| Description | |
|---|
| Using changes in the money supply to change interest rates in order to stimulate or slow down economic activity | |
| A group of firms that colludes and acts as a single coordinated whole to restrict output and drive up prices;formerly called trusts | |
| Costs that vary with the amount of output produced | |
| A description of how different workers within firms perform different tasks | |
| A situation where each additional amount of resource used in a production process brings forth successively smaller amounts of output | |
| The comparison of how much currency would be needed to buy two equal baskets of goods | |
| 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 | |
| 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 | |
| A situation where numerous small firms producing identical products compete against each other in a given industry | |
| The total supply of goods and services in an economy | |
| Sinusoidal cycles in the capitalist world economy measuring periods of sectoral growth | |
| The total demand for goods and services in an economy | |
| A firm that has no competitors in its industry | |
| Ratio of the price a country receives for its export commodity to the price it pays for its import commodity | |
| A cost or benefit that falls not on the person(s) directly involved in an activity, but on others | |
| A measurement of foreign ownership of productive assets, in which foreign management, ownership, or legal control is involved | |
| When the overall level of prices in the economy is falling | |
| Periods of time in a business cycle during which an economy's total output falls | |
| An industry with only a few firms | |
| Costs that have to be paid even if a firm isn't producing anything | |
| An economic model of markets that separates buyers from sellers and then summarizes each group's behavior with a single line on a graph | |
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