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ECON Documents

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ECON Flashcards

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  • 20 terms

    Term:

    Demand Factor

    Definition:

    The requirement that aggregate demand increases as fast as potential output if economic growth is to proceed as quickly as possible.

    • Chapter 26 : Economic Growth
    • 20 terms
    • Vocabulary for Chapter 26 : Economic Growth. Find, create, and access Economics, Definition , per capita, flashcards with Course Hero.
  • 29 terms

    Term:

    Allocative Efficiency

    Definition:

    the apportionment of resources among firms and industries to obtain the production of the products most wanted by society (consumers); the output of each product at which its marginal cost and price or marginal benefit are equal, and at which the sum of consumer surplus and producer surplus is maximized.

    • Chapter 3 : Demand, Supply, and Market Equilibrium
    • 29 terms
    • Vocabulary for Chapter 3 : Demand, Supply, and Market Equilibrium. Find, create, and access Supply And Demand, Definitions, flashcards with Course Hero.
  • 28 terms

    Term:

    Aggregate

    Definition:

    a collection of specific economic units treated as if they were one unit. Examples: the prices of all individual goods and services are combined into the price level, and all units of output are aggregated into gross domestic product.

    • Chapter 1: Limits, Alternatives, and Choices
    • 28 terms
    • Vocabulary for Chapter 1: Limits, Alternatives, and Choices. Find, create, and access Economics, Definitions, gross domestic product flashcards with Course Hero.
  • 27 terms

    Term:

    Barter

    Definition:

    the direct exchange of one good or service for another good or service.

    • Chapter 2 : The Market System and the Circular Flow
    • 27 terms
    • Vocabulary for Chapter 2 : The Market System and the Circular Flow. Find, create, and access Free Market, Capitalism, Definations flashcards with Course Hero.
  • 26 terms

    Term:

    Base Year

    Definition:

    the year with which other years are compared when an index is constructed; for example, the base year for a price index.

    • Chapter 25 : Measuring Domestic Output and National Income
    • 26 terms
    • Vocabulary for Chapter 25 : Measuring Domestic Output and National Income. Find, create, and access Definitions flashcards with Course Hero.
  • 17 terms

    Term:

    Business Cycle

    Definition:

    recurring increases and decreases in the level of economic activity over periods of years; consists of peak, recession, trough, and expansion phases.

    • Chapter 24 : An Introduction to Macroeconomics
    • 17 terms
    • Vocabulary for Chapter 24 : An Introduction to Macroeconomics. Find, create, and access Economics, Macroeconomics, Inflation flashcards with Course Hero.

ECON Courses with Advice

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