-
business cycle
the recurrence of periods of growth and recession in a nation's economic activity
-
recession
two or more concecutive 3-month periods of decline in a countrys GDP
-
depression
a severe recession that lasts longer than a recession
-
the trough of a recession or depression
the "turning point", when a nation has hit bottom
-
monetary policies
the federal reserves decisions that determines the size of the supply of money in the nation and the level of interest rates
-
fiscal policy
giovernment influence on the amount of savings and expenditures; acomplished by alltering the tax structure and by changing the levels of government spending
-
federal deficit
a shortfall created when the government spends more in a fiscal year than it recieves
-
four steps of the business cycle
peak, trough, recession, and recovery
-
national debt
the total of all federal deficits
-
perfect(or pure) competition
no single buyer or seller is powerful enough to affect the price of that product; corn, wheat, peanuts
-
monoplistic competition
differentiate their products from the products of competitors; many firms or suppliers; clothing, shoes, furniture
-
oligopoly
a market(or industry) in which there are fer sellers; few firms or suppliers; autimobiles, cereals
-
monopoly
one firm or supplier; software protected by copyright, local public utilites
-
supply
the quantity of a product that producers are selling at each of various prices
-
demand
the quantity of a product that buyers are willing to purchase at each of various prices
-
market price
the price at which the quantity demanded is exactly equal to quantity supplied
-
product differentiation
the process of developing and promoting differences between one's products and all similar products
-
standard of living
a loose, subjective measure of how well off an individual or a society is mainly in terms of want satisfaction through goods and services
|
|
