| Term | Definition |
|---|
| economy | is the structure of production,distrobution, and consumption of these goods and services |
| producers | someone that makes products |
| private ownership | property that individules use |
| public goods | owned and controlled by government |
| productive resources | include the labor, land and managent skills used to produce goods and services |
| law of scarcity | all economic system attempts to resolve the problem of limited resourses |
| law of supply and demand | is the price and supply follows demand |
| economic competition | occurs when two or more sellers offer similar goods goods and services for sale in the market place |
| monopoly | a market in which there are many buyers but only one seller |
| fiscal policy | a government policy for dealing with the budget |
| antitrust laws | Laws that encourage competition in the marketplace |
| gross domestic product | measure of the United States economy adopted in 1991 |
| consumer price index | an index of the cost of all goods and services to a typical consumer |
| recession | the state of the economy declines |
| inflation | a general and progressive increase in prices |
| monetary policy | The management of the money supply and interest rates |
| reserve requirements | regulations on the minimum amount of reserves that banks must hold against deposits |
| discount rate | interest on an annual basis deducted in advance on a loan |
| open market operations | the buying and selling of government securities to alter the supply of money |
| international trade | trade between nations |
| importing | the commercial activity of buying and bringing in goods from a foreign country |
| exporting | the commercial activity of selling and shipping goods to a foreign country |
| balance of payments | a system of recording all of a country's economic transactions with the rest of the world over a period of one year |
| trade deficit | an excess of imports over exports |
| protectionism | the policy of imposing duties or quotas on imports in order to protect home industries from overseas competition |
| trade barrier | any regulation or policy that restricts international trade |
| tariff | a government tax on imports or exports |
| import quota | a limit on the number of products in certain categories that a nation can import |
| exchange rate | the charge for exchanging currency of one country for currency of another |
| euro | the europen dollar |
Combine with other sets
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