Basics
the condition that results from society not having enough resources to produce all the things people would like to have
Scarcity
the resources required to produce the things we would like to have
Factors of Production
an item that is economically useful or satisfies an economic want
a good
the branch of economics that deals with the economy as a whole, including employment, gross domestic product, inflation, economic growth, and the distribution of income
Macroeconomics
investors purchase these to represent their fractional ownership of a publicly listed corporation
Stocks
the study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources
Economics
the “gifts of nature,” or natural resources not created by human effort.
Land
work that is performed for someone
services
the dollar amount of all final goods and services produced within a country’s national borders in a year
GDP (Gross Domestic Product)
a type of security under which the issuer (debtor) owes the holder (creditor) a debt, and is obliged to provide cash flow to the holder at an agreed upon rate and time
Bonds
a basic requirement for survival
a need
the tools, equipment, and factories used in production.
Capital
a person who uses goods and services to satisfy wants and needs
consumer
a rise in the general price level
Inflation
a type of investment fund that pools money from many investors to purchase a diversified portfolio of securities, such as stocks, bonds, and other assets
Mutual Funds
a way of expressing a need
a want
people with all their efforts and abilities
Labor
a location or other mechanism that allows buyers and sellers to exchange a certain economic product
a market
the proportion of people above a specified age not being in paid employment
Unemployment
a global network where investors can buy and sell shares of publicly traded companies. It's a system that enables companies to raise capital and investors to own stakes in those companies through organized exchanges
The Stock Market
the ability to understand and effectively apply a variety of financial skills, including personal financial management, budgeting, saving, and investing
Financial Literacy
individuals who start a new business or bring a product to market
Entrepreneurs
a measure of the amount of output produced by a given amount of inputs in a specific period of time
productivity
Policies by the government of adjusting interest rates and the amount of money in circulation.
Monetary Policy
These are plans into which you contribute now, for the future. Examples are IRAs 401Ks, Social Security, and other Pensions
Retirement Accounts