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Economics > 1142 Definitions > Flashcards

1142 Definitions Flashcards

1
Q

production of goods and services

A

economic activity

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2
Q

extended periods that indicate long-range economic direction

A

trends

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3
Q

short-term fluctuations of output around along-term trend

A

business cycles

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4
Q

average annual growth rate of U.S. economy

A

3-3.5 percent

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5
Q

target rate of unemployment

A

5 to 7 percent

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6
Q

income based on producing for others

A

wages

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7
Q

income based on selling one’s own production

A

revenue

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8
Q

lowest sustainable rate of unemployment possible under existing conditions

A

target rate

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9
Q

high point of a business cycle

A

peak

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10
Q

downturn lasting more than two quarters

A

recession

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11
Q

unemployment of more than 12% for more than a year

A

depression

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12
Q

gauges of the health of an entire economy

A

representative indicators

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13
Q

indications of current phase of the economy

A

coincidental indicators

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14
Q

indications of what is likely to occur in 12-15 months

A

leading indicators

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15
Q

Pollution and

Depletion of natural resources

A

detrimental results of growth

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16
Q

Investment
Institutional incentives
Resources
Technological development

A

Ingredients necessary for economic growth

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17
Q

trough and peak = low/high

A

recession and boom = extremes

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18
Q

straight line =

A

average growth trend

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19
Q

the curve on the business cycle graph =

A

actual growth rate

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20
Q

the result of the freedom within a free-enterprise company

A

Frictional unemployment

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21
Q

results from economic changes during a temporary period of time

A

Seasonal unemployment

22
Q

the result of changes in the economy itself

A

Structural unemployment

23
Q

a result of fluctuations in economic activity

A

cyclical unemployment

24
Q

occurs when an employee leaves a job to seek another

A

frictional unemployment

25
Q

is of most concern to economists and government officials

A

cyclical unemployment

26
Q

is a reality because of the shift to hourly wages

A

cyclical unemployment

27
Q

bottom of a recession or depression

A

trough

28
Q

business owned and managed by a single individual

A

sole proprietorship

29
Q

business owned by two or more individuals

A

partnership

30
Q

certificate of ownership in a corporation

A

share of stock

31
Q

company with a market capitalization of more than $1 billion

A

large cap company

32
Q

issuing and selling of stock by a company

A

primary distribution

33
Q

subsequent trading of a corporation’s stock

A

secondary market transaction

34
Q

association of security brokers and dealers

A

stock exchange

35
Q

computer network that transmits and updates price quotations

A

NASDAQ

36
Q

act of combining two firms

A

merger

37
Q

merger of firms in very different industries

A

conglomerate merger

38
Q

merger between companies in the same industry

A

horizontal merger

39
Q

merger between firms ahead of or behind each other in the production process

A

vertical merger

40
Q

act of selling part of a corporation recently acquired

A

deacquisition

41
Q

type of contract that attempts to correlate a firm’s incentives with its managers’ incentives

A

incentive-compatible

42
Q 
unlimited liability 
limited life
heavy responsibility on owner
lowest management cost
best able to maximize profits because of personal involvement of owner(s)
A

sole proprietorship

partnership

43
Q 
limited liability
perpetual life
requires a state charter
highest management cost
best able to raise capital
issues and sells shares of stock
ownership easily transferred
generates the most revenue
ownership vested in stockholders
A

corporation

44
Q

hiring workers
controlling quality
communicating with workers and top management
meeting objectives

A

responsibilities of managers

45
Q

division and department managers

is responsible for making operational decisions

A

middle management

46
Q

the board of directors and top executives

is responsible for making decisions that can affect or alter the course of the corporation

A

top management

47
Q

how much a person is willing to change the number of hours he works when his wage increases or decreases

A

incentive effect

48
Q

an action in which a union refuses to purchase a certain product in order to strengthen another union’s bargaining position.

A

secondary boycott

49
Q

the purchase of stocks or bonds for individuals

A

Saving

50
Q

what a firm spends on capital goods

A

investment

51
Q

allows firms to write off investment costs more rapidly

A

accelerated depreciation

Economics (12 decks)

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