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Intro to Business > Economics Exam Study Guide > Flashcards

Economics Exam Study Guide Flashcards

1
Q

Profits

A

The reward for taking the risk

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2
Q

GDP

A

the sum of all goods and services

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3
Q

Productivity

A

total output over total input

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4
Q

Invisible Hand

A

the force of everyone voting with their dollars

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5
Q

economics

A

social science that analyzes the choices made by people and governments

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6
Q

entrepreneur

A

someone who takes a business risk

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7
Q

Price

A

what a business charges

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8
Q

cost

A

what a business pays

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9
Q

stocks

A

predictors of the future economy

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10
Q

pure competition

A

a lot of suppliers where all products are the same

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11
Q

monopolistic

A

a lot of suppliers trying to differentiate

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12
Q

Oligopoly

A

only a few suppliers

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13
Q

Monopoly

A

only one business offers a certain product

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14
Q

Monopsony

A

a lot of suppliers, only one buyer

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15
Q

Capitalism

A

freedom to create companies/let them fail

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16
Q

Socialism

A

the government owns the big businesses

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17
Q

Communism

A

the government owns all businesses

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18
Q

Inflation

A

rising prices caused by people having more money

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19
Q

CPI

A

measures the monthly average change in prices of goods and services

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20
Q

Index

A

a number invented to measure something

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21
Q

Real

A

describe a measure with inflation subtracted out

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22
Q

hyper inflation

A

inflation increases dramatically

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23
Q

Unemployment

A

the number of people looking for jobs who can’t find them

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24
Q

Seasonal unemployment

A

caused by seasonal variations

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25
Q

Frictional unemployment

A

caused by labor market turnovers

26
Q

Cyclical unemployment

A

caused by the business cycle

27
Q

Structural unemployment

A

caused by worker not having appropriate skills

28
Q

Recession

A

occurs approximately every 8 years

29
Q

monetary policy

A

government controlling the economy by controlling the money supply

30
Q

Federal Reserve

A

produces money and sets interest rates

31
Q

fiscal policy

A

government controlling the economy by taxing and spending

32
Q

Spending

A

takes money from one pocket and puts it in another

33
Q

imports

A

things we bring into the country

34
Q

exports

A

things we send out of the country

35
Q

balance of trade

A

the measure of how our economy is doing, difference between a nations exports and imports

36
Q

Surplus

A

when exports are greater than imports

37
Q

deficit

A

when imports are greater than exports

38
Q

floating exchange rate

A

when the supply and demand determines what the exchange rate will be

39
Q

foreign currency

A

worth whatever someone is willing to pay for it

40
Q

hard currency

A

no limit on the amount of money you can exchange

41
Q

soft currency

A

limit on how much money can be exchanged

42
Q

tariff

A

tax on imports

43
Q

quota

A

limit on the number of a product that can be imported

44
Q

embargo

A

halting all imports to a country with intent to hurt them economically

45
Q

Private enterprise system

A

economic system in which business success or failure depends on how well firms match and counter the offerings of competitors

46
Q

Recession

A

cyclical economic contraction that lasts for at least six months

47
Q

Cost-push inflation

A

Generated by rises in costs of factors of production

48
Q

Demand-pull inflation

A

Excess consumer demand

49
Q

Unemployment rate

A

an indicator of a nation’s economic health

50
Q

Tariff wars

A

When countries put tariffs on each other back and forth

51
Q

common market

A

countries deciding to treat all their products as one

52
Q

NAFTA

A

North American Free Trade Agreement

53
Q

TPP

A

Trans-Pacific Partnership

54
Q

World Bank

A

allows countries to borrow money for projects

55
Q

IMF

A

loans money to countries to help bail them out

56
Q

Antitrust laws

A

designed to protect us/businesses

57
Q

Competitors

A

cannot talk about prices and cannot agree to compete

58
Q

Liability

A

the responsibility a company has for its actions

59
Q

intellectual property

A

things that aren’t always tangible

60
Q

copyrights

A

one way to protect intellectual property

61
Q

patents

A

protect inventions, gives a person a legal monopoly

Intro to Business (1 decks)

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