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15 Cards in this Set
- Front
- Back
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Economy |
A country's markets for goods/ services |
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Gross domestic pay |
The amount produced by a nation |
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Consumer price index |
The average cost of everyday items which is used to monitor inflation |
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Standard of living |
The material well-being of an individual measured by how well their necessities and luxuries are satisfied |
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Outsourcing |
sending jobs to other countries to save on labor cost |
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Comparative advantage |
Situation in which on producer can make a good/ service more efficiently or less expensively |
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Protective tariff |
Tax on imported goods to strengthen domestic production |
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Exchange rate |
The price of one nations currency in terms of another nations currency |
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Monetary policy |
Government policy on the money supply& interest rates |
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Fiscal policy |
Government taxation and spending in response to economic issues |
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Discount rate |
Interest rate that the end fed charges on loans to member banks |
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Business cycle |
The measure of economic output over time |
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Economic indicators |
Statistics that measure variables in the economy. |
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Free trade |
Minimal restrictions on imports and exports to encourage trade between countries . |
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Reserve requirement |
Regulations set by the fed requiring banks to keep a certain percentage of their deposits as cash in their own vaults |
