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Economics > Second semester final > Flashcards

Second semester final Flashcards

1
Q

scarcity

A

fundamental economic problem facing all societies that results from a combination of scarce resources and people’s virtually unlimited wants

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2
Q

surplus

A

situate where quantity supplied is greater than quantity demanded

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3
Q

supply

A

amount of a product offered for sale at all possible prices in a market

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4
Q

shortages

A

situation where quantity supplied is less than quantity demanded at given price

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5
Q

securities

A

IOU to the government

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6
Q

capital

A

tools, equipment, and factories used the production of goods and services: one of four factors of productions

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7
Q

collective bargaining

A

process of negotiation between union and management representatives over pay, benefits and job related matters

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8
Q

certificate of deposit

A

receipt showing that investor has made an interest-bearing loan to a financial institution

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9
Q

CPI

A

index used to measure price changes for a market of frequently used consumer items

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10
Q

demand

A

combination of desire, ability and willingness to buy a prouduct

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11
Q

discretionary spending

A

spending for federal programs that must recieve annual authorization

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12
Q

discount rate

A

interest rate that the federal reserve system charges on loans to the nation’s financial institutions

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13
Q

deficit spending

A

annual government spending in excess of taxes and other revenues

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14
Q

externality

A

economic side effect that affects an uninvolved third party

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15
Q

equilibrium prices

A

price where quantity supplied equals quantity demanded; price that clears up the market

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16
Q

variable cost

A

production cost that varies as output changes; labor , energy, raw materials

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17
Q

bond

A

formal contract to repay borrowed money and interest on the borrowed money at regular future interval

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18
Q

GDP

A

dollar value of all final goods, services and structures produced within a country’s national borders during a one year period

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19
Q

globalization

A

the movement toward a more integrated and interdependent world economy

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20
Q

open market operation

A

monetary policy in the form of US treasury bills or bond sales and purchases

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21
Q

opportunity cost

A

cost for the next best alternative use of money time or other resources when one choice is made rather than another

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22
Q

infant industry

A

new and emerging industries

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23
Q

WTo

A

international agency that administers trade agreements, settles trade disputes between governments, organizes trade negotiations and provides technical assistance and raining for developing countries

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24
Q

trade-off

A

alternative that must be given up when one choice is made rather than another

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25
Q

arbitration

A

agreement by two parties to place dispute before a third party for a binding settlement; also called binding arbitration

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26
Q

privatization

A

conversion of state owned factories and other property to private ownership

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27
Q

North American Free Trade Agreement (NAFTA)

A

agreement signed in 1933 to reduce tariffs among the United States, Canada and Mexico

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28
Q

market

A

meeting place or mechanism allowing buyers and sellers of an economic product to come together; may be local, regional, national, or global

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29
Q

mutual fund

A

company that sells stocks in itself and uses the proceeds to buy stocks and bonds issued by other companies

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30
Q

maturity rate

A

life of a bond or length of time funds are borrowed

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31
Q

minimum wage

A

lowest legal wage that can be paid to most workers

32
Q

multinationals

A

corporation producing and selling without regard to national boundaries and whose business activities are located in several different countries

33
Q

factors of production

A

land
labor
capital
entrepreneurship

34
Q

land

A

natural resources present without human intervention

35
Q

labor

A

any human who works to produce goods and services

36
Q

capital

A

manufactured goods used to make other goods and services

37
Q

entrepreneurship

A

the ability of individuals to start new businesses introduce new products and processes and to improve management technique

38
Q

types of economic systems

A

command
market
mixed

39
Q

Command economy (4)

A

rely on ca central authority to make most economic decisions
limited property rights
limits feedom of choice to produce or the choice to buy
risk : government corruption

40
Q

Market Economy (4)

A

consumers and businesses jointly make economic decisions
consumers and sellers meet to freely exchange goods
private ownership of all resources
complete economic freedom

41
Q

mixed economy

A

mix of command and market economies
some private property is owned by the government
government limits some choices
almost all economies are some form of mixed economies

42
Q

types of competition

A

perfect competition
imperfect competition
monopolistic competition
non price competition

43
Q

perfect competition

A

large number of buyers and sellers
identical products
each buyer and seller acts independently
buyers and sellers are reasonably well informed about products and prices
buyers and sellers are free to enter into, conduct, or get out of business

44
Q

imperfect competition

A

market structure that does not met all conditions of perfect competition
(results in less competition, higher prices for consumers and less products offered)

45
Q

monopolistic competition

A

market structure that meets all conditions that has all the conditions of prefect competition except for identical products
(products are generally similar, the seller’s ability to raise the price within a narrow range

46
Q

non-price competition

A

sales strategy focus on a products appearance, quality or design rather than it’s price

47
Q

oligopoly

A

market structure in which a few sellers dominate the industry

48
Q

legal monopolies

A

natural monopoly
geographic monopoly
technological monopoly
government monopoly

49
Q

Natural monopoly

A

market structure where average costs of production are lowest when a single firm exists

50
Q

geographic monopoly

A

market structure in which one first has a monopoly in a geographic area

51
Q

technological monopoly

A

monopoly based on a firm’s ownership or control of production method, process or other scientific advance

52
Q

government monopoly

A

a monopoly owned and operated by the government

53
Q

elastic

A

when a change in price causes a relatively larger change in quantity demanded

54
Q

inelastic

A

type of elasticity where a change in price causes a relatively smaller change in quantity demanded

55
Q

municipal bonds

A

bods issue by state and local governments

Usually tax exempt

56
Q

junk bonds

A

bonds that caries an exceptionally high risk of nonpayment and a low rating

57
Q

savings bond

A

low denomination nontransferable bonds issue by the US government that are also called EE savings bonds

58
Q

treasury bonds

A

US government bond with a maturity of 30 years

59
Q

financial intermediaries

A

lend the funds that savers provide

ex: banks

60
Q

government taxes

A

payroll taxes
corporate income tax
excise tax
estate tax

61
Q

payroll taxes

A

tax on wages an salaries deducted form paychecks to finance social security and medicare

62
Q

corporate income tax

A

tax on corporate profits

63
Q

excise tax

A

general revenue tax levied on the manufacture or slale of selected items

64
Q

gift tax

A

a tax on the transfer of money or wealth and is paid by the person who makes the gift

65
Q

estate tax

A

a tax on the manufacture or sale of selected items such as gasoline and liquor 1

66
Q

principle value of bond

A

total amount borrowed

67
Q

coupon rate

A

interest on a corporate, municipal or government bond

68
Q

Inflation

A

the general level of prices of goods and services

69
Q

union and management tactics after collective bargaining breaks down

A

boycotts, picketing and strike

70
Q

frictional unemployment

A

the situation where workers are between jobs for one reason or another

71
Q

structural unemployment

A

when economic progress, a change in consumer tastes and preference or fundamental change in the operation of the economy reduces the demand for workers and their skills

72
Q

technological unemployment

A

unemployment that occurs when workers are replaced by machines or automated systems that make their skills obsolete

73
Q

cyclical unemployment

A

unemployment directly related to swings in the business cycle

74
Q

seasonal unemployment

A

unemployment resulting form seasonal changes in the weather or in the demand for certain products or jobs

75
Q

monetary policies

A

wants to seek steady economic growth by controlling the money supply

76
Q

fiscal policies

A

use of government spending and revenue collection measures to influence the economy

Economics (3 decks)

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