Economics Terms

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Can you name the Economics Terms?

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A situation where numerous small firms producing identical products compete against each other in a given industry
Adam Smith's famous idea that when constrained by competition, each firm's greed causes it to act in a socially optimal way, as if guided to do the right thing
Using changes in the money supply to change interest rates in order to stimulate or slow down economic activity
The change in total utility that results from consuming the next unit of a good or service
When the overall level of prices in the economy is falling
Ability of one country to produce a good at a lower opportunity cost than another country
Ability of one country to produce more of one good than others, using the same amount of resources
If a resource is open to public use, it typically becomes rapidly exhausted or ruined because each person's personal incentive is to use it up before anyone else can
Costs that vary with the amount of output produced
The total demand for goods and services in an economy
A line on a graph that represents how much of a good or service buyers will consume at various prices
The market value of all final goods and services made within the borders of a country in a year
A measure of happiness that economists suppose people use to compare all possible things that they may experience
The value of the next best alternative thing you could have done
A group of firms that colludes and acts as a single coordinated whole to restrict output and drive up prices;formerly called trusts
Ratio of the price a country receives for its export commodity to the price it pays for its import commodity
Machines, factories, and infrastructure used to produce output
An economic model of markets that separates buyers from sellers and then summarizes each group's behavior with a single line on a graph
A cost or benefit that falls not on the person(s) directly involved in an activity, but on others
A government's policy on taxes and spending
A firm that has no competitors in its industry
Description
The fact that we don't have enough resources to satisfy all our wants
When the overall level of prices in the economy is rising
An industry with only a few firms
The comparison of how much currency would be needed to buy two equal baskets of goods
A line on a graph that represents how much of a good or service sellers will produce at various prices
A description of how different workers within firms perform different tasks
A decrease in the economy's stock of capital caused by wear and tear or obsolescence
Good or services that can't be profitably produced by private firms because they are impossible to provide to just one person
Sinusoidal cycles in the capitalist world economy measuring periods of sectoral growth
A market intervention in which the government ensures that the price of a good or service stays below the free market price
Periods of time in a business cycle during which an economy's total output falls
A situation where each additional amount of resource used in a production process brings forth successively smaller amounts of output
The total supply of goods and services in an economy
A measurement of foreign ownership of productive assets, in which foreign management, ownership, or legal control is involved
A situation where each additional unit of a good or service that you consume brings less utility than the previous unit
The amount by which total surplus is reduced whenever output is less than the socially optimal output level
The Bureau of Labor Statistics' market basket used to measure changes in the prices of goods and services bought by a typical family of four
Situations in which either the buyer or the seller knows more about the quality of the good that they're negotiating over than does the other party
Costs that have to be paid even if a firm isn't producing anything
A firm that coordinates and controls production operations in more than one country

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