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Key Terms In Economy Flashcards

1
Q

Bond

A

Long term debt instrument

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2
Q

Long term debt instrument

A

Bond

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3
Q

Capital gain

A

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

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4
Q

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

A

Capital gain

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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

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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)

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7
Q

Deflation

A

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

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8
Q

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

A

Deflation

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9
Q

Economics

A

The study of how humans make choices under conditions of scarcity

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10
Q

The study of how humans make choices under conditions of scarcity

A

Economics

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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)

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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

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13
Q

Fiscal Policy

A

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

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14
Q

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

A

Fiscal policy

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15
Q

Globalisation

A

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

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16
Q

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

A

Globalisation

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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

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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

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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

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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

25
Macroeconomics
Study of the performance, structure, behaviour and decision-making of an economy as a whole, rather than individual markets
26
Study of the performance, structure, behaviour and decision-making of an economy as a whole, rather than individual markets
Macroeconomics
27
Market economy
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
Economy in which goods and services are exchanged in a free market, as opposed to a state controlled or socialist economy; a capitalist economy
Market economy
29
Microeconomics
Study of economy on small-scale activities such as that of the individual or company
30
Study of economy on small-scale activities such as that of the individual or company
Microeconomics
31
Monetary policy
Process by which the central bank, or monetary authority manages the supply of money, or trading in foreign exchange markets
32
Process by which the central bank, or monetary authority manages the supply of money, or trading in foreign exchange markets
Monetary policy
33
Monopoly
A market where one company is the sole supplier
34
A market where one company is the sole supplier
Monopoly
35
National debt
The accumulation of deficits (government spending in excess of tax revenue collected) over time
36
The accumulation of deficits (government spending in excess of tax revenue collected) over time
National debt
37
National income
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
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
National income
39
Quantitative easing
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
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
Quantitative easing
41
Recession
Period of reduced economic activity
42
Period of reduced economic activity
Recession
43
Spread
The difference between two prices, rates or yields
44
The difference between two prices, rates or yields
Spread
45
Sub-prime
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
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)
Sub-prime
47
Welfare economics
Branch of economics that seeks to evaluate economic policies in terms of their effects on the wellbeing of the community
48
Branch of economics that seeks to evaluate economic policies in terms of their effects on the wellbeing of the community
Welfare economics

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