Economics Vocabulary List
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| 1124643 | Capitalism | economic system in which private citizens own and use the factors of production in order to generate profits | |
| 1124644 | Consumer Price Index | statistic that measures overall changes in price or inflation over time | |
| 1124645 | Consumer Sovereignty | the concept that the consumer is the ruler of the market | |
| 1124646 | Demand | desire, ability, and willingness to buy a product | |
| 1124647 | Depression | a state of the economy with large numbers of unemployment, supply shortages, and excess capacity in manufacturing plants | |
| 1124648 | Deregulation | relaxation of government regulation on industry | |
| 1124649 | Elasticity | a measure of responsiveness that tells us how a dependent variable such as quantity responds to an independent variable such as price | |
| 1124650 | Federal Reserve System | privately owned, publicly controlled, central bank of the United States | |
| 1124651 | Gross Domestic Product | the dollar amount of all final goods and services produced within a country's borders in a year | |
| 1124652 | Inflation | a rise in the general level of prices | |
| 1124653 | Liquidity | ability to converted an asset into cash quickly | |
| 1124654 | Marginal Utility | the extra usefulness gained from consuming one more unit of a product | |
| 1124655 | Minimum Wage | the lowest legal wage that can be paid to most workers | |
| 1124656 | Money | any substance that serves as a medium of exchange, a measure of value, and a store of value | |
| 1124657 | Scarcity | the condition that results from limited resources combined with unlimited wants | |
| 1124658 | Standard of Living | the quality of life based on the possession of necessities and luxuries that make life easier | |
| 1124659 | Supply | the amount of a product that would be offered for sale at all possible prices that could prevail in the market | |
| 1124660 | Tariff | a tax on an imported product | |
| 1124661 | Trade-Off | alternatives that must be given up when one is chosen over another | |
| 1124662 | Unemployed | people available for work who made a specific effort to find a job during the past month and who, during the most recent survey week, worked less than one hour for pay |
