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BUSN-1010 Conroy 3
Chapter 3
| Question | Answer |
|---|---|
| Brain Drain | Emigration of highly skilled intellectual and technical labor to other countries in order to better their economic conditions. |
| Capitalism | The production and distribution of goods and services are controlled by private individuals rather than by the government. |
| Demand | The quantity of products that people are willing and able to buy at various prices at a given time. |
| Depression | A particularly severe and long-lasting recession accompanied by falling prices(deflation). |
| Discouraged Workers | Workers not counted in unemployment statistics; they include those who have given up looking for work and have simply dropped out of the labor force. |
| Economics | The production, distribution, and consumption of scarce goods and services, which includes the forces of supply and demand. |
| Federal Budget Deficit | The amount of money the government owes because federal spending exceeds federal revenue. |
| Foreclosures | Banks repossessing and selling homes on which the borrowers could not meet their loan payment obligations. |
| Inflation | When prices rise, a general increase in the prices of most goods and services. |
| Microeconomics | The study of small economic units, the operations of particular groups of people, businesses, organizations, and markets. |
| Monopoly | A market in which there is only one seller, and no competition. |
| Oligopoly | The market has a few sellers offering similar buy not identical products to many small buyers. |
| Recession | Two or more consecutive quarters of decline in the gross domestic product. |
| Securitization | A process of distributing risks by packaging loans together into mortgage-backed securities that can be sold to many kinds of investors. |
| Subprime Mortgage Loans | Loans to borrowers who do not qualify with mainstream lenders--borrowers with low credit scores and incomes insufficient to repay the loans. |
| Supply | The quantity of products that people are willing to sell at various prices at a given time. |
| Taxes | The means by which governments raise revenues. |
| Underemployed Workers | Those who hold jobs below their level of qualification or are working part time but want to work full time. |
| Unemployment Rate | The level of joblessness among people actively seeking work. |
| Welfare State | Government social services to give citizens economic security by providing for them when they are unemployed, ill, or elderly and, in some countries, providing subsidized college educations and child care. |
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