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Econ Semester final
everything
111
Economics
12th Grade
05/09/2010

Additional Economics Flashcards

 


 

Cards

Term
what are the 3 economic questions
Definition
what how and from whom
Term
capital good
Definition
a product used in another good
Term
command economy
Definition
when the state/ gov. manages the economy
Term
consumer good
Definition
a good produced for final use
Term
durable good
Definition
a good lasting more than 3 years
Term
economic product
Definition
prodiced limited quantity
Term
factor market
Definition
ALL capitol goods
Term
what are the 3 factors of production
Definition
land, labor, and capitol goods
Term
free product
Definition
unlimited amounts
Term
define: good
Definition
products satisfying market needs
Term
who is John Keynes
Definition
adopted ideas of free markets and neoclassical economics
Term
market economy
Definition
when production, price, and distribution is controlled by the market
Term
mixed economy
Definition
both private and state ownership
Term
what's a non-durable good
Definition
a product lasting less than 3 years
Term
define opportunity cost
Definition
the benefit of your 2nd choice you are giving up
Term
how do you use opportunity cost in a sentence
Definition
"the opportunity cost of (1st choice) is the benefit of you (2nd choice)."
Term
paradox of value
Definition
critical to life
Term
product market
Definition
all consumer goods
Term
on a PPF model, what does it mean if a point moves but it's still on the line?
Definition
it means you are using all resources effently
Term
on a PPF model what does is mean if the new point is inside the line?
Definition
it means that there is insufficent use of your products
Term
how do you find opportunity cost
Definition
you subtract the new amount on the y axis from the old or lesser amount
Term
productivity
Definition
the anount of output per unit of input
Term
scarcity
Definition
unlimited wants vs. limited needs
Term
service
Definition
work done by a person or group that benefits another
Term
specialization
Definition
doing what you do best
Term
traditional economics
Definition
little use of money and low unemployment rate
Term
utility
Definition
usefullness of an item
Term
what are the 3 components of demand
Definition
desire, ability, and willingness
Term
change indemand
Definition
when a new quantity is demanded at every price
Term
how does a change in supply/demand look on a graph?
Definition
increase: shifts to the right
decrease: shifts to the left
Term
change in quantity demanded on a graph
Definition
the line moves up or down
Term
change in quantity supplied
Definition
a change in price
Term
change in supply
Definition
when a new quantity is supplied at every price
Term
elastic
Definition
quantity demanded or supplied is responsive to a change in price
Term
equillibrium
Definition
when supply and demand = eachother
Term
income effect
Definition
explaining why the price changed
Term
inelasic
Definition
not responsive to change in price
Term
law of demand
Definition
quantity demanded of an economic product varies with price
Term
law of supply
Definition
quantity supplied for an economic product varies directly with its price
Term
marginal utility
Definition
the extra usefulness derived from getting one more unit of product
Term
price celing
Definition
a limit on how high a price can change
Term
price floor
Definition
where prices are not allowed to fall below
Term
shortage
Definition
price is too low or quantity supplied is less than demanded
Term
substitution effect
Definition
the price of your good while a the price of a substitute is changing another good
Term
supply schedule
Definition
where (on a graph) values for goods are, and its quantity
Term
surplus
Definition
to high of supply and too little demand
Term
unit elastic
Definition
no change
Term
american stock exchange
Definition
900 companies, and the smallest exchange
Term
bar market
Definition
sellers outnumbering buyers
Term
bid
Definition
how much a buyer is willing to pay
Term
bond
Definition
given amount of money that can't be used until a certain time
Term
bull market
Definition
where buyers outnumber sellers
Term
capitalism
Definition
production and distribution are privately or coorporately owned
Term
cartel
Definition
a combination of independent buisness orgs. are formed to regulate production
Term
communism
Definition
gov. owns everything
Term
the crash of 1929
Definition
people put stocks on credit and didn't pay them back
Term
the crash of 1987
Definition
computers automatically sold stocks which caused a domino effect
Term
currency
Definition
ANY form of payment
Term
dividend
Definition
the part of earnings that's distributed to shareholders
Term
dow jones
Definition
a group of 30 blue chip stocks held on average
Term
federal reserve
Definition
the central banking system of the US
Term
monopolistic
Definition
where many competing producers sell products that are different
Term
monopoly
Definition
many buyers but one seller
Term
mutual fund
Definition
pooled money in stocks
Term
NASDAQ
Definition
5000 companies, all on computers, has the most companies
Term
near monies
Definition
money not directly exchangeable for goods but can be converted to cash
Term
NYSE
Definition
3000 companies, large companies
Term
offer
Definition
the lowest price any investor is willing to sell
Term
oligopoly
Definition
control of a commody is in the hands if a small number of producers
Term
primary market
Definition
issues new securities
Term
private good
Definition
not availible to everyone
Term
public
Definition
availible to the general public
Term
pure competition
Definition
large number of independent sellers of standardized products
Term
secondary market
Definition
sells previously used securities
Term
socialism
Definition
properity and money is controlled by the community
Term
spread
Definition
difference btwn. a bid and an offfer
Term
stock
Definition
partial ownership of a company but no say in it
Term
affirmative action
Definition
polices created to help non dominant groups
Term
aggregate demand
Definition
the demand and supply of macroeconomics
Term
what is the equation for aggregate demand
Definition
AD= C+I+G+X
Term
annually balanced budget
Definition
when revenue/ expendentures= eachother
Term
consumer price index
Definition
a commonly used measure of changes in the general price level
Term
cost push inflation
Definition
when inflation comes from a supply when production costs increase
Term
current GDP
Definition
calculated by using todays dollars
Term
cyclically balanced budget
Definition
when revenue/expenditures= eachother over a year
Term
deficit
Definition
gov. expenditureexceeds income from taxation
Term
demand pull inflation
Definition
when the realitive increase and the orice and quantity deoend on the slope
Term
disposible income
Definition
your income after tax deductions
Term
export
Definition
the shipping of a product outside of the region
Term
fed. gov. spending
Definition
human services, social sec., treasury, and dept. of defense
Term
functional distribution
Definition
distribution between groups in society who own different factors of production
Term
functional finance
Definition
to reach full employment without inflationary effects
Term
gross domestic product
Definition
the total market values of goods and services produced by workers
Term
gross income
Definition
TOTAL income before deductions
Term
import
Definition
goods from another country
Term
inflation
Definition
a general or progressive increase in prices
Term
labor force
Definition
all working people (16-65) who are working or want work
Term
local gov. spending
Definition
education and welfare
Term
monetary inflation
Definition
caused by changed supply/ demand conditions
Term
personal distribution
Definition
distribution among individuals families
Term
phillips curve
Definition
inverse relationship btwn inflation/ unemployment
Term
progressive tax
Definition
the higher the income the higher the % of tax
Term
quota
Definition
a perscribed # or share for a person to meet
Term
real GDP
Definition
measure of the size of an economy adjusted for price changes
Term
regressive tax
Definition
the lower your income the higher the % of taxes because it is set high
Term
revenue
Definition
the entire income before deductions
Term
specialization
Definition
members most suited for a specific activity
Term
state gov. spending
Definition
human services, transportation, and judicial
Term
tariff
Definition
a tax on imported goods
Term
transfer payment
Definition
$$ from the gov.
Term
unemployment
Definition
people ACTIVELY seeking jobs
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