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Econ HHS / Lacher Vocabulary 1-51
Terms in this set (51)
federal and state laws passed to prevent new monopolies from forming and to break up those that already exist
situation when the amount of government spending exceeds its receipts during the fiscal year
Occurs when a government spends less than it takes in as revenue. When Clinton too office, there was a budget deficit.
Money or previously manufactured goods invested to make other goods and services.
a group of independent businesses formed to control production, pricing, and marketing of goods
a system in which government controls the factors of production and makes decisions
The ability of a country, company or individual to produce a product at a lower opportunity cost than another country, company or individual.
A term that denotes the rivalry between or among parties, each of which seeks to deliver a better deal to buyers when quality, price and product information are considered.
Products that are usually consumed jointly. Pricing of one affects the other.
The prolonged decline in the general price level of goods and services.
The amount of a good or service that consumers are able and willing to buy at various possible prices during a specified time period.
A downward sloping line that shows in graph form the quantities consumers would buy at each possible price.
The portion of corporate profits paid out to stockholders
division of labor
the breaking down of a job into separate, smaller tasks, which are performed by different workers
Dow Jones Industrial Average
A price-weighted average of 30 actively traded stocks, including stocks that trade on the New York Stock Exchange and NASDAQ. It is a barometer of how shares of the largest US companies are performing.
The study of how people make choices about ways to use limited resources to fulfill their wants. The production and distribution of goods and services in a society.
elasticity of demand
This indicates the degree of consumer response to variation in price. Calculated by: the percent change in quantity of a product demanded divided by the percent change in price causing the change in quantity.
when individuals take risks to develop new products and start new businesses in order to gain profits.
The price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy.
The economic side effects or by-products that affect an uninvolved third party; can be negative or positive.
The central bank of the United States; it carries out banking regulatory policies and is responsible for the conduct of monetary policy.
The use of government taxation and expenditure policies for the purpose of achieving macroeconomic goals.
A system in which individuals own the factors of production and make economic decisions through free interaction while looking out for their own and their families' best interests.
The total market value of all "final product" goods and services produced in a nation during a specific period, usually a year.
situation in which a product's price change has little impact on the quantity demanded by consumers
A prolonged rise in the price of final goods and services
an amount the borrower must pay for the use of someone else's fund
system when government minimizes interference in the economy
Law of diminishing marginal utility
rule stating that the additional satisfaction a consumer gets from purchasing one more unit of a product will lessen with each additional unit purchased
Branch of economics in which the focus is human behavior and decisions affecting small units such as individuals household firms
Additional enjoyment or use associated with one additional unit
economy system in which individuals own the factors of production and decide how to use them within a legal framework
economic theory dealing with larger units or wholes , like governments/countries
government action that changes the rate of growth of the supply of money in circulation in order to achieve certain goals
a single supplier makes up an entire industry with no close substitutes
installment debt owed on houses, buildings, or land
The highest-valued alternative that must be foregone (sacrificed) as a result of choosing an alternative
legally maximum price at which a good can be sold
legally minimum price for a good or service
desire to make money that motivates people to produce and sell goods and services, take risks, etc.
A method of government income that requires those with high income to pay a larger percentage of their incomes to the government than those with lower taxable incomes.
goods or services that can be used by many individuals at the same time without reducing the benefit each person receives.
An allocation of a limited supply of a good or resource to users who would like to have more of it. Most often refers to allocation on some other basis than price.
An input used to produce economic goods. Land, labor, skills, natural resources, and capital are examples.
Limited quantities of resources to meet unlimited wants (basic economic principle)
The concept that a nation should produce and export a limited assortment of goods for which it is particularly suited in order to use its resources most efficiently. In history, each society finds that households should do likewise rather than trying to produce all necessary goods for themselves.
A share of ownership in a corporation that entitles the buyer to portions of the profit
A sum of money granted by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low or competitive.
amount of a good or service a producer is willing to sell at different prices.
The upward sloping line that shows in graph form the quantities supplied at each possible price.
When an item is in the possession of someone who values it, it can then, in economic terms, be called this.
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Economics: Today and Tomorrow
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