Term
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Definition
| A direct trade for goods or services |
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Term
| Agency for International Development |
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Definition
| Independant government agency that conducts foreign assistance and humanitarian aid to advance the political and economic interests of the United States |
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Term
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Definition
| The total demand of all people for all goods and services produced in an economy |
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Term
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Definition
| Total supply of all goods and services in an economy |
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Term
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Definition
| Demand for money in order to hold wealth in the form of money |
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Term
| Barriers to economic development |
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Definition
| Economic, social, and political characteristics that prevent an economy from developing |
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Term
| Benefit Principle of Taxation |
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Definition
| The concept that those who benefit from spending tax dollars should pay the taxes to provide the benefits |
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Term
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Definition
| A group that supervises the Federal Reserve System |
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Term
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Definition
| sources of investing in big business |
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Term
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Definition
| A certificate stating the amount the corporation has borrowed from the holder, and the terms of repayment |
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Term
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Definition
| To abstain from or act together in abstaining from using, buying, or dealing with as an expression of protest or disfavor or as a means of coercion |
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Term
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Definition
| The amount by which federal government spending exceeds revenues each year |
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Term
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Definition
| The occupation, work, or trade in which a person is engaged |
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Term
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Definition
| Gods that ar produced and can be used as inputs for further producion |
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Term
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Definition
| A chosen pursuit; a profession or occupation |
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Term
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Definition
| One of a number of rtail stores under the same ownershio and dealing in the same merchandise |
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Term
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Definition
| Legal authorization to organize a business as a corporation |
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Term
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Definition
| The total nmber of people in the working age group (16 years and over) who are either employed or actively seeking work |
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Term
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Definition
| AN office where banks exchange checks and drafts and settle accounts |
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Term
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Definition
| The process of having the union negotiate with management to determine the terms of employment for all workers rather than having each worker negotiate seperately |
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Term
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Definition
| The situation of firms acting together rather than seperately |
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Term
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Definition
| Economic system that relies on central planners in the government to determine basic economic goals |
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Term
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Definition
| A tupe of financial institution that was originaly formed to serve businesses, but now provides a large number of financial services to both business customers and individuals |
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Term
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Definition
| A tupe of financial institution that was originaly formed to serve businesses, but now provides a large number of financial services to both business customers and individuals |
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Term
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Definition
| AN economic unit, typically formed of nations, intended to eliminate or markedly reduce trade barriers among its members |
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Term
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Definition
| Broad term used to describe many types of non-capitalist economic systems in which the government owns all or part of the means of the production |
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Term
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Definition
| Broad term used to describe many types of non-capitalist economic systems in which the government owns all or part of the means of the production |
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Term
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Definition
| THe principle that a countryh benefits from specializing in the production at which it is most efficient |
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Term
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Definition
| A rivalry between two or more parties to gain benefits from a third party |
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Term
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Definition
| A firm made up of many divisions and/or subsidiaries that may not have much in common in their lines of business |
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Term
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Definition
| The value of gross domestic product after taking out the effect of price changes |
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Term
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Definition
| Items that are made for final consumption |
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Term
| Consumer Price Index (CPI) |
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Definition
| Nmber used to calculate changes in the average level of prices for a number of items typically bought by urban families |
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Term
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Definition
| Expenditures by consumers on final goods and services |
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Term
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Definition
| An organization of people legally bound together by a charter to conduc some type of business |
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Term
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Definition
| Rise in the general level of prices caued by increased costs in making and selling goods |
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Term
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Definition
| Finacial Intermediary formed around something that its members have in common |
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Term
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Definition
| THe effect on private businesses when increased government borrowing raises interest rates and reduces private borrowing |
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Term
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Definition
| Unemployment resulting from too low a level of aggregate demand |
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Term
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Definition
| A conclusion or judgment reached or pronounced; a verdict |
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Term
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Definition
| Government policy of appropriating more money for its programs than it is able to cover form revenues |
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Term
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Definition
| A decline in the average level of prices |
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Term
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Definition
| The quantitis of a good that consumers are willing and able to purchase at various prices during a given period of time |
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Term
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Definition
| Money taht must be paid upon demand by the holder of the check |
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Term
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Definition
| A rise in the general level of prices caused by too high a level of aggregate demand in relation to aggregate supply |
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Term
| Deposit expansion multiplier |
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Definition
| The number that expresses the relationship between a change in bank reserves and the change in the money supply |
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Term
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Definition
| A severe and prolonged decline in the level of economic activity |
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Term
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Definition
| Reducing the price of a product by a certain rate |
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Term
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Definition
| the income that is left after deducting tax payments |
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Term
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Definition
| The way something is spread among the members of a society |
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Term
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Definition
| Variety of investments combining several investment goals: security, high yield and growth |
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Term
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Definition
| /Part of corporation's income paid to its stockholders |
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Term
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Definition
| An economy in which a modern market economy exists side by side with a primitive subsistence exonomy |
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Term
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Definition
| The change in the level ofeconomic activity from one year to another |
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Term
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Definition
| The combination of social and individual decision making a society uses to answer the three economic questions |
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Term
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Definition
| THe social science that deals with how society allocates its scarce resources among its unlimited wants and needs |
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Term
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Definition
| The percentage or number of people employed |
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Term
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Definition
| States that the federal government should take responsibility for full employment, price stability, and economic growth |
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Term
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Definition
| A group of European countries that have joined together and agreed on ways to improve trade among themselves |
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Term
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Definition
| The difference between actual reserves and required reserves |
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Term
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Definition
| The rate at which one kind of money can be traded for anothe |
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Term
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Definition
| The princile that one person can keep otghers from benefiting from a private good |
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Term
| Expansionary Fiscal Policies |
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Definition
| Cause the economry to run more rapidly primarily by increasing aggregate demand |
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Term
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Definition
| THe part of the national debt that is owned to people or governments outside the United States |
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Term
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Definition
A cost or benefit passed on the poeple not directly involved in a transaction
Positive Ex. Nice Neighborhood
Negative Ex. Pollution |
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Term
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Definition
| A system of government marked by centralization of authority under a dictator, stringent socioeconomic controls, suppression of the oposition through terror and censorshio, and typically a policy of belligerent nationalism and racism |
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Term
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Definition
| Item that has value because a government decree states that it has value |
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Term
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Definition
| An institution that collects funds and invests them in financial assets |
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Term
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Definition
| An organization tha helps the flow of money from people with money |
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Term
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Definition
| The changing of federal government spending and taxxes in order to control the level of economic development |
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Term
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Definition
| Income that is set and does not changed from year to year |
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Term
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Definition
| A comprehensive plan that set the economic goals for a five-year period |
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Term
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Definition
| System in which the laws of supply and demand are allowed to set the prices, or exchange rates, of each kind of money |
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Term
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Definition
| Money that more advanced countries provides to help LDC's in their economic development |
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Term
| Fractional Reserve Banking System |
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Definition
| System that requires banks to keep some fraction of their deposits in the form of reserves |
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Term
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Definition
| Economic System inwhich business is conduct with only limited government intervention |
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Term
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Definition
| Unemployment of people who are temporarily between jobs |
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Term
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Definition
| Employment of above 95% of the labor force |
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Term
| Funciontal Distribution of Income |
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Definition
| The way in which income is divided by economic funcions |
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Term
| General Agreement on Tariffs and Trade (GATT) |
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Definition
| Agreement that gave broad international support to improving trade among countries |
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Term
| Gross Domestic Product (GDP) |
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Definition
| The total dollar value of all final goods and services produced by resources located in the United States (regardless of who owns them) during onyear's time |
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Term
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Definition
| System in which each nation sets the value of its money in terms of a certain amount of gold |
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Term
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Definition
| The chief planning organ responsible for incorporating science and technology in the economic plan; it was also reponsible for ensuring a correct balance among the different branches of the economy, speeding the growth of the national income, and raising the level of efficiency in production |
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Term
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Definition
| Services a government provides for its citizens; ex. Police Force, Fire Department, Social Security, and Courts |
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Term
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Definition
| An actual or supposed circumstance regarded as just cause for complaint |
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Term
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Definition
| People who work or are able to work |
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Term
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Definition
| The way national income is divided among households in the economy |
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Term
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Definition
| Levy based on an individual's income including wages or salaries, interest, dividends, and tips |
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Term
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Definition
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Term
|
Definition
| A rise in the average level of prices |
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Term
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Definition
| A court order to stop someone form doing something or to make someone do something |
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Term
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Definition
| National or international organization of manufacturers or taraders allied by agreement to fix prices, limit supply, divide markets, or to fix quotas for sales, manufacture, or division of profits among the member firms. In that it often has international scope the cartel is broader than the trust, and in that it carries on manufacture it differs from the speculative corner or ring. The existence of cartels is in opposition to classic theories of economic competition and the free market, and they are forbidden by law in many nations |
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Term
| International Monetary Fund |
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Definition
| A bank established to promote economic cooperations by maintaining an orderly system of world trade and exchange rates |
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Term
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Definition
| Voluntary exchange of goods and services of people in different nations |
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Term
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Definition
| An increas in the amount of productive capital in an economy |
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Term
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Definition
| Founder of modern communism; wrote the Commnist Manifesto with Engels in 1848; wrote Das Kapital in 1867 (1818-1883) |
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Term
|
Definition
| Experts in economics who favor governments action to combat unemployment and sluggish economy |
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Term
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Definition
| The human factore of production |
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Term
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Definition
| Organization of workers formed to give workers greater bargaining power in their dealings with management |
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Term
|
Definition
| A business that agrees to hire only those who are members of the union |
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Term
|
Definition
| Business or factory in which workers are employed without regard to union membership |
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Term
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Definition
| A business that requires workers to join a union shortly after taking a job |
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Term
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Definition
| Strike in which strikers stay inside of a factory, etc., refusing to work or leave until demands are met |
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Term
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Definition
| An unauthorized work stoppage while a labor contract is still in effect |
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Term
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Definition
| a broad measure representing all the basic natural resources that contribute to production |
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Term
| Legal Reserve Requirement |
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Definition
| The sum of money that a bank or an insurance company is required by law to set aside as security |
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Term
|
Definition
| That currency, or money, in which the law authorizes a debtor to tender the requires a creditor to receive |
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Term
| Less-developed country(LCD) |
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Definition
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Term
|
Definition
| Debt or amount of money owed by a business |
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Term
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Definition
| Official or legal permission to do or own a specified thing |
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Term
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Definition
| THe curve that relates the cumulative proportion of income received (along a vertical axis) to the cumulative proportion of families or other income-receiving units |
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Term
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Definition
| The study of the overal aspects workings of a national economy, among diverse economic sectors |
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Term
| Macroeconomic equilibrium |
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Definition
| When aggregate demand intersects with short run aggregate supply |
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Term
| Marginal private benefit (MPB) |
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Definition
| private benefit from one additional unit a good or service |
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Term
| Marginal private cost (MPC) |
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Definition
| Cost incurred solely by manufacturer: the additional cost that is incurred by the producer through the production or use of a single extra unit |
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Term
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Definition
| An economy in which the economic questions are decide dmostly by indivuduals in the market place |
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Term
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Definition
| A United States program of economic aid for the reconstruction of Europe |
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Term
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Definition
| A bank that is a member of the Federal Reserve System |
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Term
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Definition
| THe combining of one company with another it buys |
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Term
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Definition
| A law that sets the standard amount for minimum wage |
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Term
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Definition
| Economic systemt hat commands parts of the pure market and pure command models |
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Term
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Definition
| Any item people commonly accept in exchange for goods or services |
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Term
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Definition
| Policy of central bank: a government's or central bank's policy for control of the amount of currency available and the rate at which people can borrow money |
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Term
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Definition
| Policy of the Feeral Reserve the causes the money supply to increase |
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Term
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Definition
| A policy of the Federal Reserve that causes money supply to decrease |
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Term
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Definition
| The price paid for use of money |
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Term
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Definition
| The way national income is divided among households in the economy |
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Term
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Definition
| Interest rate that banks pay to borrow from the federal Reserve System |
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Term
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Definition
| The interest rate paid on corporate bonds |
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Term
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Definition
| The central banking system in the united states |
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Term
|
Definition
| The interest rate that banks pay to borrow from each other on a short-term basis |
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Term
| Federal Deposit Insurance Corporation (FDIC) |
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Definition
| The agency that insures deposits of individuals and businesses for up to $100,000 in the event of a bank failure |
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Term
|
Definition
| A piece of paper money (especially one issued by a central bank) |
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Term
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Definition
| Market with similar but distinct products: a market structure in which a large number of companies sell products that ar similar but with distinguishing features |
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Term
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Definition
| Form of market organization in which there is only one seller of a product |
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Term
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Definition
| A market situation in which the product or service of several sellers is sought by only one buyer |
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Term
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Definition
| A state-chartered savings bank owne by ites depositors and managed by a board of trustees |
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Term
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Definition
| The amount of money the federal government owes |
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Term
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Definition
| Process by which a government assumes ownership and control of a business or property after compensating the former owner |
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Term
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Definition
| The total raw materials supplied by nature |
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Term
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Definition
| Assets such as saving accounts and time deposits which are not usually considered part of the nations money supply |
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Term
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Definition
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Term
|
Definition
| A form of market organization in which there are a relatively few firms |
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Term
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Definition
| The value of any alternative that you must give up when you make a choice |
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Term
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Definition
| A typ of business organization in chich there are two or more owners |
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Term
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Definition
| Federal Government organization, set up in 1961, that trains and sends American volunteers abroad to work with people of developing countries on projects for technological, agricultural, and education improvement |
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Term
|
Definition
| The average income per person |
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Term
| Personal Distribution of Income |
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Definition
| How income is shared among people in our society |
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Term
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Definition
| U.S. foreign aimed at providing technological skills, knowledge, and equipment to poor nations throughout the world. The program also encouraged the flow of private investment capital to thes nations |
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Term
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Definition
| The condition in which people do not have income to provide for their basic needs, such as food, clothing, and shelter |
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Term
|
Definition
| The amount paid fora good or service |
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Term
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Definition
| Government regulation that inhibits falling below a certain level (graph) |
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Term
|
Definition
| Government regulation that prohibits from rising above a certain level (graph) |
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Term
|
Definition
| Government policies forcing prices above or below what they would be in a market economy |
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Term
|
Definition
| the interest rate that banks charge their best corporate customers |
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Term
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Definition
| Person who makes the goods and provides the services that satisfy a consumer's wants and needs |
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Term
|
Definition
| The act or process of producing |
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Term
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Definition
| the concept that the product of one firm can be distinguished form the products of other firms |
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Term
| Production possibilities curve |
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Definition
| Graph showing all possible combinations of two goods or services that can be produced within a given time (graph) with constant production |
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Term
|
Definition
| The idea that we should limit internatonal trade to protect our own self-interest |
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Term
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Definition
| total revenue minus total cost "including opportunity cost" |
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Term
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Definition
| profits as accountants record them as based on actual cash receipts and actual expenditures of cash |
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Term
|
Definition
| The reason most businesses exist, to make a profit |
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Term
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Definition
| a tax that makes a larger percentage of higher incomes and a smaller percentage of lower incomes |
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Term
|
Definition
| According to Karl Marx working class who provided labor at a very low cost |
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Term
|
Definition
| A limit on the amount of imports or exports |
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Term
|
Definition
| The value of gross domestic product after taking out the effect of price changes |
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Term
|
Definition
| The real value of the total output of goods and services divided by the number of people in the economy |
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Term
|
Definition
| Income of an indivitual, organization, or country, after taking into consideration the effects of inflation on purchasing power |
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Term
|
Definition
| Condition in which unemployment is high and GDP falls for two or more consecutive quarters |
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Term
| Reciprocal trade agreements |
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Definition
| International comercial treaty in which two or more nations grant equally advantageous tarde concessions to each other. It usually refers to treaties dealing with tariffs |
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Term
|
Definition
| ex. EPA regulates the environmental controls in the plants |
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Term
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Definition
| Fraction of deposits that the Federal Reserve determines banks must keep on reserve |
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Term
|
Definition
| Dollar amount banks must keep on reserve |
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Term
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Definition
| Inputs like land, labor, and capital, that are used to make goods and services |
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Term
| Restrictive fiscal policy |
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Definition
| Causing the economy tor un more slowly primarily by reducing aggregate demand |
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Term
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Definition
| Credit account in which a customers additional purchases up to a stated credit limit are added to a balance, and the customer must make a minimum payment monthly |
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Term
|
Definition
| A tax on goods that are bought |
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Term
|
Definition
| Amount of income not spent on consumption or direct taxes |
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Term
| Savings and Loan Association |
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Definition
| A financial intermediary that mainly provides a place for people to save money and then lends that money to people to buy houses or other items |
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Term
|
Definition
| Unemployment of people who are out of work because of factors that vary with the time of year |
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Term
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Definition
| Status, priority, or precedence achieved by length of service in a given job |
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Term
|
Definition
| An account with a credit union from which withdrawals easily can be made through a draft (a draft is a type of check) |
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Term
|
Definition
| Knowledge or understanding |
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Term
|
Definition
| Broad term used to describe many non-capitalist economic systems in which the government ownes all or part of the mans of production |
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Term
|
Definition
| Business owned and controlled by one person |
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Term
|
Definition
| Process by which individuals or businesses produce a single or very narrow range or products |
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Term
|
Definition
| When someone buys a large amount of a good and hopes to resell it at a much higher price |
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Term
|
Definition
| Individual who invests in corporation by buying shares of stock |
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Term
|
Definition
| Shares of ownership in a corporation |
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Term
|
Definition
| Unemployment resulting from skills that do not match what employers require or from being geographically seperated from job opportunities |
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Term
|
Definition
| A payment made by the government to encourage some activity |
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Term
|
Definition
| The quantities of a product or service that a firm is willing and able to make available for sale at different prices (graphs) |
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Term
|
Definition
| the amount or quantity available for use in relation to what is needed |
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Term
|
Definition
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Term
|
Definition
| The act or practice of imposing taxes |
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Term
|
Definition
| A tax that takes a larger percentage of higher incomes a smaller percentage of lower incomes (i.e. ncome tax) |
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Term
|
Definition
| A tax on the earnings of corporations |
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Term
|
Definition
| A tax that can be shifted, at least in part, to a party other than one on whom the tax is levied |
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Term
|
Definition
| flat tax rate to everyone |
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Term
|
Definition
| A tax that can be shifted, at least in part, to a party other than one on whome the tax is levied |
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Term
|
Definition
| A tax paid by the person against whom the tax is levied |
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Term
|
Definition
| Indivuduals and companies in a specific business or industry organized to promote common interests |
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Term
|
Definition
| The result when a country imports more than it exports |
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Term
|
Definition
| The result when a country exports moret han it imports |
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Term
|
Definition
| Economic system whoes economic activities are based on tradition |
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Term
| Transaction demend for money |
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Definition
| The demand for money to make exchanges |
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Term
|
Definition
| Redistribution of government money from one group of citizens to another |
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Term
|
Definition
| The conditions of those who are willing and able to work and are activiely seeking work but who do not currently work |
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Term
|
Definition
| The percentage of the civilian labor force that is considered unemployed |
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Term
|
Definition
| Government controls on the levels of wages and prices, such as minimum wage and farm subsidies |
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Term
|
Definition
| Hourly, weekly, monthly, or yearly pay that a worker receives |
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Term
|
Definition
| An organization established in 1944 to help finance reconstruction after WWII |
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