Economics Flashcard

Front

The total market value of all final goods and services produced within a nation’s borders each year.

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Gross domestic product (GDP)

Front

The situation in which the average of all prices of goods and services is rising.

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Inflation

Front

The combined talents and skills of the workforce.

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Knowledge

Front

Workers who create, distribute, and apply knowledge.

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Knowledge Workers

Front

The subarea of economics that focuses on the economy as a whole by looking at aggregate data for large groups of people, companies, or products.

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Macroeconomics

Front

The number of suppliers in a market.

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Market Structure

Front

The subarea of economics that focuses on individual parts of the economy, such as households or firms.

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Microeconomics

Front

Economies that combine several economic systems; for example, an economy where the government owns certain industries but others are owned by the private sector.

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Mixed Economies

Front

A government’s programs for controlling the amount of money circulating in the economy and interest rates.

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Monetary Policy

Front

A market structure in which many firms offer products that are close substitutes and in which entry is relatively easy.

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Monopolistic Competition