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ba101 > BA101 > Flashcards

BA101 Flashcards

0
Q

Recession

A

Two consecutive quarters of negative economic growth

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1
Q

Economic Growth

A

The change in the general level of economic activity

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2
Q

Aggregate Expenditures

A

The Total amount of expenditures in the economy

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3
Q

Gross Domestic Product (GDP)

A

The total market value of all final products and services produced in the US

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4
Q

Frictional Unemployment

A

People who are between jobs

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5
Q

Seasonal Unemployment

A

People whose services are not needed during some seasons

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6
Q

Cyclical Unemployment

A

People who are unemployed because of poor economic conditions

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7
Q

Structural unemployment

A

People who are unemployed because they do not have adequate skills

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8
Q

Inflation

A

The increase in the general level of prices of products and services over a specified period of time

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9
Q

Cost-push inflation

A

The situation when higher prices charged by firms are caused by higher costs

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10
Q

Demand-pull inflations

A

The situation when prices of products and services are pulled up because of strong consumer demand

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11
Q

Demand schedule

A

A schedule that indicates the quantity of a product that would be demanded at each possible price

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12
Q

Supply schedule

A

A schedule that indicates the quantity of a product that would be supplied (produced) by firms at each possible price

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13
Q

Surplus

A

The situation when the quantity supplied by firms exceeds the quantity demanded by customers

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14
Q

Shortage

A

The situation when the quantity supplied by firms is less that the quantity demanded by customers

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15
Q

Equilibrium price

A

The price at which the quantity of a product supplied by firms equals the quantity of the product demanded by customers

16
Q

Money supply

A

Demand deposits (checking accounts), currency held by the public, and traveler’s checks

17
Q

Federal Reserve System

A

The central bank of the US

18
Q

Monetary policy

A

Decisions on the money supply level in the US

19
Q

Fiscal policy

A

Decisions on how the federal government should set tax rates and spend money

20
Q

Excise taxes

A

Taxes imposed by the federal government on particular products

21
Q

Federal budget deficit

A

The situation when the amount of federal government spending exceeds the amount of federal taxes and other revenue received by the federal government

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