Econ Mod 10 & 11 Vocabulary 2

What are imports in economics?

• Goods and services made domestically and sold abroad

• Products sold within a country's borders

• Resources owned by the government

• Goods and services made abroad and then sold domestically

What does the term "labor market" refer to?

• A market for buying and selling goods

• The market for stocks and bonds

• The market in which households sell their labor as workers

• The market for international trade

What is the focus of macroeconomics?

• Actions of particular agents within the economy

• Narrow economic issues related to individual businesses

• Broad issues such as growth, unemployment, inflation, and trade balance

• The study of international economics

How is a market defined in economic terms?

• The physical location where goods are produced

• The interaction between potential buyers and sellers

• A specific industry within the economy

• The process of exporting and importing goods

What characterizes a market economy?

• Centralized economic decisions by the government

• Private individuals owning and operating resources

• Limited individual ownership of businesses

• Government control over supply and demand

What is the focus of microeconomics?

• Broad economic issues such as inflation and trade balance

• Actions of particular agents within the economy

• International economic relations

• Macroeconomic policies

What is a model or theory in economics?

• An experimental economic system

• A representation of an object or situation that is simplified

• A complex mathematical equation

• A detailed analysis of historical economic data

What does monetary policy involve?

• Altering the availability of credit in the economy

• Private individuals owning and operating businesses

• Decentralized economic decisions by individuals

• Government control over market interactions

What is a private enterprise system?

• A system where all businesses are owned by the government

• A system where individuals or groups own and operate the means of production

• A centrally planned economic system

• A system focused on international trade

How is scarcity defined in economics?

• When there is an excess supply of goods and services

• When human wants for goods and services are perfectly satisfied

• When human wants for goods and services exceed the available supply

• When there is an overabundance of resources