Key Terms
Special | A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | ALL
C |
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circular flow diagram | ||
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a diagram that views the economy as consisting of households and firms interacting in a goods and services market and a labor market | ||
command economy | ||
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an economy where economic decisions are passed down from government authority and where the government owns the resources | ||
D |
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division of labor | ||
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the way in which different workers divide required tasks to produce a good or service | ||
E |
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economics | ||
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the study of how humans make choices under conditions of scarcity | ||
economies of scale | ||
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when the average cost of producing each individual unit declines as total output increases | ||
exports | ||
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products (goods and services) made domestically and sold abroad | ||
F |
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fiscal policy | ||
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economic policies that involve government spending and taxes | ||
G |
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globalization | ||
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the trend in which buying and selling in markets have increasingly crossed national borders | ||
goods and services market | ||
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a market in which firms are sellers of what they produce and households are buyers | ||
gross domestic product (GDP) | ||
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measure of the size of total production in an economy | ||