Econ Final

Scarcity

• when customers want more of a good or service than producers are willing to make available

• An expense that does not change when sales or production volumes increase or decrease

• A condition that occurs when limited resources meet unlimited wants and needs

• a set of actions to control and stabilize the economy

Opportunity cost

• The loss of potential gain from other alternatives when one alternative is chosen.

• An economic and political system in which private owners control a country's trade and industry for profit.

• Government controls all means of production.

• One in which the central government plans, organizes, and controls all economic activities to maximize social welfare

Communism

• The point at which the demand for a product or service is equal to the supply of the product or service

• One in which the central government plans, organizes, and controls all economic activities to maximize social welfare

• A maximum price for a good or service which could lead to a shortage

• Government controls all means of production.

Market Economy

• as significant decline in economic activity spreads across the economy. Which could lead to government aid

• An economic system supply and demand, direct the production of goods and services. Have the most freedom to answer the three basic economic questions

• An economic and political system in which private owners control a country's trade and industry for profit.

• Individuals and societies are forced to make choices because most resources are scarce. Limited resources for an unlimited desire

Monetary policy

• Generates job opportunities and hence stronger demand for labor, the main and often the sole asset of the poor. In turn, increasing employment has been crucial in delivering higher growth.Helps the country become more competitive in global markets, maintain a high standard of living and provide resources to help with domestic situations.

• A measurement of the total amount of demand for all finished goods and services produced in an economy.

  
  

• a set of actions to control and stabilize the economy

• One in which the central government plans, organizes, and controls all economic activities to maximize social welfare

Recession

• A maximum price for a good or service which could lead to a shortage

• as significant decline in economic activity spreads across the economy. Which could lead to government aid

• An expense that changes due to demand; such as seasonal prices

• The phase of the business cycle where real gross domestic product (GDP) grows for two or more consecutive quarters, moving from a trough to a peak.

Aggregated Demand

• A measurement of the total amount of demand for all finished goods and services produced in an economy.

• An economic system supply and demand, direct the production of goods and services. Have the most freedom to answer the three basic economic questions

• The decline in the economic value of an asset over time

• The demand for a good or service that creates a demand for labor and other resources.

Why do people have to make decisions on how to use resources effectively?

• A maximum price for a good or service which could lead to a shortage

• The phase of the business cycle where real gross domestic product (GDP) grows for two or more consecutive quarters, moving from a trough to a peak.

• Individuals and societies are forced to make choices because most resources are scarce. Limited resources for an unlimited desire

• when customers want more of a good or service than producers are willing to make available

What is a safeguard that protects non-competitive companies?

• An economic system supply and demand, direct the production of goods and services. Have the most freedom to answer the three basic economic questions

• It protects consumers' rights. One way to protect your startup from unfair competition is to include non-compete clauses in your employment contracts. You could also have a non-compete in the shareholder's agreement that you sign with your investors.

• The loss of potential gain from other alternatives when one alternative is chosen.

• Government controls all means of production.

What is the difference between restrictive or contractionary fiscal policy?

• A change in the quantity demanded of the product that the labor produces. Technology could be an example: paper and pen to computers.

• Unions can participate in strikes, and protests, speak to management to bargain, and sit-ins. (pickets, strikes, boycotts)

• It allows them to have financial stability, provide public service and infrastructure. .

• when the government reduces spending and increases taxes at the same time in the country.