Key Terms


Browse the glossary using this index

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C

Dr Manoj Killedar

circular flow diagram

by Dr Manoj Killedar - Tuesday, 7 September 2021, 11:10 PM
 

a diagram that views the economy as consisting of households and firms interacting in a goods and services market and a labor market


Dr Manoj Killedar

command economy

by Dr Manoj Killedar - Tuesday, 7 September 2021, 11:11 PM
 

an economy where economic decisions are passed down from government authority and where the government owns the resources


D

Dr Manoj Killedar

division of labor

by Dr Manoj Killedar - Tuesday, 7 September 2021, 11:11 PM
 

the way in which different workers divide required tasks to produce a good or service


E

Dr Manoj Killedar

economics

by Dr Manoj Killedar - Tuesday, 7 September 2021, 11:12 PM
 

the study of how humans make choices under conditions of scarcity


Dr Manoj Killedar

economies of scale

by Dr Manoj Killedar - Tuesday, 7 September 2021, 11:12 PM
 

when the average cost of producing each individual unit declines as total output increases


Dr Manoj Killedar

exports

by Dr Manoj Killedar - Tuesday, 7 September 2021, 11:13 PM
 

products (goods and services) made domestically and sold abroad


F

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fiscal policy

by Dr Manoj Killedar - Tuesday, 7 September 2021, 11:13 PM
 

economic policies that involve government spending and taxes


G

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globalization

by Dr Manoj Killedar - Tuesday, 7 September 2021, 11:13 PM
 

the trend in which buying and selling in markets have increasingly crossed national borders


Dr Manoj Killedar

goods and services market

by Dr Manoj Killedar - Tuesday, 7 September 2021, 11:14 PM
 

a market in which firms are sellers of what they produce and households are buyers


Dr Manoj Killedar

gross domestic product (GDP)

by Dr Manoj Killedar - Tuesday, 7 September 2021, 11:14 PM
 

measure of the size of total production in an economy



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