1139 Flashcards
What is a quantity of goods and services available for sale; what is a desire of potential buyers for those goods and services
Supply… Demand
What demand is the demand without the ability to pay
Absolute demand
What demand is a demand of those willing and able to pay
Effectual demand
Labor is what type of price of good or service
Work
What price of a good or service is money
Nominal
What is the price at which a good or service is sold
Market price
What is the price to produce a good or service
Natural price
What is a lack of all restraints on trade
Laissez-faire
What is the term used for a stable economy
Equilibrium
What is the wearing down of buildings tools and machines
Capital depreciation
What was a regulated economic system with a highly controlled Market
Mercantilism
What is a single business that is the only source for a good or service
Monopoly
Government regulations are examples of what system of Economics at work in capitalist Nations
The command system
What is the excess of total revenue over total cost
Profit
While our wants are unlimited what of ours is limited
Resources
What are the four distinctives of capitalism
Competition
Individual initiative
Freedom of choice
Private ownership of property
What helps keep prices down and improves quality
Competition
What are prices usually when demand is greater than Supply
Higher
To a socialist, what is the result of exploiting a proletariat
Profit
From whose writings did both communism and socialism develop
Karl Marx
According to Karl Marx what lead to economic collapse
Over-expanded credit
The solution of governments to the Great Depression was to what the currency which meant that what wages drop while what wages remain the same
Inflate… Real… Money
A what of money exist among consumers government business and financial institutions
Circular flow
The what is a measurement of inflation and the cost of its what is a gauge of most cost of living
Consumer Price Index… Market basket
Measure of the change in average prices of common goods and services
Consumer Price Index
Market value of all final goods and services produced within a nation during one year
Gross domestic product
Continuous increase in average prices of goods and services
Inflation
Payment for an expected to decrease in the purchasing power of money
Inflation premium
And come to those who loan money
Interest
The study of the economy as a whole
Macroeconomics
Study of individual units of an economy
Microeconomics
Value of income in monetary terms
Money wage
Payment to induce a lender to part with present purchasing power
Originary interest
Payment without regard to variations and interest rates
Pure interest
Payment for the risk factor inherent in any loan
Pure profit
Value of income in terms of purchasing power
Real wage
