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brain drain
The loss of the best and brightest people to other countries
business cycles
The periodic rises and falls that occur in all 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 goverment largely decides what goods and services will be produced, who will get them, and how the economy will grow
communism
An economic and political system in which the state (the government) makes almost all economic decisions and owns almost all the major factors of production
consumer price index (CPI)
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
disinflation
A situation in which price increases are slowing (the inflation rate is declining)
economics
The study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals
fiscal policy
The federal government's efforts to keep the economy stable by increasing or decreasing taxes or government spending
free-market economies
Economic systems in which the market largely determines what goods and services get produces, who gets them, and how the economy grows
gross domestice product (GDP)
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
A phrase coined by Adam Smith to describe the process that turns selfdirected gain into social and economic benefits for all
macroeconomics
The part of economics study that looks at the operation of a nation's 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 is made by the market and some by the government
monetary policy
The management of the money supply and interest rates
monopolistic competition
The market situation in which a large number of sellers produce products that are very similar but that are perceived by buyers as different
monopoly
A market in which there is only one seller for a product or service
national debt
The sum of government deficits over time
oligopoly
A form of competition in which just a few sellers dominate the market
perfect competition
The market situation in which there are many sellers in a market and no seller is large enough to dictate the price of a product
producer price index (PPI)
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 evenly distributed among the people
supply
The quantity of products that manufacturers or owners are willing to sell at different prices at a specific time
unemployment rate
The number of civilians at least 16 years old who are unemployed and tried to find a job within the prior four weeks.
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