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Economics/Civics > Economics Final > Flashcards

Economics Final Flashcards

0
Q

Goods

A

Material that satisfies human wants and provides a utility

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1
Q

Command economy

A

Government decides how to produce and consume goods

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2
Q

Traditional economy

A

Uses custom to decide how to produce goods and services

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3
Q

Differentiation

A

The process of distinguishing a product Or service from others. To make it more attractive to a particular target market

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4
Q

Fiat money

A

Government makes it legal tender to pay debts

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5
Q

Blue collar worker

A

Works in an industrial job and receives wages

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6
Q

Sales tax

A

Tax on the value of a good being sold

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7
Q

Export

A

Good sent to another country for sale

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8
Q

Screening effect

A

How employers look at their completion of college shows employers that applicant is intelligent and hardworking

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9
Q

Progressive tax

A

percentage paid increases as income increases

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10
Q

Semi developed country

A

Nation with work force, better sanitation, and longer life expectancies

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11
Q

Structural unemployment

A

Workers skills don’t match the jobs that are available

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12
Q

Frictional unemployment

A

While trying to find a job

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13
Q

Seasonal unemployment

A

Because of harvest schedules or industries that shut down for the season

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14
Q

Cyclical unemployment

A

During economic downturns

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15
Q

Underemployed

A

Being overqualified or working part time when you want to work full time

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16
Q

Trade deficit

A

Nation imports more than it exports

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17
Q

Trade surplus

A

Nation exports more than it imports

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18
Q

Market economy

A

Free exchange to decide how to produce and consume goods and services

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19
Q

Capital gain

A

Difference between higher selling price and lower purchasing price

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20
Q

Capital loss

A

Difference between lower selling price and higher purchase price

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21
Q

World bank

A

Provides money and sources to poor countries

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22
Q

Medicaid

A

Government health insurance to low income people

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23
Q

Medicare

A

Government health insurance to people over 62

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24
Q

Sole propietorship

A

Business owned and operated by one person

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25
Q

Tax

A

Required payment to a local, state, or national government

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26
Q

Revenue

A

Income received by government from taxes

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27
Q

Income tax

A

Tax on a persons earnings

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28
Q

Sales tax

A

Tax on the value of a good being sold

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29
Q

Property tax

A

Tax on the value of your property

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30
Q

Corporate tax

A

Tax on the value of a company’s profit

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31
Q

Proportional tax

A

Percentage paid is the same for everyone

32
Q

Progressive tax

A

Percentage paid increases as income increases

33
Q

Regressive tax

A

Percentage paid decreases as income increases

34
Q

Inflation

A

General increase in prices

35
Q

Money supply

A

All the money available in the US economy

36
Q

Mediation

A

Neutral person meets with each side to try to find a solution that both sides will accept

37
Q

Opportunity cost

A

The best thing given up by making certain decisions

38
Q

Macroeconomics

A

Study entire economies

39
Q

Microeconomics

A

Study small economic units, like families or businesses

40
Q

Private sectors

A

Involves individuals and businesses

41
Q

Elastic

A

Demand is very sensitive to a change in price

42
Q

Franchise

A

Right to sell a good or service

43
Q

Variable cost

A

Costs that rise and fall based on the quantity produced

44
Q

Currency

A

Coins and paper bills used as money

45
Q

Dividends

A

Profits paid to stockholder, usually every quarter

46
Q

Diversification

A

When a nation has incomes from many different sources that are not directly related to each other

47
Q

Entrepreneur

A

Person that starts their own business

48
Q

Law of demand

A

When the price is lower, consumers will buy more

49
Q

Law of supply

A

The higher the price, the more is produced

50
Q

Strike

A

Organized work stoppage to make employer address union demand

51
Q

Portfolio

A

A collection of financial assets

52
Q

Share

A

Portion of a stock

53
Q

J. D. Rockefeller

A

Around 1900, started standard oil, the largest oil company in history

54
Q

Scarcity

55
Q

Standard of living

A

Level of economic success

56
Q

Andrew Carnegie

A

Around 1900, started US steel and became the richest person in US history

57
Q

Patent

A

License that gives the inventor exclusive right to sell it for a period of time

58
Q

Oligopoly

A

A few large firms dominate the market

59
Q

Demand

A

Desire to own something and the ability to pay for it

60
Q

Subsidy

A

Government payment that supports a business or a market

61
Q

Spillover costs

A

Costs of production that affect people not involved

62
Q

Black market

A

Business without regard for government control

63
Q

Rationing

A

Allocating scarce goods and services without prices

64
Q

Price floor

A

Lowest price a good or service can be sold at

65
Q

Monopoly

A

Market dominated by a single seller

66
Q

Marginal cost

A

The additional cost of producing one more unit

67
Q

Wage-price spiral

A

Cause and effect relationship between price and wage

68
Q

Credit card

A

Entitles holder to buy goods and services based on promise to pay

69
Q

Prospectus

A

An investment report to potential investors

70
Q

Barter

A

Exchange of one set of goods and services for another

71
Q

Interest

A

Price paid for use of borrows money

72
Q

Principal

A

Amount of money borrrowed

73
Q

Debit card

A

Check and withdraws money from savings account

74
Q

GDP

A

Consumer spending + investment + government spending

75
Q

Customs duty

A

Tax on certain items purchased abroad

76
Q

Tariff

A

Tax on imported goods

77
Q

Industrialization

A

Organization of economy for purpose of manufacturing

78
Q

Exchange rate

A

Value of a foreign nations currency compared to the home nations currency

Economics/Civics (8 decks)

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