Econ Final Beck
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| show | Definition of Economics
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| show | Needs
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| Something people desire, but is not necessary for survival | show 🗑
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| show | Opportunity cost
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| show | Trade off
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| show | Three basic economic questions
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| A person who decides how to combine resources to create goods and services | show 🗑
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| Principle that limited amounts of goods and services are available to meet unlimited wants | show 🗑
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| Resources that are used to make goods and services | show 🗑
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| show | Land
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| Any human made resource that is used to produce other goods and services | show 🗑
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| Effort people devote to tasks for which they are paid | show 🗑
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| show | Utility
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| Physical objects that someone produces | show 🗑
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| show | Services
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| show | Durable goods
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| Goods that last short periods of time, like light bulbs, food, shoes | show 🗑
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| Economic system characterized by private or corporate ownership of capital goods | show 🗑
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| Firms supply households with goods and services-household pay for them,Households supply firms with land, labor, and capital-firms pay for them | show 🗑
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| show | Traditional economy
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| show | Market economy
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| show | Mixed economy
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| Trade, industry, and the means of production are controlled by private owners with the goal of making profits | show 🗑
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| Political system in which the government owns and controls all resources and means of production and makes all economic decisions | show 🗑
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| show | Socialism
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| Power of consumers to decide what gets produced | show 🗑
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| show | Inflation
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| Recession that is especially long and severe | show 🗑
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| Prolonged economic contraction | show 🗑
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| Period of economic growth as measured bya rise in real GDP | show 🗑
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| show | Non profit organizations
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| Legal entity, owned by individual stockholders, each of whom has limited liability for the firms debts | show 🗑
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| Legal document that provides for the creation of a corporate entity | show 🗑
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| show | Sole proprietorship
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| The owner of a business, or a holder of property | show 🗑
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| Person who owns stock in a corporation | show 🗑
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| show | Limited partnership
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| show | Conglomerate
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| Stock market launch is a type of public offering where shares of stock in a company are sold to the general public | show 🗑
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| Amount of goods available | show 🗑
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| show | Demand
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| Supply of a good or service that increases or decreases as the price of an item goes down or up | show 🗑
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| Supply and demand for a good or service are unaffected when the price of that good or service changes | show 🗑
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| show | Elastic demand
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| Demand for a product or service is not sensitive to price change | show 🗑
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| show | Law of Demand
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| show | Law of Supply
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| show | Productivity of labor
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| show | FTC
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| show | Oligopoly
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| Market in which a single seller dominates | show 🗑
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| The percentage of income paid in taxes decreases as income increases | show 🗑
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| Percentage of income paid in taxes remains the same at all income levels | show 🗑
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| show | Progressive tax
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| show | FICA
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| show | Laissez faire
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| First, pay down the national debt, second, pay for national security, third, pay for entitlement programs like Medicare, Medicaid and Social Security | show 🗑
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| Raises moral questions concerning welfare, justice and freedom | show 🗑
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| show | Supply side Economics (Trickle Down)
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| Us government spending programs to increase employment | show 🗑
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| Bill that authorizes a specific amount of spending by the government | show 🗑
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| Tax on production or sale of goods | show 🗑
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| show | OMB(Office of Management and Budget)
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| show | Balanced budget
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| Financial obligations of a national government resulting from deficit spending - $17,509,691,832,477.53 = 17.5 trillion | show 🗑
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| Monetary system of a country | show 🗑
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| show | Federal Reserve System
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| show | Federal Reserve Notes
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| show | Specie
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| Objects that have value because the government decreed that they are an acceptable means to pay debts | show 🗑
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| show | Commodity money
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| show | Gold standard
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| show | Barter
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| show | Medium of exchange-portability, durability, stability
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| show | Effect of interest rates
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| show | Effect of change in money supply
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| Organization that pools the savings of many individuals and invests this money in a variety of stocks, bonds, and other financial assets | show 🗑
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| show | Dow Jones Industrial Average
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| show | Stock exchange
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| show | New York Stock Exchange
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| third-largest stock exchange by trading volume in the United States | show 🗑
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| show | NASDAQ
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| show | Gross Domestic Product (GDP)
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| Land, Labor, Capital-LAND=lumber, coal, water-LABOR=waitress, mechanic, oil rig worker-CAPITAL=building that houses a computer, tools used to build commputer | show 🗑
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| Study of economic behavior and decisions in a nation's whole economy | show 🗑
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| Study of economic behavior and decisions in small units, such as a household and a business | show 🗑
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| Can be expressed numerically | show 🗑
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| show | Because resources are scarce
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| Output increases | show 🗑
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| Output decreases | show 🗑
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| Medium of exchange,unit of account for comparing value of goods and services,store of value | show 🗑
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| show | Types of Money
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| show | How are the three basic economic questions answered in a traditional economy?
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| The government answers all the basic economic questions | show 🗑
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| show | How are the three basic exonomic questions answered in a market economy?
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| show | What must a consumer do in order to make an economic decision?
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| show | Describe the concept of opportunity costs of making decisions
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| As price of a product increases, quantity demanded falls; as the price of a product decreases, quantity demanded increases | show 🗑
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| show | What factors can shift demand for a product?
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| show | What does it mean if a demand curve shifts to the left?
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| Price of product went down and demand for product went up | show 🗑
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| show | Elastic good
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| Goods people buy no matter the price | show 🗑
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| show | Characteristics that helps to identify if a good is inelastic
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| show | What does the law of supply state?
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| show | Characteristics of inelastic supply
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| Supply is very sensitive to changes in price, and elasticity is greater than one, people do not buy the product when price goes up | show 🗑
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| Cost of production and natural resources, taxes,technology,subsidies, regulations, changes in global economy, number of suppliers | show 🗑
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| show | Determinants of supply
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| It creates a shortage or surplus of goods | show 🗑
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| show | How do consumers benefit from competitive markets?
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| Many buyers and sellers participate, sellers offer identical products,buyers and sellers are well informed about products,sellers are able to enter and exit the market freely | show 🗑
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| Start-up costs, technology | show 🗑
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| If barriers of production and prices are low the market is close to perfect, if barriers make it difficult for new businesses to enter the market the market is imperfect and the business will fail | show 🗑
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| show | "Label Power"
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| show | Advantages of a sole proprietorship
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| Unlimited personal liability, limited assess to resources, limited life | show 🗑
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| show | Elements of Macroeconomics
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| show | U.S. economic goals
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| show | Goals of Free Market System
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| show | Difference between nominal GDP and real GDP
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| show | What role do taxes play in fiscal policy?
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| show | How do democrats and republicans differ in their fiscal policy strategy to decrease the national debt?
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| show | What methods can the government use to balance the federal budget?
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| show | Comparative advantage
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| show | Why do countries trade?
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| Water | show 🗑
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| show | Trade Deficit
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| show | Benefits of trade
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| show | Why would a country decide not to trade?
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| Must be easily taken with when shopping and easily transferred from one person to the next | show 🗑
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| show | Durability of money
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| Easily divided into small denominations | show 🗑
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| show | Uniformity of money
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| show | Limited supply of money
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| Everyone in an economy must be able to take the object that serves as money and exchange it for goods and services | show 🗑
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| show | Six characteristics of money
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| show | Consumer
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| show | Aid to State Governments
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