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Study of the performance of economy, government policies such as actions of the Treasury
Macroeconomics
Markets exist when buyers exchange money for goods and services from sellers and determine market prices
Free-enterprise systems
Goods and services that meet basic necessities
Needs
Money spent on one thing is gone and cannot be spent on another
Opportunity cost
Study of behavior of individuals in the market and the factors that affect their choices and behavior
Microeconomics
Government’s attempt to influence the economy through changes in taxes, or government spending
Fiscal policy
Price of one good or service compared to prices of many other
Relative price
Desires that can be satisfied by consuming goods, services, or leisure activities
Wants
Intangible goods that are provided to us and that we purchase
Services
The medium of exchange for goods and services
Money
Embraced the economic theory of government owning only the major means of production
Charles Fourier
Expanded the theory of laissez-faire to population control as a way of mitigating poverty
Thomas Malthus
Developed economic theory of mercantilism
Jean Baptiste Colbert
Promoted economic theory of laissez-faire and capitalism “let everyone look out for their own interests”
Adam Smith
Promoted the idea of laissez-faire to wages and indicated that when labor is scarce wages will be high
David Ricardo
Promoted the economic theory of workers as ones that should own the means of production — communism
Karl Marx—Friedrich Engels
Promoted the economic theory that the greatest good for the greatest number of people
John Stuart Mill
Economic theory that the government should spend more money it does not yet have to stimulate the economy and pull the country out of recession
John Maynard Keynes
Income taxes; provision of transportation to rural communities; protection of property rights; subsidies to farmers
Government intervention in economy
Total market value of goods and services produced in the economy in year divided by the nation's population
Gross Domestic Product
Labor unions; corporations; legal systems; non-for-profit organizations; banks; government
Financial institutions
The economic forms where workers are supposed to own the means of production and share in the labor and profit
Communism
Individuals produce only enough goods and services to survive in a small contained community
Traditional economy
Arenas where stocks are bought and sold
Stock markets
Government intervention is seen as necessary to accomplish social justice and reforms
Utilitarianism
Economy is geared toward what the consumer wants and is willing to pay
Free Enterprise
Mixed economy where government equalize distribution of income and encourages free enterprise in other areas
Socialism
Teaching profession; computing firms; sales personnel; nursing professions:
Services
Raw materials; labor; advertising; capital; management are examples of:
Resources
Level of expertise; risk involved; and competitive labor costs determine:
Income
Wholesale firms; retail shops; wall streets; housing companies are all examples of:
Market
Entrepreneurs and stockholders are examples of:
Investors in market economy
Unemployment; taxes; inflation; Federal Reserve are all roles played by:
Government
Free market economic is shaped by the following:
Supply and demand