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Comm 102 > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

Economics

A

The study of how a society uses its scarce resources to produce and distribute goods and services

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2
Q

Microeconomics

A

The sub-area of economics that focuses on individual parts of the economy, such as households or businesses

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3
Q

Macroeconomics

A

The sub-area of economics that focuses on the economy as a whole by looking at aggregate data for large groups of people, companies, or products

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4
Q

Factors of production

A

The resources used to create goods and services, including natural resources, capital, entrepreneurship, and knowledge

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5
Q

Labour

A

Economic contributions of people

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6
Q

Natural resources

A

Commodities that are useful inputs in their natural state

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7
Q

Capital

A

The inputs, such as tools, machinery, equipment, and buildings, used to produce goods and services and get them to the customer

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8
Q

Entrepreneurs

A

People who combine the inputs of natural resources, labour, and capital to produce goods and services with the intention of making a profit or accomplishing a not-for-profit goal

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9
Q

Entrepreneurial thinking

A

Thinking like an entrepreneur - even those who work in a company

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10
Q

Knowledge

A

The combined talents and skills of the workforce

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11
Q

Circular flow

A

The movement of inputs and outputs among households, businesses, and governments; a way of showing how the sectors of the economy interact (study diagram pg. 34)

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12
Q

Economic system

A

The combination of policies, laws, and choices made by a nation’s government to determine what goods and services are produced and how they are allocated

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13
Q

Market economy

A

An economic system based on competition in the marketplace and private ownership of the factors of production (resources); also known as the private enterprise system OR capitalism

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14
Q

Command economy

A

An economic system characterized by government ownership of virtually all resources and economic decision making by central-government planning; also known as planned economy OR central planning

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15
Q

Socialism

A

An economic system in which the basic industries are owned either by the government or by the private sector under strong government control

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16
Q

Mixed economies

A

Economies that combine several economic systems; for example, an economy in which the government owns certain industries but the private sector owns others

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17
Q

Market structure

A

the number of suppliers in a market

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18
Q

Perfect (pure) competition

A

A market structure in which a large number of small businesses sell similar products, buyers and sellers have good information, and businesses can be easily opened or closed

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19
Q

Monopolistic competition

A

A market structure in which many businesses offer products that are close substitutes, and in which entry is relatively easy

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20
Q

Oligopoly

A

A market structure in which a few companies produce most or all of the output, and in which large capital requirements or other factors limit the number of companies

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21
Q

Pure monopoly

A

A market structure in which a single company accounts for all industry sales and in which there are barriers to entry

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22
Q

Barriers to entry

A

Factors, such as technological or legal conditions, which prevent new companies from competing equally with a monopoly

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23
Q

Demand

A

The quantity of a good or service that people are willing to buy at various prices

24
Q

Demand curve

A

A graph showing the quantity of a good or service that people are willing to buy at various prices

25
Q

Supply

A

The quantity of a good or service that businesses will make available at various prices

26
Q

Supply curve

A

A graph showing the quantity of a good or service that a business will make available at various prices

27
Q

Equilibrium

A

The point at which quantity demanded equals quantity supplied

28
Q

Economic growth

A

An increase in a nation’s output of goods and services

29
Q

GDP

A

Gross domestic product:

The total market value of all final goods and services produced within a nation’s borders within a year

30
Q

GNP

A

Gross national product:
The total market value of all final goods and services produced by a country regardless of where the factors of production are located

31
Q

Business cycles

A

Upward and downward changes in the level of economic activity

32
Q

Recession

A

A decline in GDP that lasts for at least two consecutive quarters

33
Q

Full employment

A

The condition when all people who want to work and can have jobs

34
Q

Unemployment rate

A

The percentage of total labour force that is actively looking for work but is not actually working

35
Q

Frictional unemployment

A

Short-term unemployment that is not related to the business cycle (ex. those entering the job market for the first time i.e. university students)

36
Q

Structural unemployment

A

Unemployment that is caused by a mismatch between available jobs and the skills of available workers in an industry or region; it is not related to the business cycle

37
Q

Cyclical unemployment

A

Unemployment that occurs when a downturn in the business cycle reduces the demand for labour throughout the economy

38
Q

Seasonal unemployment

A

Unemployment that occurs during specific seasons in certain industries

39
Q

Inflation

A

The situation in which the average of all prices of goods and services is rising

40
Q

Purchasing power

A

The value of what money can buy

41
Q

Demand-pull inflation

A

Inflation that occurs when the demand for goods and services is greater than the supply

42
Q

Cost-push inflation

A

Inflation that occurs when increases in production costs push up the prices of final goods and services

43
Q

CPI

A

Consumer price index:

An index of the prices of a “shopping basket” of goods and services purchased by consumers

44
Q

PPI

A

Producer price index:
An index of the prices paid by producers and wholesalers for various commodities such as raw materials, partially finished goods, and finished products

45
Q

Bank of Canada

A

Canada’s central bank, whose objective is the economic and financial well-being of Canada by creating a sound balance of growth, employment, and price stability

46
Q

Monetary policy

A

The measures taken by the Bank of Canada to regulate the amount of money in circulation in order to influence the economy

47
Q

Contractionary policy

A

The use of monetary policy by the Bank of Canada to tighten the money supply by selling government securities or raising interest rates

48
Q

Expansionary policy

A

The use of monetary policy by the Bank of Canada to increase the growth of the money supply

49
Q

Fiscal policy

A

The government’s use of taxation and spending to affect the economy

50
Q

Federal budget defecit

A

The condition that occurs when the federal government spends more for programs than it collects in taxes

51
Q

National debt

A

The accumulated total of all of the federal government’s annual budget defecits

52
Q

Crowding out

A

The situation that occurs when government spending replaces spending by the private sector

53
Q

Bonds

A

Securities that represent long-term debt obligations (liabilities) issued by corporations and governments

54
Q

Relationship management

A

The practice of building, maintaining, and enhancing interactions with customers and other parties to develop long-term satisfaction through mutually beneficial partnerships

55
Q

Strategic alliance

A

A cooperative agreement between companies; sometimes called a strategic partnership

Comm 102 (17 decks)

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