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park MacroE midterm
Park University Lackland Campus EC 141 Midterm
20
Economics
Undergraduate 1
11/06/2011

Additional Economics Flashcards

 


 

Cards

Term
Define 'economics.'
Definition
The study of how people, institutions, and society make economic choices under conditions of scarcity.
Term
Define 'opportunity cost'.
Definition
The value of the good, service, or time forgone to obtain something else.
Term
Define 'macroeconomics'.
Definition
The part of economics concerned with the economy as a whole or major components of the economy.
Term
Define 'mixed economy'.
Definition
An economy which is a mix of the command and market systems.
Term
Define 'entrepreneur'.
Definition
One who combines land, labor, and capital to start a new business or product, or manages an existing business.
Term
Define 'nominal income'.
Definition
The number of dollars received by an individual or group for supplying resources during some period of time; income that is not adjusted for inflation.
Term
Define 'equilibrium'.
Definition
The market clearing point. Where quantity demanded meets quantity supplied at a particular price. Where the demand curve intersects the supply curve.
Term
Define 'factor/resource market'.
Definition
A market where firms/households sell the Factors of Production (Land, Labor, Capital, Entrepreneurship) and firms buy them.
Term
Define 'regressive tax'.
Definition
A tax whose average tax rate decreases as the taxpayer's income increases. Poor pay more than the rich.
Term
Define 'real GDP'.
Definition
GDP adjusted for inflation.
Term
Define 'inflation'.
Definition
A rise in the general level of prices in the economy. Measured by CPI.
Term
Define 'recession'.
Definition
Period where GDP declines for 2 consecutive quarters.
Term
Define 'corporation'.
Definition
Many owners, limited liability, unlimited life.
Term
Define 'economies of scale'.
Definition
Reductions in per unit costs that result from increases in the size of production quantities.
Term
Define 'GDP'.
Definition
The total market value of all final goods and services produced within a nation's borders in a given time period.
Term
Define 'GDP per capita'.
Definition
GDP/population.
Term
Define 'capital goods'.
Definition
Products of services used to produce other goods.
Term
Define 'labor productivity'.
Definition
Total output / quantity of labor employed to produce it.
Term
Define 'CPI'.
Definition
Consumer Price Index: Index that compares the price of a market basket of consumer goods and services from one period of time to another. Always a percentage.
Term
Define 'labor force'.
Definition
People 16 years of age or older who are not in institutions and are either employed or looking for employment.
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