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14 Cards in this Set
- Front
- Back
Full Employment
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When 5% or less of the labor force over 15 years of age are looking for work
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Economic Stability
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When an economy looks to avoid swings in performance
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Economic Security
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Every memeber in society should have their basic needs satisfied. Food, shelter, clothing, health, edcation, water & sanitation
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Economic Justice
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Every member in society should have equal opportunities for economic success.
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Conspicuous/Ostentatious Commodities
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Those that consumers associate due to high price to high social class. Makes them feel ahead of others socially
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Jone's Commodities
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consumed because of peer pressure, to not feel that they are socially falling behind.
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Non-Substitute/Absolute necessity goods
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Those that have no easily available alternatives, or perceived indespinsibility.
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Opportunity/Alternative Cost
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The cost of using resources for a purpose, measured by the cost of not producing an alternative good.
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Complementary
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Completes a lack in something (a bagel and cream cheese)
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Complimentary
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Given without cost (Free Hotel Breakfast)
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Oîkos
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Home
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Nomos
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Management
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Microeconomics
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Studyies the behaviors of consumers and firms, and the determination of market prices. It analyzes the scarcity of economic resources and identify their strategic uses
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Macroeconomics
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Study of the aggregate economic activity. It analyzes how the economy as a whole works, identifying national income/output levels, growth, inflation, employment, money, prices, and international trade.
Employs use of fiscal policy, monetary policy, and commercial policy. |