Economies
A financial and social system of how resources flow through society, from production to distribution, to consumption.
Economy
The total amount of money within the overall economy
money supply
The quantity of products that producers are willing to offer for sale at different market prices
Supply
Economies that embody elements of both planned and market-based economic systems
Mixed Economy
A period of rising average prices across the economy
Inflation
The study of the choices that people, companies, and governments make in allocating society’s resources.
Economics
Overage that occurs when revenue is higher than expenses over a given period of time
budget surplus
The quantity of products that consumers are willing to offer for sale at different market prices
Demand
An economic system based on the principle that the government should own and operate key enterprises that directly affect public welfare
socialism
The percentage of people in the labor force over age 16 who do not have jobs and are actively seeking emplyement
Unemployment rate
The study of a country’s overall economic dynamics, such as the employment rate, the gross domestic product, and taxation policies.
macroeconomics
Shortfall that occurs when expenses are higher than revenue over a given period of time
budget deficit
An economic system - also known as the private enterprise or free market system - based on private ownership, economic freedom, and fair competition.
capitalism
An economic and political system that calls for public ownership of virtually all
communism
The total value of all final goods and services produced within a nation's physical boundaries over a given period of time.
Gross Domestic Product (GDP)
The study of smaller economic units such as individual consumers, families, and individual businesses.
microeconomics
Government efforts to influence the economy through taxation and spending
fiscal policy
A market structure with one producer completely dominating the industry, leaving no room for any significant competitors.
monopoly
The price associated with the point at which the quantity demanded of a product equals the quantity supplied
Equilibrium price
The periodic contraction and expansion that occur over time in virtually every economy.
Business cycle
A structure for allocating limited resources
economic system
Federal reserve decisions that shape the economy by influencing interest rates and the supply of money
Monetary policy
A market structure with only a handful of competitors selling products
oligopoly
The process of converting government-owned businesses to private ownership.
Privatization
The basic relationship between the production of goods and services (output) and the resources needed to produce them (input) calculated by output/input
Productivity