Economics 2nd Quarter
Vocabulary
Vocabulary
Set of flashcards Details
| Flashcards | 26 |
|---|---|
| Language | English |
| Category | Finance |
| Level | Secondary School |
| Created / Updated | 27.10.2015 / 09.11.2015 |
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The desire and ability to produce and sell a product.
It occurs when the quantity demanded and the quantity supplied at a particular price are equal.
The price at which the quantity demanded and the quantity supplied are equal.
The result of quantity supplied being greater than quantity demanded.
The result of quantity demanded being greater than quantity supplied.
It occurs when quantity demanded and quantity supplied are not in balance.
It occurs when producers sell products at lower prices to lure customers away from rival producers, while still making a profit.
It encourages people to act in certain ways.
The legal maximum price that sellers may charge for a product.
A legal minimum price that buyers must pay for a product.
A legal minimum amount that an employer must pay for one hour of work.
A government system for allocating goods and services using criteria other than price.
It involves illegal buying or selling in violation or price controls or rationing .
Anything that people will accept in exchange for goods and services.
A means through which goods and services can be exchanged.
The exchange of goods and services without using money.
Determines the economic worth in the exchange process.
Something that holds is value over time.
It has intristic value based on the material from which it is made.
Backed by something tangible.
Declared by the government and accepted by citizens to have worth.
Paper money and coins.
Checking accounts.
Savings accounts and time deposits that can be converted into cash relatively easily.
Banks chartered by the national government.
A system that backs the basic monetary unit with a set amount of gold.
