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Microeconomics
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Strand1

Microeconomics + Macroeconomics

TermDefinition
Microeconomics The part of Economics concerned with the effects of a single entity and Individual decisions.
Needs Things absolutely necessary to survive and fulfill your commitments.
Wants Things that enrich your life but are not absolutely necessary.
Scarcity Having unlimited wants in a world of limited resources.
Utility How well something satisfies a persons wants or needs.
Oppertunity Cost What you give up for something you value more.
Supply The amount of a specific good or service that's available in the market.
Demand The amount of a specific good or service that customers want to buy.
Macroeconomics Large-Scale of General Economic factors, such as interest rates and national productivity.
Gross Domestic Product (GDP) Measures the value of goods and services produced in a country in a given period of time.
supply Chain A network of people and entities who are involved in creating a product and delivering it to its consumer.
Inflation The overall general upward price movement of goods and services in an economy.
Deflation The overall general downward price movement of goods and services in an economy.
Economic Expansion Sustained increase in a nation's overall economic output usually measured by its gross domestic product. Used to enhance the overall well-being of a country's GDP.
Economic Recession a significant, widespread, and prolonged downturn in economic activity. A common rule of thumb is that two consecutive quarters of negative GDP.
Economic Depression A steep and sustained drop in economic activity geaturing high unemployment and negative GDP.
Fiscal Policy The use of government spending and taxation to influence the economy.
Monetary Policy A set of actions to control a nation's overall money supply and achieve economic growth.
3 Basic Economic Questions 1. What is produced? 2. How is it produced? 3. Who gets it?
Traditional Economy An economy where religion, culture, and/or tradition determine the flow of goods and services.
Market Economy An economy where production and prices of goods and services are determined by unrestricted competition between privately owned businesses.
Command Economy An economy where the production and prices of goods and services are determined by a centralized government. All aspects of finance are controlled by government, including wages, investment, and prices.
Mixed Economy An economical system combining the ideals and values of a Market Economy with some government regulations of a Command Economy.
Capitalism An economic and political system where a countries trade and profit is controlled by private owners.
Laissez-Faire When the economy is completely uncontrolled by the government.
Communism An economic and political system where a countries trade and profit is controlled by a centralized government.
Socialism a mix between Capitalism and Communism
Rival Goods Goods that, when consumed. Cannot be used by others. An example would be a pizza. If I purchase and consume the pizza. No one else can have my pizza.
Non-Rival Goods Goods that, when consumed. Can still be used by others. An example would be a netflix account. Just because I watch my shows on netflix doesn't prevent others from watching the same shows.
Excludable goods Goods or services that are only available to some people. Usually determined by affordability. Some examples include an amusement park. Not everyone can afford to go which means not everyone can go.
Non-Excludable goods Goods or services that are available to all people. An example would be a public road. No one is prevented from using it and it doesn't cost anything.
Neo-Capitalism Economic Ideology which protects its excesses by applying various measures which help protect the countries well-being.
Fascism a political and economical ideology which exalts a country or race above the individual and private. Usually controlled by a centralized autocratic government. Citizens and people usually suppress.
Private Goods/Services, Goods/services that are excludable and rival. An example would be clothing because if you cant afford it you are excluded from it, and only one person can use it at a time.
Club Goods/ Services Goods/Services that are excludable but not rival, an example would be a country club. If you cant afford it you cant use it. But if you can as many people can use it at a time.
Public Goods/Services Goods/Services that are not excludable or Rival. An example would be a public park.
Natural Goods/Services Goods/Services that are not excludable but are rival. An example would be any natural resource. Anyone can fish but if I consume a fish I catch. No one else can use it.
Created by: bryson11
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