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Flashcards - Macroeconomics Principles for Business

Flashcards - Macroeconomics Principles for Business
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inflation
In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time
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investment
To invest is to allocate money in the expectation of some benefit in the future
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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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Exports
The term export means shipping in the goods and services out of the jurisdiction of a country
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representative democracy
Representative democracy is a type of democracy founded on the principle of elected officials representing a group of people, as opposed to direct democracy
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political system
A political system is a system of politics and government
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oligarchy
Oligarchy is a form of power structure in which power effectively rests with a small number of people
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direct democracy
Direct Democracy is a form of democracy in which people decide policy initiatives directly
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constitutional monarchy
A constitutional monarchy is a form of monarchy in which the monarch executes their authorities in accordance with a set constitution, which can include political and constitutional conventions
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aristocracy
Aristocracy is a form of government that places power in the hands of a small, privileged ruling class
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absolute monarch
Absolute monarchy or despotic monarchy is a monarchical form of government in which the monarch has absolute power among his or her people
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Karl Marx
Karl Marx was a philosopher, economist, sociologist, journalist, and revolutionary socialist
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Karl Marx
Karl Marx was a philosopher, economist, sociologist, journalist, and revolutionary socialist
absolute monarch
Absolute monarchy or despotic monarchy is a monarchical form of government in which the monarch has absolute power among his or her people
aristocracy
Aristocracy is a form of government that places power in the hands of a small, privileged ruling class
constitutional monarchy
A constitutional monarchy is a form of monarchy in which the monarch executes their authorities in accordance with a set constitution, which can include political and constitutional conventions
direct democracy
Direct Democracy is a form of democracy in which people decide policy initiatives directly
oligarchy
Oligarchy is a form of power structure in which power effectively rests with a small number of people
political system
A political system is a system of politics and government
representative democracy
Representative democracy is a type of democracy founded on the principle of elected officials representing a group of people, as opposed to direct democracy
Exports
The term export means shipping in the goods and services out of the jurisdiction of a country
gross domestic product
Gross domestic product is a monetary measure of the market value of all final goods and services produced in a period
investment
To invest is to allocate money in the expectation of some benefit in the future
inflation
In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time
nominal
Level of measurement or scale of measure is a classification that describes the nature of information within the numbers assigned to variables
recession
In economics, a recession is a negative economic growth for two consecutive quarters
Fiscal policy
In economics and political science, fiscal policy is the use of government revenue collection and expenditure to influence the economy
market system
A market system is any systematic process enabling many market players to bid and ask: helping bidders and sellers interact and make deals
primary sector
The primary sector of the economy is the sector of an economy making direct use of natural resources
secondary sector
The secondary sector includes industries that produce a finished, usable product or are involved in construction
tertiary sector
The tertiary sector of the economy is one of the four economic sectors, the others being the secondary sector , the primary sector , and the quaternary sector
economic system
An economic system is a system of production, resource allocation, and distribution of goods and services within a society or a given geographic area
the business cycle
The business cycle or economic cycle is the downward and upward movement of gross domestic product around its long-term growth trend
expansionary gap
An inflationary gap, in economics, is the amount by which the actual gross domestic product exceeds potential full-employment GDP
Open market operations
An open market operation is an activity by a central bank to give liquidity in its currency to a bank or a group of banks
economy
An economy is an area of the production, distribution, or trade, and consumption of goods and services by different agents in a given geographical location
contraction
A contraction is a shortened version of the written and spoken forms of a word, syllable, or word group, created by omission of internal letters and sounds

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