Term
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Definition
| the study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals |
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Definition
| the part of economics study that looks at the operation of a nation's economy as a whole |
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Definition
| the part of economics study that looks at the behavior of people and organizations in particular markets |
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Definition
| the study of how to increase resources and to create the conditions that will make better use of those resources |
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Term
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Definition
| a phrase coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefitsfor all |
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Term
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Definition
| an economic system in which all or most of the factors of production and distribution are privately owned and operated for profit |
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Definition
| the quantity of products that manufacturers or owners are willing to sell at different prices at a specific time |
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Term
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Definition
| the quantity of products that people are willing to buy at different prices at a specific time |
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Term
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Definition
| the price determined by supply and demand |
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Definition
| the degree of competition in which there are many sellers in a market and none is large enough to dictate the price of a product |
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Definition
| the degree of competition in which a large number of sellers produce very similar products that buyers nevertheless perceive as different |
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Term
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Definition
| a degree of competition in which just a few sellers dominate the market |
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Term
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Definition
| a degree of competition in which only one seller controls the total supply of a product or service, and sets the price |
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Term
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Definition
| an economic system based on the premise that some, if not most, basic businesses should be owned by the government so that profits can be more evenly distributed among the people |
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Term
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Definition
| the loss of the best and brightest people to other countries |
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Term
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Definition
| an economic and political system in which the government makes almost all economic decisions and owns almost all the major factors of production |
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Term
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Definition
| economic systems in which the market largely determines what goods and services get produced, who gets them, and how the economy grows |
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Term
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Definition
| Economic systems in which the government largely decides what goods and services will be produced, who will get them, and how the economy will grow |
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Term
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Definition
| economic systems in which some allocation of resources is made by the market and some by the government |
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Term
Gross Domestic Product
(GDP) |
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Definition
| the total value of final goods and services produced in a country in a given year |
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Term
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Definition
| the number of civilians at least 16 years old who are unemplyed and tried to find a job within the prior 4 weeks |
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Term
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Definition
| a general rise in the prices of goods and services over time |
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Term
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Definition
| a situation in which price increases are slowing (the inflation rate is declining) |
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Term
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Definition
| a situation in which prices are declining |
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Term
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Definition
| a situation when the economy is slowing but prices are going up anyhow |
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Term
Consumer Price Index
(CPI) |
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Definition
| monthly statistics that measure the pace of inflation or deflation |
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Term
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Definition
| the periodic rises and falls that occur in economies over time |
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Term
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Definition
| two or more consecutive quarters of decline in the GDP |
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Term
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Definition
| a severe recession, usually accompanied by deflation |
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Term
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Definition
| the federal government's efforts to keep the economy stable by increasing or decreasing taxes or government spending |
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Term
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Definition
| the sum of government deficits over time |
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Term
| Keynesian Economic Theory |
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Definition
| the theory that a government policy of increasing spending and cutting taxes could stimulate the economy in a recession |
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Term
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Definition
| the management of the money supply and interest rates by the Federal Reserve Bank |
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