brain drain
the loss of the best and brightest people to other countries
business cycles
the periodic rises and falls that occur in economies over time
capitalism
an economic system in which all or most of the factors of production and distribution are privately owned and operated for profit
command economies
Economic systems in which the market largely determines what goods and services get produced, who gets them, and how the economy grows
communism
an economic and political system in which the government makes almost all economic decisions and owns almost all the major factors of production
consumer price index
monthly statistics that measure the pace of inflation or deflation
deflation
a situation in which prices are declining
demand
the quantity of products that people are willing to buy at different prices at a specific time
depression
a severe recession, usually accompanied by deflation
disinflation
a situation in which prices are declining
economics
the study of how society chooses to employ resources to provide goods and services and distrubute among various competing groups and individuals
fiscal policy
the federal governments efforts to keep the economy stable by increasing or decreasing taxes or gov. spending
free-market economies
economic systems in which the market largely determines what goods and services are produced, who gets them, and how the economy grows
gross domestic products
the total value of final goods and services produced in a country in a given year
inflation
a general rise in the prices of goods and services over time
invisible hand
the process that turns self directed gain into social and economic benfit for all
keynesian economic theory
the theory that a government policy of increased spending and cutting taxes could stimulate the economy in a recession
macroeconomics
the part of economics study that looks at the operation of a nations' economy as a whole
market price
the price determined by supply and demand
microeconomics
the part of economics study that looks at the behavior of people and organizations in particular markets
mixed economies
economic systems in which some allocation of resources are made by the market and some by the government
monetary policies
the management of the money supply and interest rates by the Federal Reserve Bank
monopolistic competitions
the degree of competition in which a large number of sellers produce very similar products that buyers nevertheless perceive as different
monopoly
a degree of competition in which only one seller controls the total supply of a product or service, and sets the price
national debt
the sum of government deficits over time
oligopoly
a degree of competition in which just a few sellers dominate the market
perfect competition
the degree of competition in which there are many sellers in a market and none is large enough to dictate the price of a product
producer price index
an index that measures prices at the wholesale level
recession
two or more consecutive quarters of decline in the GDP
resource development
the study of how to increase resources and to create the conditions that will make better use of those resources
socialism
an economic system based on the premise that some, if not most, basic businesses should be owned by the government so that profits can be more evenly distributed among the people
stagflation
a situation when the economy is slowing but prices are going up anyhow
supply
the quanity of products that manufactures or owners are willing to sell at different prices at a specific time
unemployment rate
the number of civilians at least 16 who are umemplyed and currently looking for a job