Intro to Business: Economics Vocabulary
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A concept in economics that if one factor of production (number of workers, for example) is increased while other factors (machines and workspace, for example) are held constant, the output per unit of the variable factor will eventually diminish.
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| Economies of Scale | show 🗑
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| Bulk Sale | show 🗑
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| Mass production | show 🗑
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The periodic rises and falls that occur in economies over time
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| Expansion | show 🗑
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The highest value reached by some quantity in a time period
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| Contraction | show 🗑
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| Trough | show 🗑
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a production process in which a worker or group of workers is assigned a specialized task in order to increase efficiency.
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the act of specializing, or pursuing a particular line of study or work
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the rate at which goods and services having exchange value are brought forth or produced
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| Assembly Line | show 🗑
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The amount of money the Federal Reserve Bank makes available for people to buy goods and services
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| Federal Reserve | show 🗑
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Anything generally accepted as a medium of exchange, a measure of value, or a means of payment
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Allows a borrower to buy a good or acquire an asset without making immediate payment, and to repay the balance at a later time
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Federal Reserve decisions that shape the economy by influencing interest rates and the supply of money
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multiple sovereign nations outside of the organization's home environment influencing how the organization makes decisions for how to use its resources.
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| Leading Economies | show 🗑
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| Social Norms | show 🗑
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a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology
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The total value of final goods and services produced in a country in a given year
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Something that motivates a person to do something
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Relating to money or currency
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| Non-Monetary | show 🗑
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| Labor Union | show 🗑
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The process whereby union and management representatives form a labor-management agreement, or contract, for workers
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| Negotiation | show 🗑
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| Grievance | show 🗑
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The use of a third party called a mediator, who encourages both sides in a dispute to continue negotiating and often makes suggestions for resolving the dispute
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The agreement to bring in an impartial third party to render a binding decision in a labor dispute
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| Perfect Competition | show 🗑
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| Monopolistic Competition | show 🗑
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A degree of competition in which just a few sellers dominate the market
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A degree of competition in which only one seller controls the total supply of a product or service, and sets the price.
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| Sustainability | show 🗑
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| Taxation | show 🗑
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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misskline
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