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vocab

TermDefinition
Macroeconomics Large-scale or 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 (GDP).
economic recession A common rule of thumb is that two consecutive quarters of negative gross domestic product (GDP) growth means recession.
economic depression A steep and sustained drop in economic activity featuring high unemployment and negative GDP growth.
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.
Microeconomics Part of economics concerned with the effects of single entity and individual decisions.
needs Things that are 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.
opportunity cost What you give up for something you value more
Supply and Demand -Supply is the amount of a specific good or service that's available in the market. -Demand is the amount of the good or service that customers want to buy.
Decision Making 1. Define the problem 2. Identify the decision criteria 3. Assign weights to the criteria 4. Create a list of options and order them 5. Choose the best option and finalize your decision
Economic Systems Understand the different ideologies behind economic systems, including: Capitalism, LaissezFaire, Social Market, Neo-
Traditional A traditional economy is a system where goods production and distribution are driven by time-honored beliefs, customs, culture, and traditions.
Market An economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
Command An economy in which production, investment, prices, and incomes are determined centrally by a government.
Mixed An economic system combining private and public enterprise.
Capitalism An economic and political system in which a country's trade and industry are controlled by private owners for profit.
Laissez-Faire Absence of governments from interfering in the workings of the free market.
Social Market Social marketing is a marketing approach which focuses on influencing behavior with the primary goal of achieving "common good."
Neo-Capitalism Neo-capitalism is an economic ideology which corrects its excesses by applying various measures which help protect the country’s social well-being.
Socialism A political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
Fascism A political philosophy, movement, or regime that exalts nation and often race above the individual and that stands for a centralized autocratic government headed by a dictatorial leader, severe economic and social regimentation.
Communism A political and economic ideology that positions itself in opposition to liberal democracy and capitalism, advocating instead for a classless system in which the means of production are owned communally and private property.
Created by: camiK
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