Printable Marginal Utility and Split Roll: Economics Practice flash cards
48 words
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| abstinence |
the conserving of current income in order to build up capital or savings |
| horizontal |
pertaining to companies and divisions that perform the same or similar functions or produce the same or similar products: |
| recession |
a period of an economic contraction, sometimes limited in scope or duration |
| inflation |
a persistent, substantial rise in the level of prices related to an increase in the volume of money and resulting in the loss of value of currency |
| protect |
to guard the industry or an industry of a nation from foreign competition by imposing import duties |
| mercantile |
of the mercantile system, describing a country's plan to secure economic supremacy through creating a trade imbalance in its favor |
| deflation |
a fall in the general price level or a contraction of credit and available money |
| inflate |
to expand unduly in amount, value, or size |
| protective |
of, pertaining to, or designed to favor certain industries or groups, often over imported rivals, as in protective tariffs |
| sourcing |
the buying of components of a product from an outside supplier, often one located abroad |
| inelastic |
relatively unresponsive to changes, as demand when it fails to increase in proportion to a decrease in price |
| protectionism |
the fostering of developing domestic industries by protecting them from foreign competition through duties or quotas imposed on importations |
| law of diminishing marginal utility |
the law that for a single consumer the marginal utility of a commodity diminishes for each additional unit of the commodity consumed |
| market share |
the specific percentage of total industry sales of a particular product achieved by a single company in a given period of time |
| redistribution |
reducing inequalities in income through such measures as progressive income taxation and antipoverty programs |
| marginal cost |
the cost of one additional unit of any item produced or bought in quantity |
| division of labor |
a production process in which a worker or group of workers is assigned a specialized task in order to increase efficiency |
| capital goods |
machines and tools used in the production of other goods |
| consumer goods |
goods that are ready for consumption in satisfaction of human wants, as clothing or food, and are not utilized in any further production |
| indexation |
the automatic adjustment of wages, taxes, etc., according to changes in the cost of living to compensate for inflation |
| disinflation |
a period or process of slowing the rate of inflation |
| marginal utility |
the extra satisfaction derived by a consumer from the consumption of the last unit of a commodity |
| inferior goods |
commodities that are less in demand as consumer income rises |
| nairu |
the nonaccelerating inflation rate of unemployment: the lowest level of unemployment an economy can handle without causing inflation |
| diminishing returns |
when a factor of production, such as labor, is increased while other factors are held constant, the output per unit of the variable factor will lessen |
| acceleration principle |
the principle that an increase in the demand for a finished product will create a greater demand for capital goods |
| money supply |
the sum of demand or checking-account deposits and currency in circulation |
| iron law of wages |
the doctrine or theory that wages tend toward a level sufficient only to maintain a subsistence standard of living |
| acceleration coefficient |
the ratio of change in capital investment to the change in consumer spending |
| demand-side |
pertaining to an economic policy that treats consumer demand as the chief determinant of the economy |
| producer goods |
goods, such as machinery or raw materials, that are used in the process of creating consumer goods |
| superior goods |
commodities that are more in demand as consumer income rises |
| nominal wages |
wages measured in terms of money and not by their ability to command goods and services |
| supply-side |
a theory that stresses the reduction of taxes as a means of encouraging business investment and growth to stabilize the economy |
| split roll |
a taxation under which real-estate taxes on business and industrial buildings are levied at higher rates than on residential homes |
| leading indicators |
data that reflect current economic conditions and can suggest future developments or fluctuations in the nation's economy |
| soft landing |
a slowing down of economic growth at a manageable rate relative to inflation and unemployment |
| productive |
producing or tending to produce goods and services having exchange value |
| consumption |
the using up of goods and services having an exchangeable value |
| cooperation |
the combination of persons for purposes of production, purchase, or distribution for their joint benefit |
| distribution |
the division of the aggregate income of any society among its members, or among the factors of production |
| elastic |
relatively responsive to change, as to a proportionate increase in demand as the result of a decrease in price |
| monetize |
to convert (a debt, esp. the national debt) into currency, especially by issuing government securities or notes |
| production |
the creation of value; the producing of articles having exchange value |
| single tax |
a tax, such as on land, that constitutes the sole source of public revenue |
| supply |
the quantity of a commodity that is in the market and available for purchase or that is available for purchase at a particular price |
| wage |
the share of the products of industry received by labor for its work, distinct from the share going to capital |
| wealth |
all things that have a monetary or exchange value; anything that has utility and is capable of being appropriated or exchanged |
| abstinence |
the conserving of current income in order to build up capital or savings |
| horizontal |
pertaining to companies and divisions that perform the same or similar functions or produce the same or similar products: |
| recession |
a period of an economic contraction, sometimes limited in scope or duration |
| inflation |
a persistent, substantial rise in the level of prices related to an increase in the volume of money and resulting in the loss of value of currency |
| protect |
to guard the industry or an industry of a nation from foreign competition by imposing import duties |
| mercantile |
of the mercantile system, describing a country's plan to secure economic supremacy through creating a trade imbalance in its favor |
| deflation |
a fall in the general price level or a contraction of credit and available money |
| inflate |
to expand unduly in amount, value, or size |
| protective |
of, pertaining to, or designed to favor certain industries or groups, often over imported rivals, as in protective tariffs |
| sourcing |
the buying of components of a product from an outside supplier, often one located abroad |
| inelastic |
relatively unresponsive to changes, as demand when it fails to increase in proportion to a decrease in price |
| protectionism |
the fostering of developing domestic industries by protecting them from foreign competition through duties or quotas imposed on importations |
| law of diminishing marginal utility |
the law that for a single consumer the marginal utility of a commodity diminishes for each additional unit of the commodity consumed |
| market share |
the specific percentage of total industry sales of a particular product achieved by a single company in a given period of time |
| redistribution |
reducing inequalities in income through such measures as progressive income taxation and antipoverty programs |
| marginal cost |
the cost of one additional unit of any item produced or bought in quantity |
| division of labor |
a production process in which a worker or group of workers is assigned a specialized task in order to increase efficiency |
| capital goods |
machines and tools used in the production of other goods |
| consumer goods |
goods that are ready for consumption in satisfaction of human wants, as clothing or food, and are not utilized in any further production |
| indexation |
the automatic adjustment of wages, taxes, etc., according to changes in the cost of living to compensate for inflation |
| disinflation |
a period or process of slowing the rate of inflation |
| marginal utility |
the extra satisfaction derived by a consumer from the consumption of the last unit of a commodity |
| inferior goods |
commodities that are less in demand as consumer income rises |
| nairu |
the nonaccelerating inflation rate of unemployment: the lowest level of unemployment an economy can handle without causing inflation |
| diminishing returns |
when a factor of production, such as labor, is increased while other factors are held constant, the output per unit of the variable factor will lessen |
| acceleration principle |
the principle that an increase in the demand for a finished product will create a greater demand for capital goods |
| money supply |
the sum of demand or checking-account deposits and currency in circulation |
| iron law of wages |
the doctrine or theory that wages tend toward a level sufficient only to maintain a subsistence standard of living |
| acceleration coefficient |
the ratio of change in capital investment to the change in consumer spending |
| demand-side |
pertaining to an economic policy that treats consumer demand as the chief determinant of the economy |
| producer goods |
goods, such as machinery or raw materials, that are used in the process of creating consumer goods |
| superior goods |
commodities that are more in demand as consumer income rises |
| nominal wages |
wages measured in terms of money and not by their ability to command goods and services |
| supply-side |
a theory that stresses the reduction of taxes as a means of encouraging business investment and growth to stabilize the economy |
| split roll |
a taxation under which real-estate taxes on business and industrial buildings are levied at higher rates than on residential homes |
| leading indicators |
data that reflect current economic conditions and can suggest future developments or fluctuations in the nation's economy |
| soft landing |
a slowing down of economic growth at a manageable rate relative to inflation and unemployment |
| productive |
producing or tending to produce goods and services having exchange value |
| consumption |
the using up of goods and services having an exchangeable value |
| cooperation |
the combination of persons for purposes of production, purchase, or distribution for their joint benefit |
| distribution |
the division of the aggregate income of any society among its members, or among the factors of production |
| elastic |
relatively responsive to change, as to a proportionate increase in demand as the result of a decrease in price |
| monetize |
to convert (a debt, esp. the national debt) into currency, especially by issuing government securities or notes |
| production |
the creation of value; the producing of articles having exchange value |
| single tax |
a tax, such as on land, that constitutes the sole source of public revenue |
| supply |
the quantity of a commodity that is in the market and available for purchase or that is available for purchase at a particular price |
| wage |
the share of the products of industry received by labor for its work, distinct from the share going to capital |
| wealth |
all things that have a monetary or exchange value; anything that has utility and is capable of being appropriated or exchanged |
