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| The study of how society chooses to employ resources to product goods and services and distribute them for consumption among various competing groups and individuals |
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| The part of economics that looks at the operation of a nation’s economy as a whole |
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| The part of economics that looks at the behavior of people and organizations in particular markets |
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| The study of how to increase resources and to create the conditions that will make better use of those resources. |
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| 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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| 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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| The quantity of products that manufacturers or owners are willing to sell at different prices at a specific time |
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| The quantity of products that people are willing to buy at different prices at a specific time |
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| The price determined by supply and demand |
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| The market situation in which there are many sellers in a market and no seller is large enough to dictate the price of a product |
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| The market situation in which a large number of sellers produce products that are very similar but that are perceived by buyers as different |
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| A form of competition in which just a few sellers dominate the market |
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| A market in which there is only one seller for a product or service |
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An economic system based on the premise that some, if not most, basic businesses should be owned by the gov't so that profits can be evenly distributed among the people |
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| The loss of the best and brighest people to other countries |
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| An economic & political system in which the state (gov't) makes almost all economic decisions and owns almost all the major factors of production |
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| 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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| Economic systems in which the gov't largely decides what goods & services will be produced, who will get them, and how the economy will grow |
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| Economic systems in which some allocation of resources is made by the market & some by the gov't |
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| The total value of final goods & services produced in a country in a given year |
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| The # of civilians at least 16 years old who are unemployed and tried to find a job within the prior 4 weeks |
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| A general rise in the prices of goods and services over time |
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| A situation in which price increases are slowing (the inflation rate is declining) |
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| A situation in which prices are declining |
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| Monthly statistics that measure the pace of inflation or deflation |
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| An index that measures prices at the wholesale level |
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| The periodic rises and fails that occur in all economies over time |
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| 2 or more consecutive quarters of decline in the GDP |
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| The federal govt's efforts to keep the economy stable by increasing or decreasing taxes or gov't spending |
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| The sum of gov't deficits over time |
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| The management of the money supply and interest rates |
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