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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| looks at the operation of a nation's economy as a whole |
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| looks at the behavior of peiople and organizations in markets for particular products or services |
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| the study of how to increase resources (i.e. getting oil from shale and tar sands) and create conditions that will make better use of them (like recycling and conservation) |
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Definition
| the process that turns self-directed gain into social and economic benefits for all |
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| the economic system under which all or most factors of production are owned by individuals and are operated for profit |
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| the quantities of products manufacturers or owners are willing to sell at different prices at a specific time |
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Definition
| the price toward which the market will trend according to supply and demand |
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Definition
| the state that exists when there are many sellers in a market and none is large enough to dictate the price of a product such as corn and potatoes, but no true example exists (homogeneous products) |
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Definition
| the state that exists when a large number of sellers produce very similar products that buyers nevertheless perceive as different, such as hot dogs and sodas (product differentiation) |
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| a degree of competition in which just a few sellers dominate a market, such as tobacco, gasoline, automobiles (barriers to entry) |
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Definition
| the state in which one seller controls the total supply of a products or service, and sets the price |
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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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Definition
| the loss of the best and brightest people to other countries (socialist to capitalist) |
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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
| economies that exist when the market largely determines what goods and services get produced, who gets them, and how the economy grows. Capitalism is the popular term for this economic system. |
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Term
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Definition
| economies that exist when the government largely decides what goods and services will be produced, who gets them, and how the economy will grow. Socialism and communism are variations on this economic system |
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Term
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Definition
| economies that exist when 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 final value of goods and services produced in a country in a given year |
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Definition
| the percentage of civilians at least 16 years old who are unemployed and tried to find a job withing the prior four 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
| occurs when price increases are slowing (the inflation rate is declining) |
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Term
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Definition
| a general decrease in the price level |
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Definition
| state in which the economy is slowing but prices are still increasing |
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Term
| consumer price index (CPI) |
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Definition
| this consists of monthly statistics that measure the pace of inflation or deflation based on a basket of goods including housing, food, apparel, and medical care |
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Term
| producer price index (PPI) |
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Definition
| this statistic measures prices at a wholesale level to check the condition of the economy |
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Term
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Definition
| 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 sum of government deficits over time |
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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 and/or government spending |
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Term
| Keynesian economic theory |
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Definition
| a theory that suggests 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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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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