Econ Chapter 12 Flashcards

1
Q

The branch of economic theory dealing with the economy as a whole and decision making by large units such as governments and unions

A

Macroeconomics

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2
Q

Total dollar value of all final goods, services and structures produced in one year with labor and property supplied by a country’s residents, regardless of where the production takes place; largest measure of a nation’s income

A

Gross National Product

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3
Q

personal income less individual income taxes; total income available to the consumer sector after income taxes

A

Disposable Personal Income

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4
Q

Point where the country would balance if it were flat and everyone weighed the same

A

Center of Population

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5
Q

ratio of children and elderly per 100 persons who are in the 18-64 working age bracket

A

Dependency Ratio

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6
Q

number of births that 1,000 women are expected to undergo in their life time

A

Fertility Rate

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7
Q

joint federal-state medical insurance program for low-income people

A

Medicaid

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8
Q

program requiring welfare recipients to work in exchange for benefits

A

Workfare

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9
Q

economic activities that do not generate expenditures in the market

A

Nonmarket Transactions

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10
Q

total amount of income going to the consumer sector before individual income taxes are paid

A

Personal Income

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11
Q

basic unit of consumer sector consisting of all persons who occupy a house, apartment, or separate living quarters

A

Household

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12
Q

diagram showing the breakdown of population by age and gender

A

Population Pyramid

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13
Q

person who studies growth density, and other characteristics of the population

A

Demographer

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14
Q

graph showing how much the actual distribution of income differs from an equal distribution

A

Lorenz Curve

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15
Q

area free of local, state and federal tax laws as well as other operating restrictions

A

Enterprise Zone

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