Flashcards
Chapter 2
Cards in this deck (22)
- 1EconomicsThe study of how society employs resources to produce goods and services among various groups and people in society
- 2MacroeconomicsStudy of economy as a whole
- 3MicroeconomicsStudy of economy on a group, individual or company level
- 4Resource developmentStudy of how to increase resources and create conditions that will make better use of them
i.e: getting oil and gas, and recycling - 5CapitalismAll land/factories/stores owned by individuals and operated for profit
*not government - 6Free-Market EconomiesMarket determines what goods are produced, who gets them, and how the economy grows
- 7Command EconomiesGovernment determines what goods are produced, who gets them, and how the economy will grow
- 8Mixed economiesAllocation of resources made by both market and government
- 9Perfect competitionCompanies offer similar products
i.e: clothing industry, cereal industry - 10Monopolistic CompetitionSellers with "perceived" differences
i.e: fast food, colleges - 11OligopolySeveral sellers
i.e: cars, airlines, tobacco - 12MonopolyOne seller
i.e: diamonds, utilities - 13Gross Domestic ProductTotal value of all goods and services produced within a given period by a national economy through domestic (1 country) factors of production
- 14Gross National ProductTotal value of al goods and services produced by a national economy within a given period regardless of where the factors of production are located
- 15UnemploymentLevel of joblessness among people actively seeking work
-16 and older - 16Disposable incomeMoney available after taxes are paid
- 17Discretionary incomeMoney available after necessities are purchased (food, clothing, housing)
- 18Consumer Price IndexWhat we pay
- 19Producer Price IndexThe wholesale price and what dealers and stores pay
- 20CPI inflation rate equation(Change in price index/initial price index) x 100
- 21Monetary policiesDetermine the size of nation's monetary supply
- 22Fiscal policiesDetermine how the government collects and spends it revenues
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- Flashcards on Chapter 2, created by Kelley Harland on 20/09/2017.
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- Kelley Harland
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