1
Monetary worth, derived form interaction of Supply and Demand
Value
total value of goods and services produced in a country in one year
GDP or Gross Domestic Production.
A market with only one seller
Monopoly
The Level of people without jobs
Unemployment
Goods brought into the country, from another country
Import
a business practice where a company controls the entire supply chain of an industry
Vertical Monopolization
economic theory that emphasizes government intervention (spending) during downturns
Keynesianism
A market with several sellers.
Oligopoly.
Taxes on imported goods.
Tariffs.
Exports minus Imports
Trade Balance.
Government agency that insures deposits in banks, to avoid unnecessary withdrawals.
FDIC
Amount of currency in the market, manipulated to affect inflation and unemployment.
Money Supply.
A market with numerous sellers, competing equally. Is hypothetical.
Pure Competition
The Trigger of the Great Depression.
Stock Market Crash.
Economic Stagnation and Inflation occurring at the same time
Stagflation
The Application of Keynesian Economics to fix the Great Depression.
The New Deal
Production for a single product separated into multiple countries
Global Supply Chain
A market with numerous sellers, with unique, branded products
Monopolistic Competition
When there are two sellers in a market.
Duopoly
A government limiting imports of a product to a set number.
Quota.
Land, Labor, Capital, Entrepreneurship
Factors of Production
the process of separating tasks within an organization or economic system so that individuals can specialize
Division of Labor
Two countries being dependent on trade with one another
Interdependence
Economic Principle that says producing more of a product makes each individual product cheaper
Economies of Scale.
Trade theory that says even a country with an absolute disadvantage should trade with a more efficient country.
Comparative Advantage