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Flashcards - Government Issues in Economics

Flashcards - Government Issues in Economics
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demand-side
Demand-side economics is a macroeconomic theory which argues that economic growth is most effectively created by high demand for products and services
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private property
Private property is a legal designation for the ownership of property by non-governmental legal entities
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market failure
In economics, market failure is a situation in which the allocation of goods and services is not efficient
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recession
In economics, a recession is a negative economic growth for two consecutive quarters
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New Deal
The New Deal was a series of social liberal programs enacted in the United States between 1933 and 1938, and a few that came later
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Great Depression
The Great Depression was a severe worldwide economic depression that took place during the 1930s
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depression
Depression is a state of low mood and aversion to activity that can affect a person's thoughts, behavior, feelings and sense of well-being
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patent
A patent is a set of exclusive rights granted by a sovereign state to an inventor or assignee for a limited period of time in exchange for detailed public disclosure of an invention
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monopoly
A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity
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gross domestic product
Gross domestic product is a monetary measure of the market value of all final goods and services produced in a period
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full employment
Full employment, in macroeconomics, is the level of employment rates where there is no cyclical or deficient-demand unemployment
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Deflation
In economics, deflation can be described as a decrease in the general price level of goods and services or currency appreciation with respect to the same goods and services
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Deflation
In economics, deflation can be described as a decrease in the general price level of goods and services or currency appreciation with respect to the same goods and services
full employment
Full employment, in macroeconomics, is the level of employment rates where there is no cyclical or deficient-demand unemployment
gross domestic product
Gross domestic product is a monetary measure of the market value of all final goods and services produced in a period
monopoly
A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity
patent
A patent is a set of exclusive rights granted by a sovereign state to an inventor or assignee for a limited period of time in exchange for detailed public disclosure of an invention
depression
Depression is a state of low mood and aversion to activity that can affect a person's thoughts, behavior, feelings and sense of well-being
Great Depression
The Great Depression was a severe worldwide economic depression that took place during the 1930s
New Deal
The New Deal was a series of social liberal programs enacted in the United States between 1933 and 1938, and a few that came later
recession
In economics, a recession is a negative economic growth for two consecutive quarters
market failure
In economics, market failure is a situation in which the allocation of goods and services is not efficient
private property
Private property is a legal designation for the ownership of property by non-governmental legal entities
demand-side
Demand-side economics is a macroeconomic theory which argues that economic growth is most effectively created by high demand for products and services
inflation rate
In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time
stimulus
In physiology, a stimulus is a detectable change in the internal or external environment
progressive tax
A progressive tax is a tax in which the tax rate increases as the taxable amount increases
license
The verb license or grant license means to give permission
subsidies
A subsidy is a form of financial aid or support extended to an economic sector generally with the aim of promoting economic and social policy
trade barriers
Trade barriers are government-induced restrictions on international trade
deregulation
Deregulation is the process of removing or reducing state regulations, typically in the economic sphere
free riders
In economics, the free rider problem occurs when those who benefit from resources, goods, or services do not pay for them, which results in an under-provision of those goods or services
Keynesian economics
Keynesian economics are the various theories about how in the short run, and especially during recessions, economic output is strongly influenced by aggregate demand
flat tax
A flat tax is a tax system with a constant marginal rate, usually applied to individual or corporate income
Interstate Commerce Act of 1887
The Interstate Commerce Act of 1887 is a United States federal law that was designed to regulate the railroad industry, particularly its monopolistic practices
Sherman Antitrust Act of 1890
The Sherman Antitrust Act is a landmark federal statute in the history of United States antitrust law passed by Congress in 1890
externality
In economics, an externality is the cost or benefit that affects a party who did not choose to incur that cost or benefit

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