Term
| What is 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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Definition
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Term
| What is the part of economic study that looks at the operation of a nation's economy as a whole? |
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Definition
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Term
| What is the part of economics study that looks at the behavior of people and organizations in particular markets? |
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Definition
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Term
| What is the study of how to increase resources and to create the conditions that will make better use of those resources? |
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Definition
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Term
| Who wrote The Wealth of Nations? |
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Definition
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Term
| What is a phrase coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefits for all? |
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Term
| Who is considered the father of economics? |
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Definition
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Term
| Who is considered the father of economics? |
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Definition
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Term
| What is an economic system in which all or most of the factors of production and distribution are privately owned and operated for profit? |
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Definition
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Term
| What is capitalism that helps not just the stockholders, but also the stakeholders? |
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Definition
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Term
| What is a combination of free markets and some governmental control? |
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Definition
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Term
| What are the 4 basic rights of capitalism? |
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Definition
| The right to own private property, the right to own a business and keep all the business's profits, the right to freedom of competition, and the right of freedom of choice |
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Term
| What is the quantity of products that manufacturers or owners are willing to sell at different prices at a specific time? |
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Definition
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Term
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Definition
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Term
| What is the quantity of products that people are willing to buy at different prices at a specific time? |
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Definition
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Term
| What is the price determined by supply and demand? |
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Definition
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Term
| What is the meeting point of supply and demand called? |
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Definition
| Equilibrium point or equilibrium price |
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Term
| What is the degree of competition in which there are many sellers in a market and none is large enough to dictate the price of a product? |
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Definition
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Term
| What are the 4 degrees of competition? |
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Definition
| Perfect competition, monopolistic, oligopoly, and monopoly |
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Term
| T/F Perfect competition is common today. |
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Definition
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Term
| What is the degree of competition in which a large number of sellers produce very similar products that buyers perceive as different? |
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Definition
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Term
| What is the degree of competition in which a large number of sellers produce very similar products that buyers perceive as different from each other? |
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Definition
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Term
| What is a degree of competition in which just a few sellers dominate the market? |
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Definition
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Term
| What is a degree of competition in which one seller controls the total supply of a product or service, and sets the price? |
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Definition
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Term
| What is a degree of competition in which one seller controls the total supply of a product or service, and sets the price? |
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Definition
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Term
| What is 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
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Term
| What is the loss of the best and brightest people to other countries? |
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Definition
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Term
| What is 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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Definition
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Term
| What are economic systems in which the market largely determines what goods and services get produced, who gets them, and how the economy grows? |
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Definition
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Term
| What are economic systems in which the government largely decides what goods and services will be produced, who will get them, and how the economy will grow? |
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Definition
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Term
| What are economic systems in which some allocation of resources is made by the market and some by the government? |
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Definition
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Term
| What is the total value of final goods and services produced in a country in a given year? |
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Definition
| Gross domestic product (GDP) |
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Term
| What is a measure of total sales volume at all stages of production? |
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Definition
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Term
| What is the percentage of civilians at least 16 years old are unemployed and tried to find a job within the prior 4 weeks? |
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Definition
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Term
| What is a general rise in prices in goods and services over time? |
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Definition
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Term
| What are the 4 types of unemployment? |
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Definition
| Frictional, structural, cyclical, and seasonal |
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Term
| What type of unemployment do people leave because they don't like it, are new to the workforce, or are returning to the workforce after a period of time? |
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Definition
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Term
| What type of unemployment is caused by restructuring of firms, mismatch of skills or location, or the business closing down? |
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Definition
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Term
| What is unemployment that is caused by economic downturns? |
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Definition
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Term
| What type of unemployment is caused by varied demand over the time of year? |
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Definition
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Term
| What is a situation in which price increases are slowing (inflation rate is declining)? |
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Definition
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Term
| What is a situation when prices are declining? |
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Definition
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Term
| What is a situation when the economy is slowing but prices are going up anyhow? |
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Definition
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Term
| What is monthly statistics that measure the pace of inflation or deflation? |
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Definition
| Consumer Price Index (CPI) |
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Term
| What is CPI - food and energy costs? |
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Definition
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Term
| What is an index that measures the change in prices at the wholesale level? |
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Definition
| Producer Price Index (PPI) |
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Term
| What is the periodic rises and falls that occur in economies over time? |
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Definition
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Term
| What is when there are 2 or more consecutive quarters of decline in the GDP? |
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Definition
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Term
| What is a severe recession, usually accompanied by deflation? |
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Definition
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Term
| What's the federal government's efforts to keep the economy stable by increasing or decreasing taxes or government spending? |
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Definition
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Term
| What is the theory that a government policy of increasing spending and cutting taxes can stimulate the economy in a recession? |
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Definition
| Keynesian economic theory |
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Term
| What is the sum of government deficits over time? |
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Definition
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Term
| What is the management of the money supply and interest rates by the Federal Reserve Bank? |
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Definition
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