Brainscape's Knowledge GenomeTM

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


See full index

Culture And Civilization > Key Terms In Economy > Flashcards

Key Terms In Economy Flashcards

You may prefer our related Brainscape-certified flashcards:
Sociology 101 flashcards
1
Q

Bond

A

Long term debt instrument

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

Long term debt instrument

A

Bond

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

Capital gain

A

Positive difference between the sale price of an asset and its purchase price

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

Positive difference between the sale price of an asset and its purchase price

A

Capital gain

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

Consumer Price Index (CPI)

A

Weighted average of the prices of a representative market basket of goods and services that represents consumption patterns in some base time period

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

Weighted average of the prices of a representative market basket of goods and services that represents consumption patterns in some base time period

A

Consumer Price Index (CPI)

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

Deflation

A

Decrease in the general price level, that is, in the nominal cost of goods and services

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

Decrease in the general price level, that is, in the nominal cost of goods and services

A

Deflation

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

Economics

A

The study of how humans make choices under conditions of scarcity

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

The study of how humans make choices under conditions of scarcity

A

Economics

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

Economic crises + an example

A

Period of economic slowdown characterised by declining productivity and devaluing of financial institutions often due to reckless and unsustainable Money lending (ex: the Great Recession “housing bubble” in 2007-2009)

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

Period of economic slowdown characterised by declining productivity and devaluing of financial institutions often due to reckless and unsustainable Money lending (ex: the Great Recession “housing bubble” in 2007-2009)

A

Economic crises

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

Fiscal Policy

A

Government policy that attempts to influence the direction of the economy through changes in government spending or taxes

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

Government policy that attempts to influence the direction of the economy through changes in government spending or taxes

A

Fiscal policy

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

Globalisation

A

The trend in which buying and selling in markets have increasingly crossed national borders

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

The trend in which buying and selling in markets have increasingly crossed national borders

A

Globalisation

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

Great Depression

A

The period from 1929-1933 when there was a prolonged and steep decline in aggregate output and substantial increase in the unemployment rate

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

The period from 1929-1933 when there was a prolonged and steep decline in aggregate output and substantial increase in the unemployment rate

A

The Great Depression

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

The Great Recession

A

The period from late 2007- early 2009 when aggregate output declined and unemployment approached 10% due to a large financial disruption

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

The period from late 2007- early 2009 when aggregate output declined and unemployment approached 10% due to a large financial disruption

A

Great Recession

21
Q

Gross domestic product (GDP)

A

The market value of all officially recognised final goods and services produced within a country in a given period of time

22
Q

The market value of all officially recognised final goods and services produced within a country in a given period of time

A

Gross Domestic Product (GDP)

23
Q

Inflation

A

Increase in the general level of prices or in the cost of living

24
Q

Increase in the general level of prices or in the cost of living

A

Inflation

25
Q

Macroeconomics

A

Study of the performance, structure, behaviour and decision-making of an economy as a whole, rather than individual markets

26
Q

Study of the performance, structure, behaviour and decision-making of an economy as a whole, rather than individual markets

A

Macroeconomics

27
Q

Market economy

A

Economy in which goods and services are exchanged in a free market, as opposed to a state controlled or socialist economy; a capitalist economy

28
Q

Economy in which goods and services are exchanged in a free market, as opposed to a state controlled or socialist economy; a capitalist economy

A

Market economy

29
Q

Microeconomics

A

Study of economy on small-scale activities such as that of the individual or company

30
Q

Study of economy on small-scale activities such as that of the individual or company

A

Microeconomics

31
Q

Monetary policy

A

Process by which the central bank, or monetary authority manages the supply of money, or trading in foreign exchange markets

32
Q

Process by which the central bank, or monetary authority manages the supply of money, or trading in foreign exchange markets

A

Monetary policy

33
Q

Monopoly

A

A market where one company is the sole supplier

34
Q

A market where one company is the sole supplier

A

Monopoly

35
Q

National debt

A

The accumulation of deficits (government spending in excess of tax revenue collected) over time

36
Q

The accumulation of deficits (government spending in excess of tax revenue collected) over time

A

National debt

37
Q

National income

A

The sum of all types of income (wages, net interest, profits, and net rental income) earned in a given time period by any type of economic agent

38
Q

The sum of all types of income (wages, net interest, profits, and net rental income) earned in a given time period by any type of economic agent

A

National income

39
Q

Quantitative easing

A

A relatively new monetary policy tool used by the Federal Reserve System when other traditional tools become ineffective. Refers to the purchase of other assets to inject liquidity into the economy

40
Q

A relatively new monetary policy tool used by the Federal Reserve System when other traditional tools become ineffective. Refers to the purchase of other assets to inject liquidity into the economy

A

Quantitative easing

41
Q

Recession

A

Period of reduced economic activity

42
Q

Period of reduced economic activity

A

Recession

43
Q

Spread

A

The difference between two prices, rates or yields

44
Q

The difference between two prices, rates or yields

A

Spread

45
Q

Sub-prime

A

Designating a loan (typically at a greater than usual rate of interest) offered to a borrower who is not qualified for other loans (for example because of poor credit history)

46
Q

Designating a loan (typically at a greater than usual rate of interest) offered to a borrower who is not qualified for other loans (for example because of poor credit history)

A

Sub-prime

47
Q

Welfare economics

A

Branch of economics that seeks to evaluate economic policies in terms of their effects on the wellbeing of the community

48
Q

Branch of economics that seeks to evaluate economic policies in terms of their effects on the wellbeing of the community

A

Welfare economics

Culture And Civilization (7 decks)

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