Apex US ; Global Economics Unit 3 – Flashcards
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budget constraints
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Limitations on a person's ability to spend money.
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budget deficit
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When income is less than expenditures.
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budget surplus
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When expenditures are less than income.
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business cycle
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Regular changes in economic activity.
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collective bargaining
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Process in which a group of employees negotiates a contract with an employer.
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commodity
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1. Something useful that can be sold. 2. Something useful that can be bought and sold.
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condominium
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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
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The idea that consumer demand determines what get supplied.
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cooperative
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A housing type where the owners are the shareholders in a corporation that owns the building.
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cost-push inflation
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A rise in prices driven by rising production costs.
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decreasing marginal utility
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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.
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demand
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The different quantities of a good or service that buyers are willing and able to purchase at various prices during a specific time period.
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demand curve
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The graph of a demand schedule.
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demand schedule
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A table showing the relationship between prices and quantities demanded.
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demand-pull inflation
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A rise in prices driven by rising consumer demand.
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demographics
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The distribution of different groups in a population based on such factors as age, income, profession, etc.
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depression
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A period of decreasing economic activity, falling prices, and high unemployment.
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diversify
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Create differences.
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domestic
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Related to or located in one's home country.
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economies of scale
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Increased efficiency and often reduced costs resulting from an increase in the size of operations or amount of production.
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efficiency
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Producing something with as little waste as possible.
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equilibrium price
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The price at which quantity supplied equals quantity demanded.
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exogenous
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Something external to a system.
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exurbs
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Rural residential communities farther from the city than suburbs.
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fiscal policy
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The taxation and spending practices of the government.
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free rider
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A non-paying user of a good.
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fungibility
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When all units of a good are the same as each other.
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globalization
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Increasing interconnectedness of people and nations through communication, trade, and the exchange of ideas.
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housing market
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Where houses and apartments are offered and purchased or rented.
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individual bargaining
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A process where individual workers negotiate with their employer directly.
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individual good
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Something that an individual can enjoy to the exclusion of everyone else.
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industrial action
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Steps taken by workers to affect production in order to influence employers.
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inelastic
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Low level of flexibility in demand.
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inferior goods
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Goods that people buy less of as their wealth increases.
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inflation
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Rising prices for goods and services.
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investment
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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
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Area of the economy in which jobs are offered and accepted.
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labor pool
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Workers available for jobs.
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labor union
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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
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Owner of a property who rents it to those who live there.
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lobbying
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Trying to persuade the government to pass favorable laws.
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lockout
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When an employer prevents workers from entering the workplace.
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market failure
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The inability of a free market to provide a good that's demanded by consumers.
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market share
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The percentage of overall sales in a particular area that is made by a single company.
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median home price
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Midpoint price level: half the homes cost more, half the homes cost less.
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median income
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The income of half the people earn more that and half the people earn less than.
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monetary policy
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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
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A loan given to pay for a house or other type of real estate.
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mortgage interest rate
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The amount of interest charged on a loan used to buy a house.
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non-excludable
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Something people can't be kept from using.
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non-rival
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When someone else's use doesn't diminish the usability of a good.
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normal goods
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Goods that people buy more of as their wealth increases.
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opportunity costs
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The benefits of the best alternative option that are given up by a particular decision.
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optimal
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Most favorable or desirable.
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outsource
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To send a job from one place to another, usually another country.
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overhead
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Costs of the physical aspects of doing business.
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owner-occupied
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When the person who lives in the housing unit also owns it.
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population density
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Average number of people living in a particular space.
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priced out
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When a price becomes too high to be affordable.
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production
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The creation of goods and services to satisfy wants and needs.
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protectionist
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Policies designed to keep a country's economy, businesses, and workers safe from competition.
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public good
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A non-excludable, non-rival good.
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quantity supplied
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The amount of something that sellers are willing and able to sell at a certain price.
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quota system
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A system that limits the import and/or export of certain goods.
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recession
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A general slowdown in economic activity.
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relative
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Compared to something else.
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rent
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To pay money for the right to live somewhere.
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renter-occupied
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When a person who lives in the housing unit pays the owner to live there.
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reserve wage
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The lowest amount a worker will accept for a job.
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rural
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Located in the country; a sparsely-populated area.
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scarcity
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1. When demand is greater that supply. 2. A situation when demand exceeds supply.
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shortage
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When demand is higher than supply.
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single-family home
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A house not attached to any other houses, intended to shelter one household.
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slowdown
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An intentional reduction in productivity by workers.
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specialization
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Focus on a specific, narrowly defined task.
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standard of living
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The amount of goods and services available to the average person.
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strike
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When workers stop working.
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strikebreakers
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Replacement workers intended to end a strike.
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subsidy
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A government payment to someone.
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substitute
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Switching from one good to a similar good, usually one that is less expensive.
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suburbs
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Primarily residential areas outside of but near a major city.
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supply
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The quantity of a good or service that producers are willing and able to sell a various prices during a specific time period.
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supply schedule
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A table showing the relationship between prices and quantities supplied.
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supply-and-demand curve
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A graph showing the intersection of the supply curve and the demand curve.
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surplus
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1. When supply is higher than demand. 2. A quantity larger than what is needed.
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townhouse
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A house attached to other houses, generally in a long row.
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trade
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The exchange of goods and services for other commodities such as money.
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trade barriers
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Policies that reduce or eliminate international trade.
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unemployment insurance
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A system of insurance that pays unemployed workers for a period of time as they look for another job.
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union dues
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Money paid by workers to support the operation of a union.
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urban
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Located in a city; a densely-populated area.
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urban renewal
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The revitalization of an old and undesirable area of a city.
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utility
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The amount of personal satisfaction gained from the use or consumption of goods and services.
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wealth effect
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The tendency for consumers to buy more goods as their income rises.
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wholesale
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Sales to other companies rather than to consumers.
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workforce
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Collective term for the people who work at jobs.
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