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Comm 102 > Chapter 2 > Flashcards

Chapter 2 Flashcards

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1
Q

Economics

A

The study of how a society uses its scarce resources to produce and distribute goods and services

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2
Q

Microeconomics

A

The sub-area of economics that focuses on individual parts of the economy, such as households or businesses

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3
Q

Macroeconomics

A

The sub-area of economics that focuses on the economy as a whole by looking at aggregate data for large groups of people, companies, or products

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4
Q

Factors of production

A

The resources used to create goods and services, including natural resources, capital, entrepreneurship, and knowledge

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5
Q

Labour

A

Economic contributions of people

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6
Q

Natural resources

A

Commodities that are useful inputs in their natural state

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7
Q

Capital

A

The inputs, such as tools, machinery, equipment, and buildings, used to produce goods and services and get them to the customer

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8
Q

Entrepreneurs

A

People who combine the inputs of natural resources, labour, and capital to produce goods and services with the intention of making a profit or accomplishing a not-for-profit goal

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9
Q

Entrepreneurial thinking

A

Thinking like an entrepreneur - even those who work in a company

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10
Q

Knowledge

A

The combined talents and skills of the workforce

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11
Q

Circular flow

A

The movement of inputs and outputs among households, businesses, and governments; a way of showing how the sectors of the economy interact (study diagram pg. 34)

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12
Q

Economic system

A

The combination of policies, laws, and choices made by a nation’s government to determine what goods and services are produced and how they are allocated

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13
Q

Market economy

A

An economic system based on competition in the marketplace and private ownership of the factors of production (resources); also known as the private enterprise system OR capitalism

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14
Q

Command economy

A

An economic system characterized by government ownership of virtually all resources and economic decision making by central-government planning; also known as planned economy OR central planning

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15
Q

Socialism

A

An economic system in which the basic industries are owned either by the government or by the private sector under strong government control

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16
Q

Mixed economies

A

Economies that combine several economic systems; for example, an economy in which the government owns certain industries but the private sector owns others

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17
Q

Market structure

A

the number of suppliers in a market

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18
Q

Perfect (pure) competition

A

A market structure in which a large number of small businesses sell similar products, buyers and sellers have good information, and businesses can be easily opened or closed

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19
Q

Monopolistic competition

A

A market structure in which many businesses offer products that are close substitutes, and in which entry is relatively easy

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20
Q

Oligopoly

A

A market structure in which a few companies produce most or all of the output, and in which large capital requirements or other factors limit the number of companies

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21
Q

Pure monopoly

A

A market structure in which a single company accounts for all industry sales and in which there are barriers to entry

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22
Q

Barriers to entry

A

Factors, such as technological or legal conditions, which prevent new companies from competing equally with a monopoly

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23
Q

Demand

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A

The quantity of a good or service that people are willing to buy at various prices

24
Q

Demand curve

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A

A graph showing the quantity of a good or service that people are willing to buy at various prices

25
Supply
The quantity of a good or service that businesses will make available at various prices
26
Supply curve
A graph showing the quantity of a good or service that a business will make available at various prices
27
Equilibrium
The point at which quantity demanded equals quantity supplied
28
Economic growth
An increase in a nation's output of goods and services
29
GDP
Gross domestic product: | The total market value of all final goods and services produced within a nation's borders within a year
30
GNP
Gross national product: The total market value of all final goods and services produced by a country regardless of where the factors of production are located
31
Business cycles
Upward and downward changes in the level of economic activity
32
Recession
A decline in GDP that lasts for at least two consecutive quarters
33
Full employment
The condition when all people who want to work and can have jobs
34
Unemployment rate
The percentage of total labour force that is actively looking for work but is not actually working
35
Frictional unemployment
Short-term unemployment that is not related to the business cycle (ex. those entering the job market for the first time i.e. university students)
36
Structural unemployment
Unemployment that is caused by a mismatch between available jobs and the skills of available workers in an industry or region; it is not related to the business cycle
37
Cyclical unemployment
Unemployment that occurs when a downturn in the business cycle reduces the demand for labour throughout the economy
38
Seasonal unemployment
Unemployment that occurs during specific seasons in certain industries
39
Inflation
The situation in which the average of all prices of goods and services is rising
40
Purchasing power
The value of what money can buy
41
Demand-pull inflation
Inflation that occurs when the demand for goods and services is greater than the supply
42
Cost-push inflation
Inflation that occurs when increases in production costs push up the prices of final goods and services
43
CPI
Consumer price index: | An index of the prices of a "shopping basket" of goods and services purchased by consumers
44
PPI
Producer price index: An index of the prices paid by producers and wholesalers for various commodities such as raw materials, partially finished goods, and finished products
45
Bank of Canada
Canada's central bank, whose objective is the economic and financial well-being of Canada by creating a sound balance of growth, employment, and price stability
46
Monetary policy
The measures taken by the Bank of Canada to regulate the amount of money in circulation in order to influence the economy
47
Contractionary policy
The use of monetary policy by the Bank of Canada to tighten the money supply by selling government securities or raising interest rates
48
Expansionary policy
The use of monetary policy by the Bank of Canada to increase the growth of the money supply
49
Fiscal policy
The government's use of taxation and spending to affect the economy
50
Federal budget defecit
The condition that occurs when the federal government spends more for programs than it collects in taxes
51
National debt
The accumulated total of all of the federal government's annual budget defecits
52
Crowding out
The situation that occurs when government spending replaces spending by the private sector
53
Bonds
Securities that represent long-term debt obligations (liabilities) issued by corporations and governments
54
Relationship management
The practice of building, maintaining, and enhancing interactions with customers and other parties to develop long-term satisfaction through mutually beneficial partnerships
55
Strategic alliance
A cooperative agreement between companies; sometimes called a strategic partnership

Comm 102 (17 decks)

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