Review Sheet - tons of definitions

Review Sheet - tons of definitions - Economics- the study...

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Economics- the study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals. Macroeconomics- Looks at the operation of a nation’s economy as a whole. Microeconomics- Looks at the behavior of people and organization in particular markets. Resource Development- The study of how to increase resources and to create the conditions that will make better use of those resources. (i.e. recycling, oil conservation) Invisible Hand- Phrase coined by Adam Smith to describe the process that’s turns self- directed gain into social and economic benefits for all. Capitalism- An economic system in which all or most of the factors of production and distribution are privately owned and operated for profit. Supply- The quantity of products that manufactures or owners are willing to sell at different prices at a specific time. Demand- The quantity of products that people are willing to buy at different prices at a specific time. Market Price- The price determined by supply and demand. Perfect Competition- The market situation in which there are many sellers in a market and no seller is large enough to dictate the price of a product. Monopolistic Competition- The market situation in which a large number of sellers produce products tat are very similar but that are perceived by buyers as different. Oligopoly- A form of competition in which just a few sellers dominate the market. Monopoly- A market in which there is one seller for a product or service. Socialism- An economic system based on the premise that some; if not most basic businesses should be owned by the government so that profits can be evenly distributed among the people. Brain Drain- The loss of the best and brightest people to other countries. Communism- An economic and political system in which the state (the government) makes almost all economic decisions and owns almost all the major factors of production. Free-Market Economics- Economic system in which the market largely determines what goods and services get produced, who gets them, and how the economy grows.
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Command Economics- Economic systems in which the government largely decides what goods and services will be produced, who will get them and how the economy will grow. Mixed Economics- Economic systems in which some allocation of resources is made by the market and some by the government. Gross Domestic Product (GDP)- The total value of final goods and services produced in a country in a given year. Unemployment Rate- The number of civilians, at least 16 years old who are unemployed and tried to find a job within the prior four weeks. Inflation- A general rise in the prices of goods and services over time. Disinflation- A situation in which price increases are slowing. (the inflation rate is
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Review Sheet - tons of definitions - Economics- the study...

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