Glossary Flashcards
Deficient in quantity or number compared with the demand : not plentiful or abundant
Scarcity
A study of economics in terms of whole systems especially with reference to general levels of output and income, and to the interrelations among sectors of the economy.
Macro Economics
A study of economics in terms of individual areas of activity
Micro economics
An act of demanding or asking especially with authority.
Demand
To satisfy the needs or wishes of.
Supply
An economy in which most goods and services are produced and distributed through free markets.
Market Economy
Economic term that describes the inputs that are used in the production of goods or services in order to make an economic profit.
Factors of Production
The downward and upward movement of gross domestic product around its long-term growth trend.
Economic cycle
A continuing rise in the general price level usually attributed to an increase in the volume of money and credit relative to available goods and services
Inflation
Is a monetary measure of the market value of all final goods and services produced in a period of time.
Gross Domestic product (GDP)
A final stage of society in Marxist theory in which the state has withered away and economic goods are distributed equitably.
Communism
An economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision and by prices production, and the distribution of goods that are determined mainly by competition in a free market.
Capitalism
The state of being unemployed, involuntary idleness of workers.
Unemployment
Is a concept of government in which the state plays a key role in the protection and promotion of the social and economic well-being of its citizens.
Welfare State
A liberal who deemphasizes traditional liberal doctrines in order to seek progress by more pragmatic methods.
Neoliberalism
