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Study sets matching "bju economics"

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Study sets matching "bju economics"

21 terms
BJU Economics Chapter 6
mercantilism
favorable balance of trade
laissez faire
capitalism
an economic philosophy commonly held in Europe from the 16th…
condition experienced when a nation sells more goods abroad t…
the idea that govt should generally leave the economy of a na…
an economic system in which private individuals own most of t…
mercantilism
an economic philosophy commonly held in Europe from the 16th…
favorable balance of trade
condition experienced when a nation sells more goods abroad t…
27 terms
BJU Economics Chapter 10
Money
Legal Tender
Functions of Money
Barter
Anything that a society commonly uses and generally accepts i…
Money that the government has declared that if you tender (of…
1. Means of payment... 2. Measure of value ... 3. Means of storing…
The exchange of one person's goods or services for another's
Money
Anything that a society commonly uses and generally accepts i…
Legal Tender
Money that the government has declared that if you tender (of…
27 terms
BJU Economics Chapter 9
Define Market
Define Competition
Define Industry
What are 4 ways to distinguish an indu…
An arrangement or system that people have developed for tradi…
The struggle each firm experiences as it seeks to survive and…
The sector of an economy made up of manufacturing enterprises
1. Number of firms... 2. Product differences ... 3. Control of pric…
Define Market
An arrangement or system that people have developed for tradi…
Define Competition
The struggle each firm experiences as it seeks to survive and…
25 terms
BJU Economics Ch 5
extensive growth
intensive growth
consumer goods
capital goods
the ability to produce more goods and services because busine…
the ability of business firms to produce more goods or servic…
goods that are purchased for personal use.
goods that are used to produce consumer goods; also called re…
extensive growth
the ability to produce more goods and services because busine…
intensive growth
the ability of business firms to produce more goods or servic…
18 terms
BJU Economics Chapter 3
Principle of diminishing marginal util…
Marginal utility curve
Demand
Law of demand
People tend to receive less and less additional satisfaction…
a graphic representation of the marginal utility schedule
A willingness of consumers to purchase a product, and also as…
Everything else being held constant, the lower the price char…
Principle of diminishing marginal util…
People tend to receive less and less additional satisfaction…
Marginal utility curve
a graphic representation of the marginal utility schedule
20 terms
BJU Economics Chapter 4
Supply
law of supply
supply schedule
supply curve
the amount of goods and services business firms are willing a…
a law stating that the higher the price buyers are willing to…
a tabular model noting the quantities of an item that supplie…
a graph illustrating the quantities of an item that suppliers…
Supply
the amount of goods and services business firms are willing a…
law of supply
a law stating that the higher the price buyers are willing to…
25 terms
BJU Economics Chapter 2
Tabular Model / Schedule
Line Graph
Production Possibilities Curve (PPC)
Circular Flow Model p.33
a model that shows simple relationships between pairs of vari…
a model that links the limited number of observations to prov…
This model enables an economist to see the maximum feasible a…
Provides a visual explanation of how a complete national econ…
Tabular Model / Schedule
a model that shows simple relationships between pairs of vari…
Line Graph
a model that links the limited number of observations to prov…
12 terms
BJU Economics Chapter 15
Fiscal Policy
Keynesian Economics
Marginal Propensity to Consume (MPC)
Marginal Propensity to Save (MPS)
Refers to the actions the government takes to affect output (…
Hinges on the premise that alternating periods of excessive a…
The portion of each dollar that the average person spends.
The percentage of each dollar that the average consumer saves.
Fiscal Policy
Refers to the actions the government takes to affect output (…
Keynesian Economics
Hinges on the premise that alternating periods of excessive a…
19 terms
BJU Economics Chapter 12
Gross Domestic Product
Nominal GDP
Final Goods and Services
Intermediate Goods
Total dollar value of all final goods and services a nation's…
Results using current dollar values. How the government repor…
Goods and services that producers sold to ultimate users.
Those that someone purchased either to resell immediately or…
Gross Domestic Product
Total dollar value of all final goods and services a nation's…
Nominal GDP
Results using current dollar values. How the government repor…
27 terms
BJU Economics Chapter 1
economics
insatiability
scarcity
economic cost
the science of how and why people, businesses, and government…
the condition of having unlimited wants and thus never being…
the condition of a good or service being finite or limited in…
the value people place on a good or service - this value help…
economics
the science of how and why people, businesses, and government…
insatiability
the condition of having unlimited wants and thus never being…
21 terms
BJU Economics Chapter 1
Economics
Insatiability
Scarcity
Economic Cost
The commonsense science of how and why people, businesses, an…
Everyone has unlimited wants.
Everything is finite . . . limited in quantity.
The value people place on a good or service.
Economics
The commonsense science of how and why people, businesses, an…
Insatiability
Everyone has unlimited wants.
35 terms
BJU Economics Chapter 9
Market
Competition
Industry
Differentiated
The arrangements that people have developed for trading with…
The struggle each firm experiences as it seeks to survive and…
A group of businesses that share common concerns, sell a simi…
Products that are visibly different from one firm to another…
Market
The arrangements that people have developed for trading with…
Competition
The struggle each firm experiences as it seeks to survive and…
32 terms
BJU Economics Chapter 8
Stock
Common Stock
Dividends
Preferred Stock
A portions of a ownership of a corporation.
The most prevalent type of stock that companies offer and rep…
A distribution of a portion of the corporation's profits.
Shareholders of this receive their dividends before the commo…
Stock
A portions of a ownership of a corporation.
Common Stock
The most prevalent type of stock that companies offer and rep…
14 terms
BJU Economics Chapter 13
Business Cycle
Expansion phase
Peak Phase
Recession Phase
An economic condition consisting of alternating periods of ri…
Part of business cycle in which the nation's GDP is on the ri…
Part of business cycle in which rapid expansion comes to a ha…
Part of the business cycle in which consumer purchases declin…
Business Cycle
An economic condition consisting of alternating periods of ri…
Expansion phase
Part of business cycle in which the nation's GDP is on the ri…
23 terms
Economics-BJU Chapter 1
economics
insatiability
scarcity
economic cost
the science of how and why people, businesses, and government…
the condition of having unlimited wants and thus never being…
the condition of a good or service being finite or limited in…
the value people place on a good or service
economics
the science of how and why people, businesses, and government…
insatiability
the condition of having unlimited wants and thus never being…
25 terms
BJU Economics Ch 5
extensive growth
intensive growth
consumer goods
capital goods
the ability to produce more goods and services because busine…
the ability of business firms to produce more goods or servic…
goods that are purchased for personal use.
goods that are used to produce consumer goods; also called re…
extensive growth
the ability to produce more goods and services because busine…
intensive growth
the ability of business firms to produce more goods or servic…
15 terms
BJU Economics Chapter 3
Principle of diminishing marginal util…
Marginal utility curve
Demand
Law of demand
People tend to receive less and less additional satisfaction…
a graphic representation of the marginal utility schedule
A willingness of consumers to purchase a product, and also as…
Everything else being held constant, the lower the price char…
Principle of diminishing marginal util…
People tend to receive less and less additional satisfaction…
Marginal utility curve
a graphic representation of the marginal utility schedule
15 terms
BJU Economics Chapter 3
Principle of diminishing marginal util…
Marginal utility curve
Demand
Law of demand
People tend to receive less and less additional satisfaction…
a graphic representation of the marginal utility schedule
A willingness of consumers to purchase a product, and also as…
Everything else being held constant, the lower the price char…
Principle of diminishing marginal util…
People tend to receive less and less additional satisfaction…
Marginal utility curve
a graphic representation of the marginal utility schedule
23 terms
BJU Economics Chapter 7
Sole Proprietorship
Advantages of Sole Proprietorship
Disadvantages of Sole Proprietorship
Creditor
A business firm that has one owner. Most popular form of busi…
Freedom to enter and exit the market easily... Freedom from outs…
Unlimited personal financial liability... Limited management and…
The lender of a loan
Sole Proprietorship
A business firm that has one owner. Most popular form of busi…
Advantages of Sole Proprietorship
Freedom to enter and exit the market easily... Freedom from outs…
14 terms
BJU Economics Chapter 13
Business Cycle
Expansion Phase
Peak Phase
Recession Phase
Consists of alternating phases when the real GDP rises and fa…
During this time the nation's GDP rises, the number of availa…
The halt of rapid expansion. Caused by limited raw materials,…
Six months of declining real GDP.
Business Cycle
Consists of alternating phases when the real GDP rises and fa…
Expansion Phase
During this time the nation's GDP rises, the number of availa…
18 terms
BJU Economics Chapter 3
Principle of diminishing marginal util…
Marginal utility curve p.46
Demand
Law of demand
People tend to receive less and less additional satisfaction…
a graphic representation of observations of utility received…
A willingness of consumers to purchase a product, and also as…
Everything else being held constant, the lower the price char…
Principle of diminishing marginal util…
People tend to receive less and less additional satisfaction…
Marginal utility curve p.46
a graphic representation of observations of utility received…
18 terms
BJU Economics Chapter 7
Sole Proprietorship
Advantages of Sole Proprietorship
Disadvantages of Sole Proprietorship
Creditor
A business firm that has one owner. Most popular form of busi…
Freedom to enter and exit the market easily... Freedom from outs…
Unlimited personal financial liability... Limited management and…
The lender of a loan
Sole Proprietorship
A business firm that has one owner. Most popular form of busi…
Advantages of Sole Proprietorship
Freedom to enter and exit the market easily... Freedom from outs…
25 terms
BJU Economics Chapter 9
Market
Competition
Industry
4 Ways to Distinguish Industry
The arrangements that people have developed for trading with…
The struggle each firm experiences as it seeks to survive and…
A group of businesses that share common concerns
1. Number of firms... 2. Product differences ... 3. Control of pric…
Market
The arrangements that people have developed for trading with…
Competition
The struggle each firm experiences as it seeks to survive and…
16 terms
BJU Economics Ch. 6
capitalism
centralized socialism
classic liberal capitalism
communism
an economic system in which private individuals own most of t…
a form of socialism in which the government is both the centr…
the form of capitalism allowing the government only minimal o…
in the economic sense, the most extreme form of socialism, in…
capitalism
an economic system in which private individuals own most of t…
centralized socialism
a form of socialism in which the government is both the centr…
18 terms
BJU Economics Ch. 10
barter
charter
commercial bank
commodity money
the exchange of one person's goods or services for another's…
the authorization for a bank to exist, issued either by the f…
a financial institution that accepts deposits and makes comme…
a commonly used or valued good that serves as a medium of exc…
barter
the exchange of one person's goods or services for another's…
charter
the authorization for a bank to exist, issued either by the f…
30 terms
BJU Economics Chapter 7
Sole Proprietorship
Advantages of Sole Proprietorship
Disadvantages of Sole Proprietorship
Creditor
A business firm that has one owner - Most popular form of bus…
Freedom to enter and exit the market easily... Freedom from outs…
Unlimited personal financial liability... Limited management and…
The lender of a loan - someone to whom a debt is owed
Sole Proprietorship
A business firm that has one owner - Most popular form of bus…
Advantages of Sole Proprietorship
Freedom to enter and exit the market easily... Freedom from outs…
37 terms
BJU Economics Chapter 6
mercantilism
favorable balance of trade
laissez-faire liberalism
capitalism
an economic philosophy commonly held in Europe from the 16th…
condition experienced when a nation sells more goods abroad (…
the idea that govt should generally leave the economy of a na…
an economic system in which private individuals own most of t…
mercantilism
an economic philosophy commonly held in Europe from the 16th…
favorable balance of trade
condition experienced when a nation sells more goods abroad (…
12 terms
BJU Economics Chapter 12
business cycle
expansion phase
peak phase
recession phase
alternating periods of rising and falling real GNP
the nation's GNP rises, number of available jobs grows, the u…
signals a halt to rapid expansion
change in consumer attitude causing prices to fall
business cycle
alternating periods of rising and falling real GNP
expansion phase
the nation's GNP rises, number of available jobs grows, the u…
21 terms
BJU Economics Chapter 2
Tabular Model / Schedule
Line Graph
Production Possibilities Curve (PPC)
Circular Flow Model
A popular method of explaining simple relationships between p…
Links the limited number of observations to provide a much gr…
Enables an economist to see the maximum feasible amounts of t…
Provides a visual explanation of how a complete national econ…
Tabular Model / Schedule
A popular method of explaining simple relationships between p…
Line Graph
Links the limited number of observations to provide a much gr…
41 terms
BJU Economics Chapter 9
Market
Competition
Industry
Number of firms Product differences Co…
The arrangements that people have developed for trading with…
The struggle each firm experiences as it seeks to survive and…
A group of businesses that share common concerns
4 Ways to Distinguish Industry
Market
The arrangements that people have developed for trading with…
Competition
The struggle each firm experiences as it seeks to survive and…
31 terms
BJU Economics Test 3
HELPFUL LINKS
Q: Why does the intersection of the de…
Q: In what sense do sellers compete wi…
Q: Interpret and evaluate this stateme…
Economics Basics: http://www.investopedia.com/university/econ…
A: the buyers and the sellers are having open communication,…
A: market = sellers + buyers... sellers cooperate with buyers
A: TRANSLATION: Markets clear (equal to quantity demanded = q…
HELPFUL LINKS
Economics Basics: http://www.investopedia.com/university/econ…
Q: Why does the intersection of the de…
A: the buyers and the sellers are having open communication,…
25 terms
BJU Economics Chapter 9
Market
Competition
Industry
Differentiated Products
The arrangements that people have developed for trading with…
The struggle each firm experiences as it seeks to survive and…
A group of businesses that share common concerns: they sell a…
Products that are visibly different from one firm to another.
Market
The arrangements that people have developed for trading with…
Competition
The struggle each firm experiences as it seeks to survive and…
28 terms
BJU Economics Test 1
How does social cooperation emerge fro…
What signals do markets provide to dir…
What are property rights and why are t…
Who makes choices? How do they choose?
Because we all have self interests... the invisible hand... examp…
prices
They're assigned to specific individuals in the form of legal…
individuals make choices
How does social cooperation emerge fro…
Because we all have self interests... the invisible hand... examp…
What signals do markets provide to dir…
prices
29 terms
BJU Economics Test 2
What does it mean "need" something?
In what sense might water be more valu…
How is a change in demand different fr…
Are goods and services really more exp…
...
When the individual need changes.... Substitutes per circumstance
Demand is the whole curve, quantity demanded is one point on…
...
What does it mean "need" something?
...
In what sense might water be more valu…
When the individual need changes.... Substitutes per circumstance
12 terms
BJU Economics Chapter 15
Fiscal Policy
Keynesian economics
Marginal Propensity to consume
Marginal Propensity to save
the ability of the government to affect GDP and employment th…
economic policies based upon the ideas of John Maynard Keynes…
the percentage of each dollar that the average person chooses…
the percentage of each dollar that the average person chooses…
Fiscal Policy
the ability of the government to affect GDP and employment th…
Keynesian economics
economic policies based upon the ideas of John Maynard Keynes…
15 terms
BJU Economics Ch 4
supply
law of supply
change in quantity supplied
change in supply
the amt of goods and svcs business firms are willing and able…
the higher the price buyers are willing to pay, other things…
when the change in the price of an item causes a change in nu…
the supply curve may shift to reflect in supply change, leftw…
supply
the amt of goods and svcs business firms are willing and able…
law of supply
the higher the price buyers are willing to pay, other things…
28 terms
BJU Economics Chapter 10
Money
Legal Tender
Functions of Money
Barter
Anything that a society commonly uses and generally accepts i…
Money that the government has declared that if you tender (of…
1. Means of payment... 2. Measure of value ... 3. Means of storing…
The exchange of one person's goods or services for another's
Money
Anything that a society commonly uses and generally accepts i…
Legal Tender
Money that the government has declared that if you tender (of…
38 terms
BJU Economics Chapter 9
Market
Competition
Industry
4 Ways to Distinguish Industry
The arrangements that people have developed for trading with…
The struggle each firm experiences as it seeks to survive and…
A group of businesses that share common concerns
1. Number of firms... 2. Product differences ... 3. Control of pric…
Market
The arrangements that people have developed for trading with…
Competition
The struggle each firm experiences as it seeks to survive and…
8 terms
BJU Economics Chapter 13
inflation
cost of living adjustments (COLAs)
consumer price index (CPI)
base period
a sustained rise in the average price level
adjust payments upward as inflation causes prices to rise
used to measure changes in prices that household consumers pay
serves as a benchmark against which future prices are compared
inflation
a sustained rise in the average price level
cost of living adjustments (COLAs)
adjust payments upward as inflation causes prices to rise
17 terms
BJU Economics Chapter 11
gross national product (GNP)
nominal GNP
final goods and services
intermediate goods
an account of national productivity
GNP reported in current or "nominal" dollar values
goods and services sold to ultimate users
goods purchased to be immediately resold or incorporated into…
gross national product (GNP)
an account of national productivity
nominal GNP
GNP reported in current or "nominal" dollar values
21 terms
BJU Economics Chapter 1
Economics
Insatiability
Scarcity
Economic Cost
The commonsense science of how and why people, businesses, an…
Everyone has unlimited wants.
Everything is finite . . . limited in quantity.
The value people place on a good or service.
Economics
The commonsense science of how and why people, businesses, an…
Insatiability
Everyone has unlimited wants.
15 terms
BJU Economics Chapter 3
Principle of Diminishing Marginal Util…
Marginal Utility Schedule
Marginal Utility Curve
Demand
States that people tend to receive less and less additional s…
A tabular model based upon observation.
A graphic representation of the marginal utility schedule.
Not only a willingness of consumers to purchase a product but…
Principle of Diminishing Marginal Util…
States that people tend to receive less and less additional s…
Marginal Utility Schedule
A tabular model based upon observation.
12 terms
BJU Economics Chapter 5
Economics Growth
Extensive Growth
Intensive Growth
Consumer Goods
An increase in the quantity of goods and services a nation ca…
Business firms are able to increase their production of goods…
A nation's business firms increase their production of goods…
Goods that individuals purchase for personal use, such as boo…
Economics Growth
An increase in the quantity of goods and services a nation ca…
Extensive Growth
Business firms are able to increase their production of goods…
21 terms
BJU Economics - Chapter 2
tabular model
schedule
line graph
production possibilities curve (PPC)
a table or chart explaining the relationships between pairs o…
a table or chart explaining the relationships between pairs o…
a graph formed by the plotting of data involving two variable…
a model that enables an economist to see the maximum feasible…
tabular model
a table or chart explaining the relationships between pairs o…
schedule
a table or chart explaining the relationships between pairs o…
14 terms
BJU Economics Chapter 4
Supply
law of supply
supply schedule
supply curve
the amount of goods and services business firms are willing a…
a law stating that the higher the price buyers are willing to…
a tabular model noting the quantities of an item that supplie…
a graph illustrating the quantities of an item that suppliers…
Supply
the amount of goods and services business firms are willing a…
law of supply
a law stating that the higher the price buyers are willing to…
26 terms
BJU Economics Chapter 8
Stock
Stock Certificates
Common Stock
Dividend
Shares or portions of a corporation
Pieces of paper that were used as evidence of their ownership…
The most prevalent type of stock that companies offer and rep…
A distribution of a portion of the corporation's profits.
Stock
Shares or portions of a corporation
Stock Certificates
Pieces of paper that were used as evidence of their ownership…
9 terms
BJU Economics Chapter 11
The Three Organizations That Create Mo…
Central Bank
Federal Reserve System (the Fed)
Functions of the Fed
The United States Treasury
Another term for the Federal Reserve Bank. This term refers t…
A governmental institution responsible for overseeing the iss…
1. Control prices ... 2. Control unemployment ... 3. Control econom…
The Three Organizations That Create Mo…
The United States Treasury
Central Bank
Another term for the Federal Reserve Bank. This term refers t…
19 terms
BJU Economics Chapter 12
Gross Domestic Product
Nominal GDP
Final Goods and Services
Intermediate Goods
Total dollar value of all final goods and services a nation's…
Results using current dollar values. How the government repor…
Goods and services that producers sold to ultimate users.
Those that someone purchased either to resell immediately or…
Gross Domestic Product
Total dollar value of all final goods and services a nation's…
Nominal GDP
Results using current dollar values. How the government repor…
18 terms
BJU Economics Chapter 10
Money
Legal Tender
Barter
Double Coincidence of Wants
Anything that a society commonly uses and generally accepts i…
If you offer it as payment for a debt, all creditors must acc…
The exchange of one person's goods and services for another's…
Both parties involved in the trade wanting what the other has…
Money
Anything that a society commonly uses and generally accepts i…
Legal Tender
If you offer it as payment for a debt, all creditors must acc…
24 terms
BJU Economics Chapter 9
artificial barriers to entry
barrier to entry
collusion
cartel
the prevention of a new firm from entering an industry becaus…
a condition that prevents a new firm from entering an industr…
agreement among a small number of producers to reduce their o…
a group of producers who cooperate to control the price of th…
artificial barriers to entry
the prevention of a new firm from entering an industry becaus…
barrier to entry
a condition that prevents a new firm from entering an industr…
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