Frightening Economic Terms
Hideous Economic Terms
Profane Economic Terms
Sexy Economic Terms
Mundane Economic Terms
100
Laws created by governments in regards to how individuals can control, benefit from and transfer property
What are property rights:
100
an economic system in which the means of production are publicly owned and economic activity is controlled by a central government
What is command economy?
100
a branch of knowledge, typically one studied in higher education
What is a discipline
100
The best alternative forgone
What is opportunity cost
100
This is a logical error that suggests that A happened after B, so B must have caused A
What is a post hoc fallacy
200
the using up of goods and services having an exchangeable value.
What is consumption
200
an economic system in which economic decisions and the pricing of goods and services are guided solely by the interactions of a country's citizens and businesses and there is little government intervention or central planning.
What is a free market economy
200
academic disciplines concerned with the study of the social life of human groups and individuals
What are social sciences
200
The cost of doing a little bit more of an activity
What is marginal cost
200
When this happens, the value of money in the country goes down. Imports become more expensive, exports become cheaper.
What is inflation
300
a source or supply from which benefit is produced. Typically resources are materials, energy, services, staff, knowledge, or other assets that are transformed to produce benefit and in the process may be consumed or made unavailable.
What are resources?
300
limited resources
What is scarcity
300
usually refers to money, but in economics refers to all man-made resources that are utilized in the creation of gods
What is Capital
300
A statement that cannot be tested scientifically
What is a normative statement
300
this term refers to slow but steady growth of economic output lasting over many years
What is economic growth
400
a thing that motivates or encourages one to do something.
What is incentive
400
The study of the costs and benefits of doing a little bit more of an activity versus a little bit less
What is marginal analysis
400
This is a simplified version of reality
What is a model
400
We can test this statement and prove whether it is true or not.
What is a positive statement
400
A slow or zero change in the prices of an economy, it is viewed by most economists as a desirable situation
What is price stability
500
The part of national economy made up of private enterprises. It includes the personal sector (households) and corporate sector (companies)
What is private sector
500
Resources required for generation of goods or services, generally classified into four major groups: Land (including all natural resources), Labor (including all human resources), Capital (including all man-made resources), and Enterprise (which brings all the previous resources together for production).
What are factors of production
500
This Latin phrase means "everything else unchanged"
What is Ceterus Paribus
500
This word does not equal causation
What is correlation
500
The economy's total production of goods and services
What is aggregate output
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