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Economic terms to know - 100 Economics Terms Flashcards Quizlet

If you are a seller for this product, would you like to?

They know more about it s quality, durability, and other features. Merchants agree to accept money in exchange for their goods employees agree to accept money in exchange for their labor.

Department of the Treasury, the OCC charters, regulates, and supervises all national banks. Economic wants Desires that can be satisfied by consuming goods and services. Examples include inquiries as part of a background check, a person checking his or her own score, and checks by a financial institution with which a person already does business. Option Value Potential benefits of the environment not derived from actual use. Price discrimination The practice of selling the same good or service at different prices to different customers. On a basic level, supply and demand helps explain why last year s hit product is half the price the following year.

OANDA, one of the most prestigious names in FOREX trading, has developed an app that can be used to track fluctuations in currency exchanges.

The Economics Detective This informative economics podcast by Garrett Petersen is suited for advanced audiences with a keen interest in economics. There are no competing schools of thought in microeconomics which is unified and has a common core among all economists.

Broadly speaking, governments have tried two methods of subsidising agriculture. The creation of credit is the most important source of new money, and new spending power, in the economy. Scarcity The condition that exists because there are not enough resources to produce everyone s wants. Because there is so much water in the world, we are able to easily cover our uses and use water for minor things like washing our cars and watering our lawns.


Economics perhaps has no place in the surgery, the consulting room or the laboratory, but that is not what matters. Payday loan A small, short-term loan that is intended to cover a borrower s expenses until his or her next payday. Social Security income The monthly monetary amount received by retired workers who paid into the Social Security system while they worked.


-Karen Doha, Qatar Just wanted to write you a quick thank you note for putting up such a great revision website! Retirement vehicles that allow certain individuals who meet income restrictions to contribute funds that have already been taxed in order to save for retirement.

of something that s available for sale while to purchase it. Collateral Property required by a lender and offered by a borrower as a guarantee of payment on a loan.

Tradeable Permits The government specifies an overall level of pollution we ll tolerate, then gives each polluter a permit for its portion of the total. Additions or deletions to existing inventory levels in response to economic conditions a flow variable.


Embargo A government order that limits or prohibits trade with a particular country or group of countries. Goods and services that are purchased for direct consumption. It also makes the claims that firms exist to maximize profit and that.


This kind of asymmetry can distort people s incentives and result in significant

Updated July 29, 2017 Write to us F D welcomes comments and brief letters, a selection of which are posted under Letters to the Editor.


Federal Housing Finance Agency An independent regulatory agency of the executive branch of the U. At bottom, economics is about us what we choose, what we value, what we represent in language and symbols, how we interact with each other in the market, and especially how we produce, exchange, and distribute goods, services, and risk. Indeed, in a competitive auction the successful bidder may end up offering more than what is being auctioned is actually worth. Recycling and safe disposal increase because the user is paid for doing it right. Perfect competition A market in which there are many buyers and many sellers of an identical product. Each is a key element in understanding the overall economic forecast.

In other words, you were paid in cash and didn t pay taxes on your salary. Chartered by Congress in 1932 to promote a healthy mortgage finance system. 9 Doctors who have never talked much with economists- or who have had the misfortune to talk only to mediocre economists- often think that economists care only about efficiency and not at all about equity, equality, rights, or the suffering of the sick and the dispossessed.


As with many other issues, economics does not provide final answers, but it does offer a way of thinking about them that can facilitate better decisions and ultimately better outcomes.


Government securities Bonds, notes, and other debt instruments sold by a government to finance its expenditures. The idea that a country should be and not take part in international trade. Provider University Level Intermediate Duration Self-paced Start Date Always on 10.


Liquid asset An asset that is easily convertible to cash with relatively little loss of value in the conversion process. A weighted average of prices based on the use of base-period consumption patterns. Tax-deferred Postponing taxes until a later date common tax-deferred vehicles include IRAs, 401 k, Keogh Plans, 403 b, and pension plans. Loanable funds market A virtual market that consists of i borrowers, including money demanders, consumers, and firms who want loans to buy goods and services or invest in capital or inventory and ii savers, such as money suppliers, households, and firms that save money.

Consumption can include private consumption by individuals, financed from their personal incomes or public consumption such as education or health care consumption organized and paid for by government. Business Studies is the type of degree that changes from country to country, depending on the cultural and historical background of each. If you are conducting broader research, Yahoo is a wonderful service. But again, it s really not as easy as creating jobs that will lead to more consumer spending.


Aligning incentives and creating a good institutional environment is most important for hospitals, the most complex organizations in health system. A relationship between market price and quantities of goods and services made available for sale in a given period of time.


Or if you prefer the way Biggie Smalls put it mo money, mo problems. Anglers, hunters, boaters, nature walkers, bird watchers, etc.


Earned income tax credit A refundable federal tax credit for low-income working people designed to reduce poverty and encourage labor force participation.

How your country s economy is doing directly affects you, even though you may not be able to see it. Preferred stockholders have a higher claim on assets and earnings than owners of common stock for example, they receive their dividends first, but they don t have voting rights. Antitrust laws aim to stop abuses of market power by big companies and, sometimes, to prevent corporate that would create or strengthen a monopolist.

n This is the number of periods such as years money is saved and interest is applied. People also earn income in the forms of rent, profit, and interest.

Opportunity cost The value of the next-best alternative when a decision is made it s what is given up. A must listen that will help readers uncover hidden opportunities. The question of what to specialise inand how to maximise the benefits from international tradeis best decided according to.

How those resources are themselves produced, how they are combined, who chooses what to produce with them, who will pay for them, and what all that costs, create the setting in which the physician operates. The interest rate in the formula must be written in decimal form, such as 0. The topics of Economic Rockstar are varied and thus tackle economic issues from around the world. However, in the mid-1980s the UK followed the American lead in basing antitrust policy on whether changes in competition harmed consumers.


Economic Growth Economic growth is the expansion of total output produced in the economy.


Order within 11 hrs 16 mins and choose AmazonGlobal Priority at checkout. Globalization A generalized historical process through which more economic activity takes place across national borders. Being a Christian doesn t mean you can disregard economic facts.

In theory, real GDP represents the physical quantity of output.


Jay Richards argues in, If we want to know the truth, if we want to order our economic and social lives justly, if we want to help people rather than merely feel like we re helping people, we have to learn the economic terrain. A low, stable rate of inflation is normal and economists consider it ideal, but high inflation can happen when the money supply expands too much and too quickly. Let s say people want more beer, meaning the demand for beer is high. A measure of sensitivity in the quantity demanded of one goods in reaction to changes in the price of a related good. One question that many investors have is What happens to my money when stock prices go down?

Delinquency When a borrower fails to repay a debt obligation by the agreed term. Estimates of National Health Accounts NHA for 1997.

If the number is very small, some firms could monopolize the market. Provider University Level Beginner Duration 12 weeks Start Date TBA 5. Aligning incentives and creating a good institutional environment is most important for hospitals, the most complex organizations in health system.

Exchange Value The purchasing power of a unit of currency for goods and services in the marketplace.


They are also referred to as emission charges or emission taxes. Law of Supply At higher relative prices, the quantity supplied of a good will increase at lower relative prices, smaller quantities will be supplied. Aggregate Demand Curve a curve relating the total demand for the economy s goods and services at each price level, given the level of wages Aggregate Expenditures Schedule a curve that traces out the relationship between sum of consumption, investment, government expenditures, and net exportsand the national income, at a fixed price level Aggregate Supply Curve a curve relating the total supply of the economy s goods and services at each price level, given the level of wages.

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