Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Economics
| Term | Definition |
|---|---|
| Resources | a stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively. |
| Production | the action of making or manufacturing from components or raw materials, or the process of being so manufactured |
| Distribution | the action of sharing something out among a number of recipients |
| Consumption | the using up of a resource.: "industrialized countries should reduce their energy consumption" |
| Goods | merchandise or possessions. |
| Services | the action of helping or doing work for someone. |
| Producer goods | also called intermediate goods, in economics, goods manufactured and used in further manufacturing, processing, or resale. |
| Consumer goods | goods bought and used by consumers, rather than by manufacturers for producing other goods. |
| Markets | a regular gathering of people for the purchase and sale of provisions, livestock, and other commodities.: |
| Materials | the matter from which a thing is or can be made. |
| Distributed | give shares of (something); deal out.: |
| Consumed | use up (a resource) |
| Compete | strive to gain or win something by defeating or establishing superiority over others who are trying to do the same. |
| Planned | design or make a plan of (something to be made or built). |
| Microeconomics | the part of economics concerned with single factors and the effects of individual decisions. |
| Free market | an economic system in which prices are determined by unrestricted competition between privately owned businesses. |
| Supply | make (something needed or wanted) available to someone; provide. |
| Demand | an economic principle that describes a consumer's desire and willingness to pay a price for a specific good or service. Holding all other factors constant, an increase in the price of a good or service will decrease demand, and vice versa. |
| Supply and demand | the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price. |
| Equilibrium price | the market price where the quantity of goods supplied is equal to the quantity of goods demanded. This is the point at which the demand and supply curves in the market intersect. |
| Consumers | a person or organization that uses economic services or commodities. In economic systems consumers are utilities expressed in the decision to trade or not. |
| Labor | at the suppliers of labour services (workers) and the demanders of labour services (employers), and attempts to understand the resulting pattern of wages, employment, and income. In economics, labour is a measure of the work done by human beings. |
| Compensation | something, typically money, awarded to someone as a recompense for loss, injury, or suffering |
| Macroeconomics | the part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity. |
| Laissez faire capitalism | is French for "leave alone" which means that the government leaves the people alone regarding all economic activities. It is the separation of economy and state. There are two ways that a government typically is tempted to interfere with the economy. |
| Business cycle | a cycle or series of cycles of economic expansion and contraction |
| Market saturation | the point of saturation, a company can only achieve further growth through new product improvements, by taking existing market share from competitors or through a rise in overall consumer demand |
| Recession | a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters. |
| Inflation | a general increase in prices and fall in the purchasing value of money |
| Growth phase | the life cycle of an industry when companies move beyond the startup phase into a phase of increased competition |
| Banks | a financial establishment that invests money deposited by customers, pays it out when required, makes loans at interest, and exchanges currency. |
| Credit unions | a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates |
| Regulated | control or maintain the rate or speed of ( |
| Economy | the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services. |
| Free enterprise | an economic system in which private business operates in competition and largely free of state control. |
| Competition | the activity or condition of competing. |
| Depression | a long and severe recession in an economy or market.: "the depression in the housing market". |
| Stock exchange | a market in which securities are bought and sold.: |
| Recovery phase | a period of increasing business activity signaling the end of a recession. |
| Market saturation | a company can only achieve further growth through new product improvements, by taking existing market share from competitors or through a rise in overall consumer demand. |
| Capitalism | an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state. |
| Regulations | the action or process of regulating or being regulated |
| Federal trade commission | a federal agency, established in 1914, that administers antitrust and consumer protection legislation in pursuit of free and fair competition in the marketplace. |
| Monopolies | the exclusive possession or control of the supply or trade in a commodity or service. |
| Oligopolies | a state of limited competition, in which a market is shared by a small number of producers or sellers. |
| Occupation safety and health administration | Law passed in 1970 to encourage safer workplace conditions in the U.S. (OSHA) to set standards and perform inspections at job sites. |
| National labor relations board | an independent US government agency with responsibilities for enforcing US labor law in relation to collective bargaining and unfair labor practices. |
| Collective bargaining | negotiation of wages and other conditions of employment by an organized body of employees. |
| Strike | (of employees) refuse to work as a form of organized protest, typically in an attempt to obtain a particular concession or concessions from their employer. |
| Labor unions | an organized association of workers, often in a trade or profession, formed to protect and further their rights and interests. |
| Food and drug administration | a division of the Department of Health and Human Services that protects the public against impure and unsafe foods, drugs, and cosmetics. |
| Surplus | an amount of something left over when requirements have been met; an excess of production or supply over demand.: |
| Deficit | the amount by which something, especially a sum of money, is too small. |
| Budgets | an estimate of income and expenditure for a set period of time.: |
| Infrastructure | the basic physical and organizational structures and facilities (e.g., buildings, roads, and power supplies) needed for the operation of a society or enterprise. |
| Federal deposit insurance corporation | the U.S. corporation insuring deposits in the United States against bank failure. created in 1933 to maintain public confidence and encourage stability in the financial system |
| Federal reserve | was founded by the U.S. Congress in 1913 to provide the nation with a safe, flexible and stable monetary and financial system. |
Created by:
rhart1973
Popular American Government sets