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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
Sole propietorship
Business owned and operated by one person
25
Tax
Required payment to a local, state, or national government
26
Revenue
Income received by government from taxes
27
Income tax
Tax on a persons earnings
28
Sales tax
Tax on the value of a good being sold
29
Property tax
Tax on the value of your property
30
Corporate tax
Tax on the value of a company's profit
31
Proportional tax
Percentage paid is the same for everyone
32
Progressive tax
Percentage paid increases as income increases
33
Regressive tax
Percentage paid decreases as income increases
34
Inflation
General increase in prices
35
Money supply
All the money available in the US economy
36
Mediation
Neutral person meets with each side to try to find a solution that both sides will accept
37
Opportunity cost
The best thing given up by making certain decisions
38
Macroeconomics
Study entire economies
39
Microeconomics
Study small economic units, like families or businesses
40
Private sectors
Involves individuals and businesses
41
Elastic
Demand is very sensitive to a change in price
42
Franchise
Right to sell a good or service
43
Variable cost
Costs that rise and fall based on the quantity produced
44
Currency
Coins and paper bills used as money
45
Dividends
Profits paid to stockholder, usually every quarter
46
Diversification
When a nation has incomes from many different sources that are not directly related to each other
47
Entrepreneur
Person that starts their own business
48
Law of demand
When the price is lower, consumers will buy more
49
Law of supply
The higher the price, the more is produced
50
Strike
Organized work stoppage to make employer address union demand
51
Portfolio
A collection of financial assets
52
Share
Portion of a stock
53
J. D. Rockefeller
Around 1900, started standard oil, the largest oil company in history
54
Scarcity
Shortage
55
Standard of living
Level of economic success
56
Andrew Carnegie
Around 1900, started US steel and became the richest person in US history
57
Patent
License that gives the inventor exclusive right to sell it for a period of time
58
Oligopoly
A few large firms dominate the market
59
Demand
Desire to own something and the ability to pay for it
60
Subsidy
Government payment that supports a business or a market
61
Spillover costs
Costs of production that affect people not involved
62
Black market
Business without regard for government control
63
Rationing
Allocating scarce goods and services without prices
64
Price floor
Lowest price a good or service can be sold at
65
Monopoly
Market dominated by a single seller
66
Marginal cost
The additional cost of producing one more unit
67
Wage-price spiral
Cause and effect relationship between price and wage
68
Credit card
Entitles holder to buy goods and services based on promise to pay
69
Prospectus
An investment report to potential investors
70
Barter
Exchange of one set of goods and services for another
71
Interest
Price paid for use of borrows money
72
Principal
Amount of money borrrowed
73
Debit card
Check and withdraws money from savings account
74
GDP
Consumer spending + investment + government spending
75
Customs duty
Tax on certain items purchased abroad
76
Tariff
Tax on imported goods
77
Industrialization
Organization of economy for purpose of manufacturing
78
Exchange rate
Value of a foreign nations currency compared to the home nations currency

Economics/Civics (8 decks)

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