question

allocation

answer

Setting aside resources for a specific purpose.

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apartment building

answer

Renter-occupied units in a building owned by a landlord.

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bargaining power

answer

The level of strength enjoyed by one side in a negotiation.

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boom

answer

A period of high employment and rising demand.

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budget constraints

answer

Limitations on a person's ability to spend money.

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budget deficit

answer

When income is less than expenditures.

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budget surplus

answer

When expenditures are less than income.

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business cycle

answer

Regular changes in economic activity.

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collective bargaining

answer

Process in which a group of employees negotiates a contract with an employer.

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commodity

answer

1. Something useful that can be sold. 2. Something useful that can be bought and sold.

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condominium

answer

A structure to two or more units which are individually owned, and common parts of the property are owned jointly by the unit owners.

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consumer sovereignty

answer

The idea that consumer demand determines what get supplied.

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cooperative

answer

A housing type where the owners are the shareholders in a corporation that owns the building.

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cost-push inflation

answer

A rise in prices driven by rising production costs.

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decreasing marginal utility

answer

The decrease in the amount of a good or service that buyers are willing and able to purchase at various prices during a specific time period.

question

demand

answer

The different quantities of a good or service that buyers are willing and able to purchase at various prices during a specific time period.

question

demand curve

answer

The graph of a demand schedule.

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demand schedule

answer

A table showing the relationship between prices and quantities demanded.

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demand-pull inflation

answer

A rise in prices driven by rising consumer demand.

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demographics

answer

The distribution of different groups in a population based on such factors as age, income, profession, etc.

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depression

answer

A period of decreasing economic activity, falling prices, and high unemployment.

question

diversify

answer

Create differences.

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domestic

answer

Related to or located in one's home country.

question

economies of scale

answer

Increased efficiency and often reduced costs resulting from an increase in the size of operations or amount of production.

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efficiency

answer

Producing something with as little waste as possible.

question

equilibrium price

answer

The price at which quantity supplied equals quantity demanded.

question

exogenous

answer

Something external to a system.

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exurbs

answer

Rural residential communities farther from the city than suburbs.

question

fiscal policy

answer

The taxation and spending practices of the government.

question

free rider

answer

A non-paying user of a good.

question

fungibility

answer

When all units of a good are the same as each other.

question

globalization

answer

Increasing interconnectedness of people and nations through communication, trade, and the exchange of ideas.

question

housing market

answer

Where houses and apartments are offered and purchased or rented.

question

individual bargaining

answer

A process where individual workers negotiate with their employer directly.

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individual good

answer

Something that an individual can enjoy to the exclusion of everyone else.

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industrial action

answer

Steps taken by workers to affect production in order to influence employers.

question

inelastic

answer

Low level of flexibility in demand.

question

inferior goods

answer

Goods that people buy less of as their wealth increases.

question

inflation

answer

Rising prices for goods and services.

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investment

answer

1. Purchase of an asset with the intention of making a profit. 2. Money that is put to a use that should yield more money in the future.

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labor market

answer

Area of the economy in which jobs are offered and accepted.

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labor pool

answer

Workers available for jobs.

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labor union

answer

Workers in a particular job or workplace organized into a group that pushes for higher wages and better working conditions.

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landlord

answer

Owner of a property who rents it to those who live there.

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lobbying

answer

Trying to persuade the government to pass favorable laws.

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lockout

answer

When an employer prevents workers from entering the workplace.

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market failure

answer

The inability of a free market to provide a good that's demanded by consumers.

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market share

answer

The percentage of overall sales in a particular area that is made by a single company.

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median home price

answer

Midpoint price level: half the homes cost more, half the homes cost less.

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median income

answer

The income of half the people earn more that and half the people earn less than.

question

monetary policy

answer

1. Government action that controls the money supply. 2. The regulation of the money supply through various tools of government action.

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mortgage

answer

A loan given to pay for a house or other type of real estate.

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mortgage interest rate

answer

The amount of interest charged on a loan used to buy a house.

question

non-excludable

answer

Something people can't be kept from using.

question

non-rival

answer

When someone else's use doesn't diminish the usability of a good.

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normal goods

answer

Goods that people buy more of as their wealth increases.

question

opportunity costs

answer

The benefits of the best alternative option that are given up by a particular decision.

question

optimal

answer

Most favorable or desirable.

question

outsource

answer

To send a job from one place to another, usually another country.

question

overhead

answer

Costs of the physical aspects of doing business.

question

owner-occupied

answer

When the person who lives in the housing unit also owns it.

question

population density

answer

Average number of people living in a particular space.

question

priced out

answer

When a price becomes too high to be affordable.

question

production

answer

The creation of goods and services to satisfy wants and needs.

question

protectionist

answer

Policies designed to keep a country's economy, businesses, and workers safe from competition.

question

public good

answer

A non-excludable, non-rival good.

question

quantity supplied

answer

The amount of something that sellers are willing and able to sell at a certain price.

question

quota system

answer

A system that limits the import and/or export of certain goods.

question

recession

answer

A general slowdown in economic activity.

question

relative

answer

Compared to something else.

question

rent

answer

To pay money for the right to live somewhere.

question

renter-occupied

answer

When a person who lives in the housing unit pays the owner to live there.

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reserve wage

answer

The lowest amount a worker will accept for a job.

question

rural

answer

Located in the country; a sparsely-populated area.

question

scarcity

answer

1. When demand is greater that supply. 2. A situation when demand exceeds supply.

question

shortage

answer

When demand is higher than supply.

question

single-family home

answer

A house not attached to any other houses, intended to shelter one household.

question

slowdown

answer

An intentional reduction in productivity by workers.

question

specialization

answer

Focus on a specific, narrowly defined task.

question

standard of living

answer

The amount of goods and services available to the average person.

question

strike

answer

When workers stop working.

question

strikebreakers

answer

Replacement workers intended to end a strike.

question

subsidy

answer

A government payment to someone.

question

substitute

answer

Switching from one good to a similar good, usually one that is less expensive.

question

suburbs

answer

Primarily residential areas outside of but near a major city.

question

supply

answer

The quantity of a good or service that producers are willing and able to sell a various prices during a specific time period.

question

supply schedule

answer

A table showing the relationship between prices and quantities supplied.

question

supply-and-demand curve

answer

A graph showing the intersection of the supply curve and the demand curve.

question

surplus

answer

1. When supply is higher than demand. 2. A quantity larger than what is needed.

question

townhouse

answer

A house attached to other houses, generally in a long row.

question

trade

answer

The exchange of goods and services for other commodities such as money.

question

trade barriers

answer

Policies that reduce or eliminate international trade.

question

unemployment insurance

answer

A system of insurance that pays unemployed workers for a period of time as they look for another job.

question

union dues

answer

Money paid by workers to support the operation of a union.

question

urban

answer

Located in a city; a densely-populated area.

question

urban renewal

answer

The revitalization of an old and undesirable area of a city.

question

utility

answer

The amount of personal satisfaction gained from the use or consumption of goods and services.

question

wealth effect

answer

The tendency for consumers to buy more goods as their income rises.

question

wholesale

answer

Sales to other companies rather than to consumers.

question

workforce

answer

Collective term for the people who work at jobs.

Apex US ; Global Economics Unit 3 – Flashcards

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