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Economic_terms 1

Economic Terms and Concepts

QuestionAnswer
1. SCARCITY CONDITION CAUSED BY PEOPLE’S UNLIMITED WANTS AND THE RELATIVELY LIMITED RESOURCES TO MEET THOSE WANTS.
2. OPPORTUNITY COST WHAT A PERSON GIVES UP WHEN THEY CHOOSE ONE THING OVER ANOTHER
3. TRADE-OFF ACCEPTING LESS OF ONE THING TO GET MORE OF SOMETHING ELSE
4. ECONOMIC SYSTEMS THE WAYS IN WHICH PEOPLE(S) DEAL WITH THE PROBLEMS OF SCARCITY AND OPPORTUNITY COST
5. MONEY ANYTHING THAT SERVES AS A MEDIUM OF EXCHANGE
6. MARKETS ARRANGEMENTS THAT ALLOW BUYERS AND SELERS TO MEET AND EXCHANGE GOODS OR SERVICES
7. SUPPLY DIFFERENT AMOUNTS OF GOODS AND SERVICES THAT WILL BE OFFERED FOR SALE AT A CERTAIN PRICE FOR A CERTAIN AMOUNT OF TIME
8. DEMAND VARIOUS GOODS AND SERVICES THAT WILL BE PURCHASED AT A CERTAIN PRICE DURING A SPECIFIC TIME PERIOD
9. COMPETITION MORE THAN ONE BUYER OR SELLER IN THE SAME MARKET
10. GROSS DOMESTIC PRODUCT (GDP) THE MARKET VALUE OF ALL FINAL GOODS AND SERVICES PRODUCED BY A COUNTRY IN ONE YEAR
11. UNEMPLOYMENT THE NUMBER OF PEOPLE WITHOUT A JOB ACTIVELY SEEKING WORK
12. INFLATION AN INCREASE IN THE AVERAGE PRICE LEVEL OF THE ENTIRE ECONOMY
13. DEFLATION A DECREASE IN THE AVERAGE PRICE LEVEL OF THE ENTIRE ECONOMY
14. MONETARY POLICY ACTIONS THAT AFFECT THE AMOUNT OF MONEY AND THE COST OF CREDIT AVALIABLE IN THE ECONOMY
15. FISCAL POLICY CHYANGES IN TAXES OR GOVERNMENT SPENDING THAT ARE DESIGNED TO AFFECT DEMAND
16. EXCHANGE RATE THE PRICE OF ONE NATION’S CURRENCY IN TERMS OF ANOTHER NATION’S CURRENCY
17. CAPITAL THE TOOLS, EQUIPMENT, AND FACTORIES USED IN THE PRODUCTION OF GOODS AND SERVICES
18. FACTORS OF PRODUCTION THINGS NEEDED TO PRODUCE ANY GOOD OR SERVICE. THEY ARE LAND, CAPITAL, LABOR, ENTREPRENEURSHIP
19. LAISSEZ-FAIRE MEANS NO GOVERNMENT INTERFERENCE IN THE ECONOMY. FRENCH FOR ALLOW THEM TO DO
20. WANT NOT A BASIC REQUIREMENT FOR SURVIVAL
21. NEED A BASIC REQUIREMENT FOR SURVIVIAL
22. GOOD A TANGIBLE COMMIDITY SUCH AS A BOOK OR CAR
23. CONSUMER GOOD A GOOD INTENDED FOR FINAL USE BY A CONSUMER
24. CAPITAL GOOD A GOOD USED TO MAKE OTHER GOODS(OVEN IN A BAKERY)
25. DURABLE GOOD LAST THREE YEARS OR MORE WHEN USED REGULARLY
Created by: brian17
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