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Final Exam for Macro Econ
2009.02 Winter Tri
22
Economics
12th Grade
02/25/2009

Additional Economics Flashcards

 


 

Cards

Term
Economics
Definition
The study of how society chooses to allocate scarce resources, produce goods and services, and distribute them to members of the society
Term
Scarcity
Definition
The concept that resources are limited
Term
Competition
Definition
The effect of two or more companies, acting individually, to ensure the business of the third party by offering the most favorible plan
Term
Complementary Goods
Definition
Products of services that are used in conjunction, or jointly, with each other.
Term
Substitute Good
Definition
Another alternative thing to choose to satisfy the consumer
Term
Demand
Definition
The quantity that the buyers are able and willing to purchase within a certain range of price
Term
Elasticity
Definition
The amount of change in price in relationship to the change in quantity
Term
Utility
Definition
satisfaction
Term
Margin
Definition
extra
Term
Total Revenue
Definition
a firm's total receipts from the sale of its product
Term
Capital Goods
Definition
Human-made items used to produce and deliver goods and sevices
Term
Labor
Definition
all productive people and their efforts to produce goods and services
Term
Equilibrium Price
Definition
the price that equates the quantities supplied and demanded in a market
Term
Capital
Definition
extra money
Term
externality
Definition
The effects on the other parties in the same group caused by the trading two parties
Term
Human Capital
Definition
knowledge, education and know how for a person to get an occupation to provide goods and services
Term
Marginal Revenue Product
Definition
extra revenue generated when a firm hires one more worker
Term
Gross Domestic Product
Definition
dollar value of all new and final goods and sevices produced within the boundaries of a country in one year
Term
Absolute Poverty
Definition
poverty as defined by a specific dollar figure selected by government
Term
Relative poverty
Definition
A percentage that falls below the national average income
Term
Average Effective Tax Rate
Definition
the tax owed on an additional dollar of income as imcome increases
Term
Transfer Payments
Definition
expenditures by government to people and firms for which there is no corresponding contribution to output
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