MISCELLANEOUS Flashcards
1
Q
Define a firm
A
VERY general term for a for-profit business
2
Q
Define Fiscal Policy
A
3
Q
Define Monetary Policy
A
4
Q
Fiscal vs. Monetary Policy
A
Congressional vs. Federal Reserve Bank intervention
5
Q
Define Autonomous Consumption
A
6
Q
Define Disposable Income
A
Income after expenses like taxes,
7
Q
Define Discretionary Fiscal Policy
A
8
Q
Define Non-Discretionary Fiscal Policy
A
9
Q
Define Contractionary Fiscal Policy (THE BRAKE)
A
10
Q
Expansionary Fiscal Policy (THE GAS)
A
11
Q
Philips Curve
A
12
Q
Bureaucracy
A
13
Q
Market Models
A
14
Q
Imperfect Competition
A
15
Q
Pure Competition
A
16
Q
Oligopoly
A
17
Q
Monopolistic Competition
A
18
Q
Pure Monopoly
A
19
Q
Recession
A
20
Q
Inflation
A
21
Q
Federalism
A
22
Q
Socialism
A
23
Q
Capitalism
A
24
Q
Communism
A
25
Austrian
26
Keynesian
27
Economics
28
Income Tax
29
Excise Tax
30
Law of Demand
31
Quantity Demanded
32
Demand Curve
33
Determinants of Demand
34
Substitute Good
35
Complement Goods
36
Normal Good
37
Inferior Good
38
Quantity Supplied
39
Law of Supply
40
Supply Curve
41
Determinants of Supply
42
Market Equilibrium
43
Equilibrium Quantity
44
Law of Market Forces
45
Hyperinflation
46
Aggregate Supply
47
Real GDP
48
Aggregate Demand
49
Inflationary Gap
50
Recessionary Gap
51
Marginal
52
Utility
53
Traditional Economy
54
Mixed Economy
55
Warranty
56
Limited Warranty
57
Full Warranty
58
Implied Warranty
59
Severance Pay
60
Sign-off Bonus
61
Liquidity
62
Commodity Money
63
Fiat Money
64
M1
65
M2
66
Asset
67
Liability
68
Loan
69
Present Value
70
Demand for Money
71
Transaction Demand for Money
72
Asset Demand for Money
73
Barter System
74
Investment
75
Bonds
76
Stocks
77
Financial Sector
78
What backs the money supply?
Nothing/faith
79
What makes money effective?
Generally accepted, scarce, portable and dividable, and its purchasing power
80
Purchasing Power
81
Functions of Money
82
Income
83
Factors of Production
84
Salary
85
Limited Liability
A fundamental feature of corporations, whereby investors are liable only up to the amount of their investment.
86
GDP: Gross Domestic Product
The monetary value of all of a nation's goods and services produced within a nation's borders and within a particular period of time, such as a year. It became the official measure of the U.S. economy in 1991. It replaced "gross national product," which covered all goods and services produced by U.S. residents regardless of where they were working.
87
Antitrust Law
Laws that seek to make sure businesses compete fairly, and prevent unfair partnerships
88
Trade Barriers
Trade barriers are usually protectionist; that is, they are erected to protect domestic producers who would not be able to compete successfully with foreign producers in a free market or in free trade.
89
Iron Law of Wages
the doctrine or theory that wages tend toward a level sufficient only to maintain a subsistence standard of living.
90
Balance of Trade
the difference between the values of exports and imports of a country, said to be favorable or unfavorable as exports are greater or less than imports.
91
Surplus Value
(in Marxian economics) the part of the value of a commodity that exceeds the cost of labor, regarded as the profit of the capitalist.
92
Corporate Profits
The dollars that exceed the costs of the corporation
93
Socialism
Large Government involvement in the economy EDIT
94
Market economy
No government involvement in the economy
95
Mixed Market economy
Just SOME gov. involvement in economy
96
Labor force
97
Real Take Home Pay
Salary that includes what is lost to inflation
98
Standard of Living
99
Unions
Labor coming together to make sure they interests and rights are heard and respected.
100
Voluntary Exchange
101
Production Possibilities Curve
102
Capital Resources
103
Inelastic
104
brain drain
105
Absolute Advantage
the principle of absolute advantage is the ability of a party to produce a good or service more efficiently than its competitors. Quantity
106
Comparative vs Absolute Advantage
Absolute deals with the production of goods more efficiently than their competitors (i.e. using less resources) while comparative deals with
