ECON. Study Guide
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| Inflation | A general increase in prices across an economy
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| Branch of the U.S. Treasury Dept. in charge of collecting taxes | Internal Revenue Service
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| Microeconomics | the study of economic behavior and decision-making in small units, such as households and firms
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| conglomerate | a firm that has at least four businesses, each making unrelated products, none of which is responsible for a majority of its sales.
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| substitution effect | The change in quantity demanded because of the change in the relative price of the product.
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| goods | merchandise or possessions, physical objects that someone produces such as food or clothing
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| market economy | In a market economy people and firms act in their own best interest to answer the what, how, and for whom questions.
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| disposable personal income | The total income that the consumer sector has at its disposal after personal income taxes.
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| a cooperative | A voluntary association of people formed to carry on some kind of economic activity that will benefit its members.
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| expenditures | an amount of money spent
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| financial/capital account | It contains domestic investment from foreign countries. It is a key component of the balance of payments. It contains foreign investment in the domestic sector.
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| human capital | The knowledge and skills a worker gains through education and experience
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| Consumer Price Index (know how it works) | measures the average change in the prices paid for a market basket of goods and services
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| supply & demand (be able to read and understand a supply & demand chart) | relationship between the quantity of a commodity
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| elasticity | a measure of a variable's sensitivity to a change in another variable
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| liability | A bank has a liability when someone deposits money into a savings account.
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| specialization and exchange | A country can produce beyond its production possibility curve. Resources can be used more efficiently. Larger quantities of goods and services can be produced.
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| comparative advantages | an economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners
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| theory of rational expectations | ensure internal consistency in models involving uncertainty.
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| Which capital markets are the stock market associated with | composed of primary and secondary markets. The most common capital markets are the stock market and the bond market.
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| What will decreasing personal tax rates do? | may encourage individuals to work, save, and invest, but if the tax cuts are not financed by immediate spending cuts they will likely also result in an increased federal budget deficit
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| demand curve | a graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period of time
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| Which is equilibrium present in a market? | when there is no pressure for the market price to change.
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| Losses and business failures | a company ceasing operations following its inability to make a profit or to bring in enough revenue to cover its expenses.
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| the law of comparative advantage | an economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners.
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| When will income and living standards of a nation increase? | When jobs are protected and total employment expands.
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| How does the government fund a project that creates jobs | Through government programs.
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| secondary effect | The changes in economic activity.
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| free market economy | one without government intervention or regulation. In a purely free market, buyers and sellers arrive at prices based only on supply and demand.
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| Why do banks choose to borrow directly from the Federal Government? | They need additional reserves
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| economics | the social science that deals with the study of how people satisfy seemingly unlimited and competing wants with the careful use of scarce resources.
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| scarcity | the demand for a good or service is greater than the availability of the good or service. Therefore, scarcity can limit the choices available to the consumers who ultimately make up the economy.
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| partnership | an economic arrangement that eliminates barriers to the free movement of goods, services, and investment between countries.
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| needs | a need is something needed to survive.
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| conglomerate goods | a firm or business enterprise having different economic activities in different unrelated industries.
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| trade-offs | A situational decision that involves diminishing or losing one quality, quantity or property
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| microeconomics | the study of what is likely to happen (tendencies) when individuals make choices in response to changes in incentives, prices, resources, and/or methods of production.
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| market equilibrium | a situation in which economic forces such as supply and demand are balanced and in the absence of external influences the values of economic variables will not change.
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| marginal utility | the added satisfaction that a consumer gets from having one more unit of a good or service.
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| laissez-faire | transactions between private groups of people are free from any form of economic interventionism deriving from special interest groups.
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| fixed cost | business expenses that are not dependent on the level of goods or services produced by the business. They tend to be recurring, such as interest or rents being paid per month. These costs also tend to be capital costs.
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| industrial union | a trade union organizing method through which all workers in the same industry are organized into the same union, regardless of skill or trade.
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| central bank | usually responsible for the formulation of monetary policy and the regulation of member banks.
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| federal budget | the major plan for a federal government's estimated future revenues and spending for the coming fiscal year.
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| trust funds | A fund put into account until a beneficiary is active.
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| municipal bond | a type of debt security issued by local, county, and state governments.
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| modified union shop | A provision in the union contract requiring all new employees to join the union and requiring all workers already in the union to remain as union members.
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| Lorenz Curve | a graphical representation of income inequality or wealth inequality.
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| commodity money | money whose value comes from a commodity of which it is made.
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| macroeconomics | the study of economic behavior in decision making in a nations whole economy
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| theory of negotiated wages | holds that wages, hours, and working conditions are determined by the relative bargaining strength of the parties to the agreement.
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| perfect competition | A perfect market, also known as the atomistic market.
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| Internal Revenue Service | The revenue service of the United States federal government.
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