1. Intro. to Personal Finance – Flashcards
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Gross Natiional Product
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This is the value of all final goods and services produced within a nation in a given year, plus income earned by its citizens abroad, minus income earned by foreigners from domestic production...
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Gross Domestic Product
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This is the total retail market value of all the goods and services produced within a nation's borders in a given year.
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Gross State Product
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This includes the total of all the final goods and services produced within the borders of a state in a given year.
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Gross World Product
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This refers to the aggregate, or total, value of all final goods and services produced worldwide in a given year.
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personal finance
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This refers to the money a person earns or is given over the course of a lifetime.
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economists
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These are people who study economics. They study individuals, households, industries, labor unions, retail stores, and anyone who makes or spends money.
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resources
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These can include money, time, or things people own. These can also be oil, forests, or water.
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supply and demand
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As consumers demand more of a particular item, producersare encouraged to increase the supply.
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supply
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This is the amount of goods or services that are available.
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demand
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This is how often and how much of a good or service consumers purchase.
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consumers
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This is one who utilizes economic goods.
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macroeconomics
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This is the branch of economics that studies the economy as a whole. This study does not examine individual economic units such as households or people.
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microeconomics
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This is the study of the economic behavior and decisions of individuals and businesses. It examines the consumer purchases of families and age groups such as senior citizens or young adults.
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a "good"
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This is a tangible item (something that can be touched, picked up, or carried. This can be anything from a bag of candy to a plasma screen television).
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a "service"
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This is any intangible economic activity that cannot be touched, picked up, or carried, such as having food served to you at a restaurant, hiring someone to mow your lawn, or having a hair stylist cut your hair.
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The United States
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This country has the largest and most technologically powerful economy in the world.
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false
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(true or false) An individual's time is not considered an economic resource.
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true
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(true or false) Economists compare economies of the United States and other countries.
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false
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(true or false) Economists study the processes of the human mind.
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false
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(true or false) Economics is about the efficiency of governments at all levels.
