A market where one company controls the market.

A prolonged economic contraction

What does purchasing power refer to?

The number of goods/services that can be purchased with a unit of currency

What is fiat currency?

Currency declared as legal tender by a government, not backed by a physical commodity

The ease with which an asset can be converted into money

What is fiscal policy?

Government spending/tax policies that influence the economy

What is a tax bracket?

A scheduled rate at which you are taxed based on your annual income

Set amounts that you subtract from your gross income to reduce taxable income

What is taxable income?

The amount of money from your income the government actually taxes

What is a balanced budget?

Money going into the U.S. Treasury is the same amount of money going out

What is a budget deficit?

The amount of money the government overspends or owes to bondholders in one fiscal year

Goods and services that are sold to other countries

Goods and services purchased from other countries

What is an exchange rate?

The rate at which a person can purchase some amount of currency from one country for the currency of another

What does it mean to appreciate a currency?

Increase in the value of a currency

What does it mean to depreciate a currency?

Decrease in the value of a currency

What is a trade barrier?

A trade restriction used to prevent a foreign product from freely entering a nation’s territory.

What is the European Union (EU)?

A regional trade organization of European nations

An agreement between Canada, Mexico, and the U.S. to eliminate tariffs and other trade barriers

An agreement between an individual and a lender to generate a loan for purchasing or maintaining real estate

A property owned by an individual that is deemed as useful or valuable

The amount of money that employees earn before taxes and other payroll deductions are withheld

The amount of money employees take home after taxes and other payroll deductions

Amounts withdrawn from a paycheck that include taxes and other elective deductions

An estimate of income amount for a specific period of time and a plan for spending

The total amount of wealth an individual, company, or household has, considering all financial assets, debts, and liabilities.

What does the financial system allow?

The transfer of money between savers and borrowers.

What is diversification in financial terms?

Reducing risk by replacing a single risk with a large number of smaller, unrelated risks.

Economics Flashcard Flashcards

Student preview

50 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is the fundamental problem facing all people; unlimited wants and limited resources to satisfy those wants?

Back

Scarcity

2.

FLASHCARD QUESTION

Front

What are the resources required to produce goods and services called?

Back

Factors of Production

3.

FLASHCARD QUESTION

Front

How do economists measure the cost of decision-making?

Back

Opportunity Cost

4.

FLASHCARD QUESTION

Front

What does the term 'Efficient' refer to in the context of production?

Back

Maximum production using resources wisely

5.

FLASHCARD QUESTION

Front

What is the term for the separation of tasks where people focus on a specific purpose?

Back

Specialization

6.

FLASHCARD QUESTION

Front

What is the method used by society to allocate scarce resources called?

Back

Economic System

7.

FLASHCARD QUESTION

Front

What is the employment level referred to as 'Full Employment'?

Back

95% employment levels

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