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Chapter 1
N/A
48
Other
Not Applicable
01/06/2015

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Cards

Term
Business
Definition
Money Maker
Term
Goods
Definition
Stuff
Term
Standard of living
Definition
Best place to live with most for your wages
Term
Quality of life
Definition
Zurich? Vienna? Beauty is in the eye of the beholder. Moses Lake!
Term
Rish
Definition
Chance things will go wrong
Term
Revenue
Definition
Incoming earnings
Term
costs
Definition
Payments to create revenue
Term
Not for profit organization
Definition
Business hoping to have earnings equal costs to other goals are met
Term
Factors of production
Definition
Raw materials, workers, capital, guts,facts needed to make stuff and give help
Term
Entreprenuers
Definition
Gutsy people Smart risk takers
Term
Knowledge
Definition
Skills of workers
Term
Knowledge workders
Definition
Workers who manufacture or merchandise information
Term
Demography
Definition
Ages, sexes, interests of people who live in a particular town
Term
Technology
Definition
Technology
Term
Productivity
Definition
How much work a worker can get done in a set amount of time
Term
Economic system
Definition
Local situation, choices, laws, traditions availasble for business
Term
Capitalism
Definition
An economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, especially as contrasted to cooperatively or state-owned means of wealth.
Term
Communism
Definition
a system of social organization in which all economic and social activity is controlled by a totalitarian state dominated by a single and self-perpetuating political party.
Term
Socialism
Definition
a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole.
Term
Mixed Economics
Definition
an economic system combining private and public enterprise.
Term
Macroeconomics
Definition
Big picture of choices, nation, state, community
Term
Microeconomics
Definition
Little picture of choices, me, our family, my company
Term
Circular flow
Definition
Money, goods, and services to round and round
Term
Economic growth
Definition
Faster flow of goods and services
Term
Gross Domestic Product GDP
Definition
How much a business produces each year within a country
Term
Business Cycles
Definition
Changes in speed of flow
Term
Recession
Definition
Slowing down of flow
Term
Full Employment
Definition
Everybody who wants a job has one.
Term
Unemployment Rate
Definition
Math problem Total looking for a job/total working
Term
Frictional unemployment
Definition
Normal waiting time between jobs
Term
Structural unemployment
Definition
Regional mismatch of skills and jobs
Term
Cyclical unemployment
Definition
Business cycle caused unemployment
Term
Seasonal unemployment
Definition
Winter, Summer, Christmas
Term
Inflation
Definition
Rising prices of goods and services
Term
Purchasing Power
Definition
What your money will buy, compared to other times or places
Term
Demand-pull inflation
Definition
Too much money chasing too few goods, Price is bid up
Term
Cost-Push inflation
Definition
New union contract or materials cost forces a price hike
Term
CPI consumer price index
Definition
Same basket of goods and services is priced money after month. Base Data
Term
PPI producer price index
Definition
Same basket of goods and services is priced money after month. Base Data
Term
Monetary policy
Definition
Government efforts to control the amount of money in the economy
Term
The Fed (Federal Reserve System)
Definition
US Government setup to control monetary policy
Term
Contractionary policy
Definition
Cutting back on money in system
Term
Expansionary policy
Definition
Pumping money into the system
Term
Fiscal policy
Definition
Congress and the President's efforts to take money or give money
Term
Crowding Out
Definition
Government efforts to control the amount of money in the economy
Term
Federal budget deficit
Definition
Government giving more out than taxing in
Term
National debt
Definition
Accumulation of past deficits
Term
Savings Bonds
Definition
Way to loan small amounts to the government. You own part of the future.
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