MISCELLANEOUS Flashcards
Define a firm
VERY general term for a for-profit business
Define Fiscal Policy
Define Monetary Policy
Fiscal vs. Monetary Policy
Congressional vs. Federal Reserve Bank intervention
Define Autonomous Consumption
Define Disposable Income
Income after expenses like taxes,
Define Discretionary Fiscal Policy
Define Non-Discretionary Fiscal Policy
Define Contractionary Fiscal Policy (THE BRAKE)
Expansionary Fiscal Policy (THE GAS)
Philips Curve
Bureaucracy
Market Models
Imperfect Competition
Pure Competition
Oligopoly
Monopolistic Competition
Pure Monopoly
Recession
Inflation
Federalism
Socialism
Capitalism
Communism
Austrian
Keynesian
Economics
Income Tax
Excise Tax
Law of Demand
Quantity Demanded
Demand Curve
Determinants of Demand
Substitute Good
Complement Goods
Normal Good
Inferior Good
Quantity Supplied
Law of Supply
Supply Curve
Determinants of Supply
Market Equilibrium
Equilibrium Quantity
Law of Market Forces
Hyperinflation
Aggregate Supply
Real GDP
Aggregate Demand
Inflationary Gap
Recessionary Gap
Marginal
Utility
Traditional Economy
Mixed Economy
Warranty
Limited Warranty
Full Warranty
Implied Warranty
Severance Pay
Sign-off Bonus
Liquidity
Commodity Money
Fiat Money
M1
M2
Asset
Liability
Loan
Present Value
Demand for Money
Transaction Demand for Money
Asset Demand for Money
Barter System
Investment
Bonds
Stocks
Financial Sector
What backs the money supply?
Nothing/faith
What makes money effective?
Generally accepted, scarce, portable and dividable, and its purchasing power
Purchasing Power
Functions of Money
Income
Factors of Production
Salary
Limited Liability
A fundamental feature of corporations, whereby investors are liable only up to the amount of their investment.
GDP: Gross Domestic Product
The monetary value of all of a nation’s goods and services produced within a nation’s borders and within a particular period of time, such as a year. It became the official measure of the U.S. economy in 1991. It replaced “gross national product,” which covered all goods and services produced by U.S. residents regardless of where they were working.
Antitrust Law
Laws that seek to make sure businesses compete fairly, and prevent unfair partnerships
Trade Barriers
Trade barriers are usually protectionist; that is, they are erected to protect domestic producers who would not be able to compete successfully with foreign producers in a free market or in free trade.
Iron Law of Wages
the doctrine or theory that wages tend toward a level sufficient only to maintain a subsistence standard of living.
Balance of Trade
the difference between the values of exports and imports of a country, said to be favorable or unfavorable as exports are greater or less than imports.
Surplus Value
(in Marxian economics) the part of the value of a commodity that exceeds the cost of labor, regarded as the profit of the capitalist.
Corporate Profits
The dollars that exceed the costs of the corporation
Socialism
Large Government involvement in the economy EDIT
Market economy
No government involvement in the economy
Mixed Market economy
Just SOME gov. involvement in economy
Labor force
Real Take Home Pay
Salary that includes what is lost to inflation
Standard of Living
Unions
Labor coming together to make sure they interests and rights are heard and respected.
Voluntary Exchange
Production Possibilities Curve
Capital Resources
Inelastic
brain drain
Absolute Advantage
the principle of absolute advantage is the ability of a party to produce a good or service more efficiently than its competitors. Quantity
Comparative vs Absolute Advantage
Absolute deals with the production of goods more efficiently than their competitors (i.e. using less resources) while comparative deals with
