Terms : Hide Images
| 304134635 | Economics | the branch of social science that deals with the production and distribution and consumption of goods and services | 0 | |
| 304134636 | Scarcity | When there are not enough resources for demand | 1 | |
| 304134637 | Equity vs efficiency | efficiency goes up = equity goes down | 2 | |
| 304134638 | Opportunity cost | What is sacrificed to get what you want | 3 | |
| 304134639 | Terms of trade | range of trade in which a trade can be made that makes both parties better off | 4 | |
| 304134640 | Feasible | cannot be done efficiently | 5 | |
| 304134641 | Factors of production | land, labor, capital, and entrepreneurship | 6 | |
| 304134642 | Marginal analysis | comparison of pros and cons | 7 | |
| 304134643 | Specialization | lowers opportunity cost but increases need for trade | 8 | |
| 304134644 | Law of demand | higher price = lower quantity demanded | 9 | |
| 304134645 | Law of supply | lower price = higher supply demanded | 10 | |
| 304134646 | Comparative advantage | when opportunity cost is less for "a" than "b" | 11 | |
| 304134647 | Absolute advantage | Maximum productivity exceeds other producer | 12 | |
| 304134648 | Demand determinants | Taste, income, # of consumers, price of related goods/services, expectations | 13 | |
| 304134649 | Supply Determinants | Price of related goods/ services, input prices, government policies, expectations, and # of producers. | 14 | |
| 304134650 | Price floors | Minimum price sellers are allowed to charge for a good | 15 | |
| 304134651 | Price ceiling | maximum price buyers are required to pay for a good. | 16 | |
| 304134652 | Shift of curve | Shift (right or left) of demand or supply curve due to a change in determinants | 17 | |
| 304134653 | Movement along the curve | change in quantity demanded or supplied at a specific price | 18 | |
| 304134654 | Barter | trade without monetary involvement | 19 | |
| 304134655 | Market | place where buyers/ sellers can exchange goods or services | 20 | |
| 304134656 | Demand | ability and willingness to buy | 21 | |
| 304134657 | Price floor effects | creates surplus; good for suppliers, bad for consumers | 22 | |
| 304134658 | Price ceiling effects | creates shortage; bad for suppliers but good for consumers | 23 | |
| 304134659 | Equilibrium price | when quantity supplied= quantity demanded | 24 | |
| 304134660 | Equilibrium quantity | quantity bought and sold at that price | 25 | |
| 304134661 | Substitutes | for demand, when price B increases the quantity demand of A increases. When the price B increase for supply, supply decreases | 26 | |
| 304134662 | Compliments | demand; price of B increases, demand of A decreases Supply; price of B increases, supply for A increases | 27 | |
| 304134663 | Fiscal policy | uses changes in government spending and taxation to affect overall spending | 28 | |
| 304134664 | Self-regulating | economy fixes and thrives without government interference | 29 | |
| 304134665 | Keynesian | economy can be fixed through government intervention | 30 | |
| 304134666 | Aggregate output | total output | 31 | |
| 304134667 | Recession | period of at least 6, consecutive months where output fails | 32 | |
| 304134668 | Stabilization policy | policy effort undertaken to reduce severity of a recession | 33 | |
| 304134669 | Long run economic growth | sustained upward trend in economic growth. | 34 | |
| 304134670 | Inflation | a rise in total price level | 35 | |
| 304134671 | Deflation | a drop in total price level | 36 | |
| 304134672 | Trade deficits | import more than export | 37 | |
| 304134673 | Open economy | economy that trades with other nations | 38 | |
| 304134674 | Trade surplus | when the value at which other nations import goods is more than the value that they export to the U.S | 39 | |
| 304134675 | gross domestic product | the market value of all final goods produced in a year | 40 | |
| 304134676 | GDP | C + Ig + G + Nx | 41 | |
| 304134677 | Consumption | includes all spending by the household | 42 | |
| 304134678 | Investments | Buying of capital goods, all final products of machinery, equipment, and tools | 43 | |
| 304134679 | Government spending | social capital | 44 | |
| 304134680 | Net exports | the exports minus the imports | 45 | |
| 304134681 | Inventories | stocks of goods and raw materials that firms hold to facilitate their operations | 46 | |
| 304134682 | Government transfers | payments from the government to individual with no g/s in return | 47 | |
| 304134683 | Income | Measure of GDP | 48 | |
| 304134684 | Real | adjusted for inflation | 49 | |
| 304134685 | consumer price index | shows the cost of all purchases by a typical family ove | 50 | |
| 304134686 | Price index in a given year | basket cost of year two / basket cost of year 1 X 100 | 51 | |
| 304134687 | Inflation rate | annual percentage in an official price index (index year 2 - index year 2 / year 1) X 100 | 52 | |
| 304134688 | Employment | # of people currently employed, full or part time | 53 | |
| 304134689 | Unemployment | # of people actively looking for work but aren't employed | 54 | |
| 304134690 | Labor force | employed + unemployed | 55 | |
| 304134691 | Labor force participation rate | (labor force / pop. Age 16 and older) X 100 | 56 | |
| 304134692 | Unemployment rate | (# of unemployed workers/ labor force) X 100 | 57 | |
| 304134693 | Discouraged workers | are not actively searching for a job and unemployed | 58 | |
| 304134694 | Marginally attached workers | would like a job but not searching | 59 | |
| 304134695 | Underemployed | # of people who want full time but are stuck working part time | 60 | |
| 304134696 | Fungible | job is not secure | 61 | |
| 304134697 | NNP | GDP without depreciation | 62 | |
| 304134698 | NI | GDP without business taxes | 63 | |
| 304134699 | PI | NI with transfer payments | 64 | |
| 304134700 | DI | Disposable income | 65 | |
| 304134701 | Disposable income | income + transfers - taxes | 66 | |
| 304134702 | Frictional unemployment | quit because of schooling or in between jobs by choice | 67 | |
| 304134703 | Structural unemployment | do not meet qualifications or computer replaced you | 68 | |
| 304134704 | Cyclical unemployment | Cut backs due to economic hardships | 69 |
