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FBLA ECONOMICS > MISCELLANEOUS > Flashcards

MISCELLANEOUS Flashcards

1
Q

Define a firm

A

VERY general term for a for-profit business

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2
Q

Define Fiscal Policy

A
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3
Q

Define Monetary Policy

A
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4
Q

Fiscal vs. Monetary Policy

A

Congressional vs. Federal Reserve Bank intervention

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5
Q

Define Autonomous Consumption

A
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6
Q

Define Disposable Income

A

Income after expenses like taxes,

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7
Q

Define Discretionary Fiscal Policy

A
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8
Q

Define Non-Discretionary Fiscal Policy

A
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9
Q

Define Contractionary Fiscal Policy (THE BRAKE)

A
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10
Q

Expansionary Fiscal Policy (THE GAS)

A
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11
Q

Philips Curve

A
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12
Q

Bureaucracy

A
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13
Q

Market Models

A
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14
Q

Imperfect Competition

A
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15
Q

Pure Competition

A
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16
Q

Oligopoly

A
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17
Q

Monopolistic Competition

A
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18
Q

Pure Monopoly

A
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19
Q

Recession

A
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20
Q

Inflation

A
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21
Q

Federalism

A
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22
Q

Socialism

A
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23
Q

Capitalism

A
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24
Q

Communism

A
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25
Q

Austrian

A
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26
Q

Keynesian

A
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27
Q

Economics

A
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28
Q

Income Tax

A
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29
Q

Excise Tax

A
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30
Q

Law of Demand

A
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31
Q

Quantity Demanded

A
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32
Q

Demand Curve

A
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33
Q

Determinants of Demand

A
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34
Q

Substitute Good

A
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35
Q

Complement Goods

A
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36
Q

Normal Good

A
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37
Q

Inferior Good

A
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38
Q

Quantity Supplied

A
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39
Q

Law of Supply

A
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40
Q

Supply Curve

A
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41
Q

Determinants of Supply

A
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42
Q

Market Equilibrium

A
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43
Q

Equilibrium Quantity

A
44
Q

Law of Market Forces

A
45
Q

Hyperinflation

A
46
Q

Aggregate Supply

A
47
Q

Real GDP

A
48
Q

Aggregate Demand

A
49
Q

Inflationary Gap

A
50
Q

Recessionary Gap

A
51
Q

Marginal

A
52
Q

Utility

A
53
Q

Traditional Economy

A
54
Q

Mixed Economy

A
55
Q

Warranty

A
56
Q

Limited Warranty

A
57
Q

Full Warranty

A
58
Q

Implied Warranty

A
59
Q

Severance Pay

A
60
Q

Sign-off Bonus

A
61
Q

Liquidity

A
62
Q

Commodity Money

A
63
Q

Fiat Money

A
64
Q

M1

A
65
Q

M2

A
66
Q

Asset

A
67
Q

Liability

A
68
Q

Loan

A
69
Q

Present Value

A
70
Q

Demand for Money

A
71
Q

Transaction Demand for Money

A
72
Q

Asset Demand for Money

A
73
Q

Barter System

A
74
Q

Investment

A
75
Q

Bonds

A
76
Q

Stocks

A
77
Q

Financial Sector

A
78
Q

What backs the money supply?

A

Nothing/faith

79
Q

What makes money effective?

A

Generally accepted, scarce, portable and dividable, and its purchasing power

80
Q

Purchasing Power

A
81
Q

Functions of Money

A
82
Q

Income

A
83
Q

Factors of Production

A
84
Q

Salary

A
85
Q

Limited Liability

A

A fundamental feature of corporations, whereby investors are liable only up to the amount of their investment.

86
Q

GDP: Gross Domestic Product

A

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
Q

Antitrust Law

A

Laws that seek to make sure businesses compete fairly, and prevent unfair partnerships

88
Q

Trade Barriers

A

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
Q

Iron Law of Wages

A

the doctrine or theory that wages tend toward a level sufficient only to maintain a subsistence standard of living.

90
Q

Balance of Trade

A

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
Q

Surplus Value

A

(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
Q

Corporate Profits

A

The dollars that exceed the costs of the corporation

93
Q

Socialism

A

Large Government involvement in the economy EDIT

94
Q

Market economy

A

No government involvement in the economy

95
Q

Mixed Market economy

A

Just SOME gov. involvement in economy

96
Q

Labor force

A
97
Q

Real Take Home Pay

A

Salary that includes what is lost to inflation

98
Q

Standard of Living

A
99
Q

Unions

A

Labor coming together to make sure they interests and rights are heard and respected.

100
Q

Voluntary Exchange

A
101
Q

Production Possibilities Curve

A
102
Q

Capital Resources

A
103
Q

Inelastic

A
104
Q

brain drain

A
105
Q

Absolute Advantage

A

the principle of absolute advantage is the ability of a party to produce a good or service more efficiently than its competitors. Quantity

106
Q

Comparative vs Absolute Advantage

A

Absolute deals with the production of goods more efficiently than their competitors (i.e. using less resources) while comparative deals with

FBLA ECONOMICS (13 decks)

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