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Vocab for Econ exam
exam
| Term | Definition |
|---|---|
| Absolute Advantage | the ability of a party (an individual, or firm, or country) to produce more |
| Adam Smith | advocated private enterprise and free trade |
| Balance of Trade | the difference in value over a period of time of a country's imports and exports of merchandise |
| Capital Resources | human-made goods, tools, machines and buildings used to produce other goods and services |
| Circular Flow | In neoclassical economics, the terms circular flow of income or circular flow refer to a simple economic model |
| Command Economy | production, investment, prices, and incomes are determined centrally by a government. |
| Comparison shopping | One of the most important factors of getting a great interest rate is how much you shop around |
| Comparison Advantage | |
| Competition | An event or contest in which people compete. |
| Credit | The ability to obtain goods or services before payment, based on the trust that payment will be made in the future |
| Demand | An insistent and peremptory request, made as if by right. |
| Discretionary Income | Income remaining after deduction of taxes, other mandatory charges, and expenditure on necessary items. |
| Disposable income | Income remaining after deduction of taxes and other mandatory charges, available to be spent or saved as one wishes. |
| Diversity | The state of being diverse; variety. |
| Economic Growth | steady growth in the productive capacity of the economy |
| Economics | The branch of knowledge concerned with the production, consumption, and transfer of wealth. |
| Entrepreneur | A person who organizes and operates a business or businesses, taking on financial risk to do so. |
| Exchange Rate | The value of one currency for the purpose of conversion to another |
| Fiscal Policy | a government policy for dealing with the budget |
| Gross Income | United States tax law is receipts and gains from all sources less cost of goods sold. |
| Human Resources | The personnel of a business or organization, esp. when regarded as a significant asset. |
| Incentive | A thing that motivates or encourages one to do something: "incentive to conserve. |
| Inflation | The action of inflating something or the condition of being inflated. |
| Interest | The state of wanting to know or learn about something or someone: "many people lose interest in history |
| Karl Marx | |
| Liquidity | The availability of liquid assets to a market or company |
| Market | A regular gathering of people for the purchase and sale of provisions, livestock, and other commodities. |
| Market Economy | an economy that relies chiefly on market forces to allocate goods and resources and to determine prices. |
| Market-Clearing Price | Price determined by buyers and sellers in a free market.. |
| Monetary Supply | |
| NAFTA | North American Free Trade Agreement. |
| Opportunity Cost | The loss of potential gain from other alternatives when one alternative is chosen. |
| Principle | A fundamental truth or proposition that serves as the foundation for a system of belief or behavior or for a chain of reasoning. |
| Private Property | movable property |
| Profit | A financial gain, esp. the difference between the amount earned and the amount spent in buying, operating, or producing something. |
| Progressive tax | any tax in which the rate increases as the amount subject to taxation increases |
| Proportional Tax | any tax in which the rate is constant as the amount subject to taxation increases |
| Purchasing power | the number of goods/services that can be purchased with a unit of currency |
| Rationing | Allow each person to have only a fixed amount of (a particular commodity) |
| regressive tax | a tax imposed in such a manner that the tax rate decreases as the amount subject to taxation increases |
| requires reserves | is a state bank regulation that sets the minimum reserves each bank must hold to |
| Resource Market | markets in which economic resources are traded |
| Saving | An economy of or reduction in money, time, or another resource. |
| Scarcity | a small and inadequate amount. |
| Shortage | something needed cannot be obtained in sufficient amounts: "a shortage of hard cash"; "food shortages". |
| Supply | Make (something needed or wanted) available to someone; provide: "the farm supplies apples to cider makers". |
| Surplus | An amount of something left over when requirements have been met; an excess of production or supply over demand. |
| Tariff | A tax or duty to be paid on a particular class of imports or exports. |
Created by:
Angelinas_here
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