Economics Flashcards

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Economics

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The social science discipline that studies the production, distribution, and consumption of goods and services in a market economy.

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Economy

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The network or area of production, distribution, and consumption of goods within a defined region, which can range from a small town to an entire continent.

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Supply and Demand

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Economic forces that describe the relationship between the availability of goods and the desire for them, influencing production and consumption patterns.

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Microeconomics

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A sub-field of economics that focuses on the supply and demand decisions of individual consumers and firms, examining how profits can be maximized.

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Macroeconomics

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The branch of economics that studies the overall economy, analyzing historical trends and forecasting future economic indicators such as unemployment and inflation.

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Financial Economics

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The study of the money and banking system, examining the impacts of interest rates and other financial instruments on the economy.

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Public Finance

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A sub-discipline of economics involving the government’s role in the economy, particularly taxation, budget deficits, and welfare policies.

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International Economics

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The area of economics that examines international financial markets, exchange rates, and the impact of trade policies, including tariffs.

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Labor Economics

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The study of the supply and demand for labor, wage determination, and the effects of demographic shifts on employment.

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Econometricians

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Economists who use mathematical techniques to create economic models, helping to analyze relationships between economic variables and develop forecasts.