definition
| quanity of goods and service willing to be bought at certin prices by consumers |
|
|
Term
|
Definition
| tendency of suppliers to offer more of a good at a higher price |
|
|
Term
|
Definition
| a business owned and managed by a single individual |
|
|
Term
|
Definition
| the portions of corporate profits paid out to stockholders |
|
|
Term
|
Definition
| business combination merging more that three business that make unrelated products |
|
|
Term
|
Definition
| a market dominated by a single seller |
|
|
Term
|
Definition
| the use of government spending and revenue collection to influence the economy |
|
|
Term
|
Definition
| selling a product below which income is insufficient to suport families or households |
|
|
Term
|
Definition
| the total value of all final goods and services produced in a particular economy |
|
|
Term
|
Definition
| the combination of two or more firms involved in different stages of producing the same good or service |
|
|
Term
|
Definition
| a market structure in which a few large firms dominate the market |
|
|
Term
|
Definition
| the money in checking accounts |
|
|
Term
|
Definition
| the actions the Federal Reserve takes to influence the level of real GDP and the rate of inflation in the economy |
|
|
Term
|
Definition
| a tax for which the percentage of income paid in taxes increses as income increases |
|
|
Term
|
Definition
| the annual income earned by U.S-owned firms and U.S residents |
|
|
Term
|
Definition
| how much of a good all suppliers will offer at different prices |
|
|
Term
|
Definition
| an agreement among firms to change one price for the same good |
|
|
Term
|
Definition
| the combination of two or more firms competing in the same market witht the same good or service |
|
|
Term
|
Definition
| a market structure in which many companies seel products that are similar but not identical |
|
|
Term
| fraactrional reserve banking |
|
Definition
| a banking system that keeps only a fraction of funds on hand and lends out the remainder |
|
|
Term
|
Definition
| a tax for which the percentage of income paid in taxes decreases as the amount of income increases |
|
|
Term
|
Definition
| a decline in real GDP combined with a rise in the price level |
|
|
Term
|
Definition
| the ability to produce a product most efficiently given all the other products that could be produced |
|
|
