Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Finals May 2018 > Economics > Flashcards

Economics Flashcards

1
Q

Economics

A

the science of how and why people, businesses, and governments make the choices that they do.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Insatiability

A

the condition of having unlimited wants and thus never being satisfied.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Scarcity

A

the condition of a good or service being finite or limited in quantity.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Economic Goods

A

items that bear a positive economic cost.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Intrinsic Values

A

value ascribed to a good or service be- cause of its nature.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Subjective Value

A

the worth of a good or service as deter- mined by its usefulness to the buyer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Microeconomics

A

the level of economic study that is concerned with choices made by individual units

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Macroeconomics

A

The level of economic study that is concerned with large-scale economic choices and issues.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Line Graph

A

a graph formed by the plotting of data involv- ing two variables and the connecting of the resulting points to form a line of infinite information from the data.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Circular Flow Model

A

a model depicting the flow of economic goods and services between households, business firms, the government, and financial markets.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Consumption Expenditures

A

the total expenditures made by all households.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Budget Surplus

A

Is a situation in which a government, business firm, or individual receives more income than is paid out in expenses.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Dissaving

A

the action of withdrawing money from an account or borrowing money.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Demand

A

the number of units of a product that will be bought at a given price.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Demand Curve

A

a graph illustrating the various quantities of an item that are demanded at various prices.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Normal Goods

A

an item for which demand typically increases when the buyers’ incomes increase.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Inferior Goods

A

an item that typically experiences a de- crease in demand as buyers’ incomes increase.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Substitute Goods

A

Items that resemble one another and that may be used in place of each other.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Capitalism

A

an economic system in which private individuals own most of the factors of production and make most economic decisions.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Nationalization

A

the government’s acquisition of the ownership of major industries.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Market Equilibrium Point

A

The point at which the demand curve and the supply curve for an item intersect.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Surplus

A

an excess of unsold products resulting from a price above the market equilibrium price.

23
Q

Price Floor

A

a barrier preventing the price of an item from falling lower than a certain price.

24
Q

Shortage

A

an insufficient supply of an item as a result of a

price below the market equilibrium prices.

25
Q

Price Ceilings

A

a barrier preventing the price of an item

from rising above a certain price.

26
Q

Labor Intensive

A

describes a business firm that uses a great deal of human labor relative to real capital.

27
Q

Mercantilism

A

an economic philosophy commonly held in Europe from the sixteenth to the eighteenth centuries that advocated the accumulation of gold and silver as national wealth.

28
Q

Economic Growth

A

an increase in the quantity of goods

and services a nation can produce.

29
Q

Privatization

A

the government’s selling of nationalized businesses back to private owners.

30
Q

Laissez Faire

A

the idea that the government should generally leave the economy of a nation alone and allow the people to seek their own profit.

31
Q

Limited Partner

A

a partner in a limited partnership who has no management responsibilities and no liabilities in the firm other than his total investment.

32
Q

Surety

A

one who obligates himself to pay the debts of an- other; a cosigner.

33
Q

Stock

A

shares or portions of ownership in a corporation.

34
Q

Mutual Funds

A

privately managed stock portfolios.

35
Q

Stock Portfolio

A

a collection of stocks from different individual corporations.

36
Q

Speculative Bubble

A

Stock prices rising in an industry or across the entire market simply because of expectations and rising in excess of the corporations’ true values.

37
Q

SEC

A

(Securities and Exchange Commission)

a govern­ mental agency founded to ensure that corporations pro­ vide accurate and current information to the public about their financial situations and their business dealings.

38
Q

NYSE

A

(New York Stock Exchange)

the most well- known and reputable stock market in the world.

39
Q

Market

A

arrangements people have developed for trading with one another.

40
Q

Savings and Loans

A

A financial institution designed to collect savings and use that capital to make loans.

41
Q

Subsidy

A

a government’s payment to a producer to help with manufacturing costs.

42
Q

Peak Phase

A

That part of the business cycle in which rapid expansion comes to a halt as shortages in natural resources, high wages, low unemployment, and rising interest rates combine to create higher prices for consumers.

43
Q

Underemployed

A

those workers who have a job but earn insufficient income for them to be able to provide a living for themselves.

44
Q

Recessions Phase

A

that part of the business cycle in which consumer purchases decline and unemployment increases.

45
Q

Tarrif

A

a tax on an imported product.

46
Q

Federal Reserve System

A

the governmental institution that serves as the central bank of the United States.

47
Q

Elastic Currency

A

a money supply that can be expanded or contracted.

48
Q

FICA

A

( Federal Insurance Contribution Act )

legisla­tion requiring the deduction of social security taxes from workers’ paychecks.

49
Q

GDP Gross Domestic Product

A

the total dollar value of all final goods and services produced by a nation in one year

50
Q

Free Trade

A

a condition in which governments do not im­ pose trade legislation and people are free to buy and sell products regardless of the nation that produced them.

51
Q

Fiat Money

A

money that is not backed by anything of value but serves as money because of governmental decree.

52
Q

What are the Seven Baby Steps?

A
  • $1,000 to start an Emergency Fund
  • Pay off all debt using the Debt Snowball
  • 3-6 months of expenses in savings
  • Invest 15% of household income into Roth IRAs and pre-tax retirement
  • College funding for children
  • Pay off home early
  • Build wealth and give
53
Q

Law of Supply

A

a law stating that the higher the price buy- ers are willing to pay, other things being held constant, the greater the quantity of the product a supplier will produce and vice versa.

Finals May 2018 (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions