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1. Economic theory ( ) - is a simplification of economic reality designed to capture the important elements of the relation under consideration.

2. Economic model ( ) - a simplified representation of an economy; a formal statement of a theory; or some part of an economy.

3. Economic system ( ) - a set of mechanisms and institutions for decision making and the implementation of decisions concerning production, income, and consumption within a given geographic area.

4. Macroeconomics () - studies the behavior of entire economies and the combined effects of individual choices on the overall performance of the economy as reflected by the nation' s price level, total production, and level of employment.

5. Microeconomics () - examines the behavior of economic actors, the factors that affect individual economic choices, how changes in these factors alter such choices, and their coordination.

6. Factors of production (or resources) ( ( ) - inputs to production that are used to create goods and services (labor, entrepreneurship, capital, natural resources).

7. Land () - plots of ground and other natural resources used in the production of goods and services.

8. Labor () - the physical and mental efforts of humans directed toward production.

9. Capital () - all means of production that are created by people (including buildings, tools, machinery, industrial equipment, and structures) that are used as inputs for production.

10. Entrepreneurial ability ( ) - includes managerial and organization skills of resource owners together with the willingness to take risks.

11. Good () - a tangible product that is used to satisfy wants; that is considered desirable or "good" by those who own it or could acquire it.

12. Free good ( ) - a good that users can have as much as they want at zero price.

13. Economic good ( ) - a good that is scarce - users cannot have as much as they want at zero price.

14. Scarcity () - a good or a factor of production is scarce if, at zero price, the quantity demanded would exceed the available supply.

15. Service () - an intangible activity that is used to satisfy a want; intangible products.

16. Consumer goods ( ) - output consisting of items that consumers purchase, such as clothing, food, and drink.

17. Production possibilities curve ( ) - a locus of all combinations of two goods that can be produced with the resources available.

18. Opportunity cost ( ) - the cost of the foregone alternatives. The opportunity costof producing one good consists of the other goods that might be produced with the same resources.

19. Comparative advantage ( ) - the ability to produce a good or service at a relatively lower opportunity cost than someone else.

20. The law of comparative advantage ( ): the individual with the lowest opportunity cost of producing a particular good should specialize in producing that good.

21. Absolute advantage ( ) - is the ability to produce something with fewer resources than other producers use.

22. Division of labor ( ) - the organization of production of a single good into tasks in which people specialize.

23. Specialization () - the focusing of individuals' efforts on the production of a particular good or service, or of a single task.

 

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24. Market economy ( ) - an economic system in which the interaction of buyers and sellers is the main mechanism for making economic choices.

25. Market () - a set of arrangements through which buyers and sellers carry out exchange at mutually agreeable terms.

26. Price () - the exchange value of a product or resource; the amount paid for a specified quantity and quality of any good and service, including factor services.

27. Money () - anything that is generally accepted in an economy as a medium of exchange, a unit of account, a store of purchasing power, and a standard for deferred payment.

28. Demand for a good ( ) - is the quantity of it that consumers (people and firms) want and able to buy at a particular price during a given time period.

29. Demand curve ( ) - is a curve showing the quantity of a specific commodity demanded at various possible prices; reflects the relations between the demand for a good and its price.

30. Supply of a good ( ) - is the quantity of it that producers want to sell at a particular price during a given time period.

31. Supply curve ( ) - shows the quantity of a well-defined good supplied at various possible prices.

32. Equilibrium price ( ) - price at which quantity demanded and quantity supplied are equal.

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33. Household ( , ) - a group living together and pooling major expenses in the same dwelling unit; households demand goods and services in the product market and supply resources (land, labor, capital) to the resource market.

34. Firm () - an economic unit, formed by profit-seeking entrepreneurs that employ resources to produce goods and services; firms supply goods and services to the product market and demand resources in the resource market.

35. Bank () - a financial institution that regulates money flow for regular market circulation.

36. Government /as an economic actor/ ( / ) - provides: the function of providing economic stabilization: the function of improving the distribution of income; the function of allocating resources to production of public goods.

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37. Sole proprietorship ( , ) - an unincorporated business firm owned and operated by a single person; a firm with a single owner who has the right to all profits and who bears unlimited liability for the firm's debts.

38. Partnership () - an unincorporated business firm owned by two or more persons; a firm with multiple owners who share the firm's profits and who each bear unlimited liability for the firm's debts.

39. Corporation () - is a legal entity owned by stockholders, whose liability is limited to the value of the stock.

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40. Product market ( ) -the market in which goods and services are exchanged.

41. Factor markets ( ) - are the markets for land, labor and equipment (which are known as factors of production, or simply as factors).

42. Labor market ( ) -labor time is bought by employers at labor market, although the workers themselves are not bought.

43. Stock market ( ) -financial assets, such as shares of firms, are bought and sold on the stock market.

44. Money market ( ) - the market in which the demand for and the supply of money determine the interest rate in the economy.

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45. Free market economy ( ) - an economic system in which markets are competitive and there is little government intervention.

46. Mixed economy ( ) - economy in which the outcome is the result of individual decisions that are affected by significant government intervention, but in which there is no central plan.

47. Social market economy ( ) - follows the principal features: the sanctity of private property; resource allocation should follow the dictates of the market unless there is a serious conflict with national social objectives; the economic goals (price stability, stable currency, full employment, balance of payments equilibrium, and stable economic growth) and social goals (social equity, social security, and social progress) are written into law.

48. Property rights ( ) - legal rules that establish what things a person may use or control, and the conditions under which such use or control may be exercised.

49. Private property ( ) - the right of private persons and firms to obtain, own, control, employ, dispose of, and bequeath land, capital, and other assets.

50. Private sector ( ) - the households and business firms of the economy.

51. State ownership ( ) - the ownership of property (land and capital) by government (state).

52. Public sector ( ) - the government sector of the economy; or central government, local government, nationalized firms and other organizations that are not privately owned.

 

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53. Aggregate output ( ) - is the total quantity of final goods and services produced in the economy during a given time period.

54. Aggregate demand ( ) - the total value of goods and services demanded in an economy, measured at some specified price level.

55. The aggregate demand curve ( ) - a curve, which shows the total quantity of goods and services that will be demanded (purchased) at different price levels.

56. Aggregate supply ( ) - the total value of all goods and services supplied in an economy, measured at some specified price level.

57. The aggregate supply curve ( ) - a curve, which shows the total quantity of goods, and services that will be supplied (produced) at different price levels.

58. Aggregate equilibrium ( ) - exists when total demand for output equals the current value of output.

59. Gross national product (GNP) ( - ) - the total market value of all final goods and services produced in the economy during a particular time period, usually a year.

60. Final goods ( , ) - goods, which have been purchased for final use and not for resale or further processing or manufacturing (during the year).

61. Intermediate goods ( ) - goods that are purchased for resale or further processing and manufacturing during the year.

62. Double counting ( ) - including the value of intermediate goods in the GNP; counting the same good's value more that once.

63. Value added ( ) - the value of the product sold by a firm less the value of the goods (materials) purchased and used by the firm to produce the product; is equal to the revenue used for wages, rent, interest, and profits.

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64. The expenditure approach to calculating GNP ( ) -involves measuring of aggregate expenditure during the year.

65. Aggregate expenditure ( ) - is the total spending on final goods and services at a given price level; is equal to the sum of consumption, C; investment, I; government purchases, G; and net exports, (X-M): GNP= C + I +G + (X-M).

66. Consumption () ( ) - includes all household purchases of final goods and services during the year.

67. Investment (I) ( ) -is all output produced during the year but not used for present consumption.

The most important category of investment is physical capital.

68. Physical capital ( ) - includes buildings, machinery, tools, and other manufactured items purchased by firms and used to produce goods and services.

69. Government purchases (G) ( ) - include spending for goods and services by all levels of government.

70. Net exports (X - M) ( ) - is exports, X, minus imports, M; are the value of domestic products purchased by foreigners minus the value of foreign products purchased by domestic residents.

71.The income approach to calculating GNP ( ) -involves adding up the aggregate income arising from the production.

Aggregate expenditure = GNP = Aggregate income

72. Aggregate income ( ) - is the sum of all the income earned by resource suppliers in the economy.

GNP = Aggregate income = C + Sp + Sb + T (the sum of personal consumption expenditures (C); personal saving (Sp); business saving (Sb); and tax payments (T).

73. Personal consumption expenditures (C) ( ) - the expenditures of households for durable and nondurable consumer goods and services.

74. Personal saving (Sp) ( ) - personal income after taxes minus consumption expenditure.

75. Personal income (PI) ( ) - total income received by households, including government payments.

76. Business saving (Sb) ( ) - retained earnings plus depreciation allowances.

77. Retained earning ( ) - profit after corporate income taxes minus dividend payments.

78. Depreciation () - 1/ allowance for the wearing out of capital goods over a specified period; - 2/ measures the value of capital stock used up (consumed) during a year in producing GNP; - 3/ also termed capital consumption.

Capital consumption (, ) - estimated depreciation of the nation's stock of capital goods in a given time period.

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79. Net national product (NNP) ( ) -equals GNP minus depreciation.

NNP = GNP - D.

80. National income (NI) ( - ) - total income earned by resource suppliers for their contributions to the production of the GNP; equals NNP plus government subsidies minus indirect business taxes, or simply: NI = NNP - indirect business taxes.

81. Disposable income (DI) ( , ) - is simply personal income after payment of income taxes; equals personal income minus personal taxes and other government charges.

82. Nominal GNP ( ) - national output valued at prices prevailing during the period in question.

83. Real GNP ( ) - nominal GNP adjusted for price level changes since some base period, to provide a measure of physical output; or GNP in a year divided by the price index for that year.

Real GNP= Nominal GNP: Price index.

84. Price index ( ) - a measure of the average change in some type of price relative to a base period; a weighted average of prices in the economy at any given time, divided by the prices of the same goods in a base year (as a percentage).

85. Given year ( ) - any year other than the base year for which a price index is constructed.

86. Base year (, ) - the year with which prices in other years are compared when a price index is constructed.

87. Implicit GNP deflator ( ) - is a price index for the economy's aggregate output; it is the ratio of nominal GNP to real GNP, multiplied by 100.

Implicit price deflator = (nominal GNP: real GNP) x 100.

88. Deflating () - finding the real GNP by decreasing the dollar value of the GNP produced in a year in which prices were higher than in the base year.

89. Inflating () - finding the real GNP by increasing the dollar value of the GNP produced in a year in which prices are lower than they were in the base year.

 





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