Study Guide
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| show | Inflation is a quantitative measure of the rate at which the average price level of a basket of selected goods and services in an economy increases over a period of time
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| Branch of the U.S. Treasury Dept. in charge of collecting taxes | show 🗑
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| Microeconomics | show 🗑
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| show | A conglomerate is a combination of multiple business entities operating in entirely different industries under one corporate group, usually involving a parent company and many subsidiaries.
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| substitution effect | show 🗑
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| goods | show 🗑
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| market economy | show 🗑
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| disposable personal income | show 🗑
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| a cooperative | show 🗑
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| show | The action of spending funds.
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| financial/capital account | show 🗑
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| show | economic value of a worker's experience and skills. This includes assets like education, training, intelligence, skills, health, and other things employers value such as loyalty and punctuality
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| Consumer Price Index (know how it works) | show 🗑
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| show | A demand curve shows the relationship between quantity demanded and price in a given market on a graph. A supply schedule is a table that shows the quantity supplied at different prices in the market.
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| elasticity | show 🗑
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| show | the state of being responsible for something, especially by law.- Liabilities are defined as a company's legal financial debts or obligations that arise during the course of business operations.
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| show | Modern economies, whether capitalistic or socialistic, whether fully developed or not, are characterized by specialization of the means of production and by exchange of goods and services. common form of specialization is that of labor.
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| show | Comparative advantage is when a country produces a good or service for a lower opportunity cost than other countries.
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| theory of rational expectations | show 🗑
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| Which capital markets are the stock market associated with | show 🗑
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| What will decreasing personal tax rates do? | show 🗑
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| show | a demand curve is a graph depicting the relationship between the price of a certain commodity (the y-axis) and the quantity of that commodity that is demanded at that price (the x-axis).
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| show | When the supply and demand curves intersect, the market is in equilibrium. This is where the quantity demanded and quantity supplied are equal.
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| Losses and business failures | show 🗑
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| show | The law or principle of comparative advantage holds that under free trade, an agent will produce more of and consume less of a good for which they have a comparative advantage.
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| When will income and living standards of a nation increase? | show 🗑
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| How does the government fund a project that creates jobs | show 🗑
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| secondary effect | show 🗑
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| free market economy | show 🗑
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| Why do banks choose to borrow directly from the Federal Government? | show 🗑
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| economics | show 🗑
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| show | scarce – resources and theoretically limitless wants. This situation requires people to make decisions about how to allocate resources efficiently, in order to satisfy basic needs and as many additional wants as possible.
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| show | A legal form of business operation between two or more individuals who share management and profits.
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| needs | show 🗑
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| conglomerate goods | show 🗑
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| trade-offs | show 🗑
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| microeconomics | show 🗑
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| show | a market state where the supply in the market is equal to the demand in the market. The equilibrium price is the price of a good or service when the supply of it is equal to the demand for it in the market.
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| show | quantifies the added satisfaction that a consumer garners from consuming additional units of goods or services. The concept of marginal utility is used by economists to determine how much of an item consumers are willing to purchase.
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| laissez-faire | show 🗑
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| show | A fixed cost is a cost that does not change with an increase or decrease in the amount of goods or services produced or sold. Fixed costs are expenses that have to be paid by a company, independent of any specific business activities.
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| industrial union | show 🗑
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| show | A central bank, reserve bank, or monetary authority is an institution that manages the currency, money supply, and interest rates of a state or formal monetary.
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| show | The federal budget is the government's estimate of revenue and spending for each fiscal year. Like a family budget, the federal budget itemizes the expenditure of public funds for the upcoming fiscal year.
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| trust funds | show 🗑
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| show | Municipal bonds are loans to city or state governments. They're tax-free.
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| modified union shop | show 🗑
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| Lorenz Curve | show 🗑
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| show | Commodity money is money that has intrinsic value, meaning that it has value even if it is not used as money. Examples of commodity money include precious metals, foodstuffs, and even cigarettes.
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| macroeconomics | show 🗑
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| show | The theory of negotiated wages states that organized labor's bargaining strength is a factor that helps determines wages. A strong union, for example, may have the power to force higher wages on some firms.
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| show | the situation prevailing in a market in which buyers and sellers are so numerous and well informed that all elements of monopoly are absent and the market price of a commodity is beyond the control of individual buyers and sellers.
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| show | is a bureau of the Department of Treasury that is tasked with the enforcement of income tax laws and oversees the collection of federal income taxes.
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