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Social Studies > Economics > Flashcards

Economics Flashcards

1
Q

What is a monopoly?

A

The sole producer of the Specific good

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2
Q

What is a oligopoly?

A

A single producer of a good, can exert influence over the pricing of goods That can overwhelm the regular logic of competitive markets

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3
Q

This phrase describes a theoretical market in which only logic of supply and demand can influence prices.

A

Perfect competition.

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4
Q

the study of decisions that people and businesses make regarding the allocation of resources and prices of goods and services.

A

Microeconomics

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5
Q

What is microeconomics?

A

Studies the behaviors of individual buyers, sellers, and business firms.

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6
Q

The four processes of the business cycle.

A

Recovery prosperity recession depression

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7
Q

This period of expansion is characterized by an increase in the gross domestic product (GDP) rate of growth.

A

Recovery

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8
Q

Which period of the business cycle, follows a period of economic contraction?

A

Recovery

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9
Q

What is in extended period of economic expansion?

A

Prosperity

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10
Q

This can be characterized by sustained growth in the GDP and an unusually low unemployment rate.

A

Prosperity within the business cycle

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11
Q

What is the period within the business cycle where there is economic contraction and a negative GDP growth and a slightly elevated unemployment rate

A

Recession

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12
Q

What is the extended period of economic contraction?

A

Depression

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13
Q

This is characterizes by sustained negative GDP growth and a decrease in capacity utilization.

A

Depression

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14
Q

What is the distinction between a recession and a depression?

A

The unemployment rate is even worse in a depression and a depression persist for long period

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15
Q

A simplified model of the relationship of production and consumption.

A

Circular flow of income

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16
Q

The intention was to create an organization that could regulate the money supply in an elastic way to meet periodic changes in money demand and act as last resort lender to commercial banks that were in desperate need of a loan.

A

Federal reserve

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17
Q

What is open market operations.

A

Methods for expanding or constricting the money supply through the sale or loan of government bonds or similar items.

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18
Q

The use of government powers to affect the performance of the national economical system.

A

Fiscal policy

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19
Q

The effort to affect the economy through the regulation of interest rates and the expansion or contraction of the monetary supply.

A

Monetary policy

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20
Q

An increase in the average prices of consumer goods in the given economic system.

A

Inflation

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21
Q

Caused of inflation

A

Increase in the money supply, literally the amount of money available within an economic system. Changes in the supply of goods.

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22
Q

Where can inflation be countered?

A

In economic systems with a central bank, like the federal reserve bank.

23
Q

What can central banks do?

A

Slow inflation by raising interest rates and slowing the growth of the money supply.

24
Q

Opposite of inflation is?

A

Deflation

25
Q

This organization was established to create a global currency system to the monitoring of exchange rates and balance of payments.

A

International Monetary Fund

26
Q

The term for the integration that trade, migration and the spread of technology have brought

A

Globalization

27
Q

What is the balance on goods and services?

A

The trade balance the balance of services and goods equals the value of exports minus the value of imports.

28
Q

Any restriction on international trade that is not a tariff. environmental regulations that barred the important of certain vehicles would be an example

A

Non tariff barriers

29
Q

Taxes on imported goods. increase the price of foreign goods and make domestically produced goods Marchak to consumers. used by nations to protect domestic producers from foreign competition

A

Tariffs

30
Q

Went to governments agree to limit the Volume of a particular exported good

A

Voluntary export restraints

31
Q

A Government may restrict access to foreign markets or restrict competition by foreign producers by placing a quantity limited on imported and exported goods

A

Import and export quotas

32
Q

When currency rises in value in relation to other currencies

A

Currency appreciation

33
Q

When currency loses value relative to other currencies

A

Currency depreciation

34
Q

Some countries have material or legal advantages on the production of specific good this lowers their opportunity cost not only the cost of producing a good but also the money lost by not focusing on the production of other goods. It benefits countries to produce items of low opportunity cost and trade for items with hot opportunity costs

A

Comparative advantage

35
Q

the field of economics that studies the behavior of the economy as a whole and not just on specific companies, but entire industries and economies

A

Macroeconomics

36
Q

Prices of goods and services are determined by?

A

Supply and demand

37
Q

Supply and demand is defined as

A

the amount of a good that is available. Vs the amount o the good that buyers wish to purchase.
The more product the lower the prices.

38
Q

A older system of economy that relies on custom an tradition

A

Traditional economy

39
Q

An economy with a mixture of market and planned economy.

A

Mixed economy

40
Q

In this economic system
Economic freedom varies
Some privately owned industries
Some government regulations

A

Mixed economy

41
Q

An economy directed by the state. It dictates the prices of goods or services as well as their production and distribution.

A

Planned economy or command economy in countries ruled by socialism. Cuba Iran North Korea

42
Q

Lassiez-faire

A

A French phrase used to describe an economy that is completely free from state interventions including potential govt monopolies.
Also applies I capitalistic market economies

43
Q

An economic system where all means of production are privately owned.

A

Capitalism

44
Q

In capitalism decisions regarding supply/demand/price are determined by

A

The free market.

Profit goes to the owners and investors in the business

45
Q

What kind of economic system does the US have? Where the cost of goods and devices depend on a free price system. Dictated by supple and demand

A

A market economy

46
Q

A type of governmental system that controls how goods are produced, distributed and used within a society.

A

Economic system

47
Q

A product that is tangible/physical presence.

A

Good

48
Q

If something is not tangible the product is different it is a

A

Service

49
Q

This describes an organization that becomes sole provider of a product.

A

Monopoly

50
Q

Lack competition can drive up prices without fear of a consumer backlash

A

Monopoly

51
Q

A key economic concept related to scarcity. Refer to not only financial cost but also time pleasure or additional benefit

A

Opportunity cost

52
Q

A theory that describes the behavior of individual consumer an business.

A

Microeconomics

53
Q

This type of economics concerns its self with the behaviors of the entire economic system.

A

Macroeconomics.

Social Studies (5 decks)

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