Enhance Your Learning with Economics Flash Cards for quick learning
The branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources.
The branch of economics that studies the behavior of the economy as a whole, including topics such as inflation, unemployment, and economic growth.
The fundamental concept in economics that describes the relationship between the quantity of a product that producers are willing to sell and the quantity that consumers are willing to buy at a given price.
The different types of market organization in which firms operate, including perfect competition, monopolistic competition, oligopoly, and monopoly.
The total value of all final goods and services produced within a country's borders in a specific time period, usually a year.
A sustained increase in the general price level of goods and services in an economy over a period of time.
The state of being without a job, often measured as a percentage of the labor force.
The use of government spending and taxation to influence the economy, particularly in relation to aggregate demand, employment, and inflation.
The use of interest rates, money supply, and other monetary tools by a central bank to control inflation, stabilize prices, and promote economic growth.
The exchange of goods and services between countries, typically through imports and exports.
The branch of economics that focuses on improving the economic well-being and quality of life for people in developing countries.
An increase in the production of goods and services in an economy over a specific period of time, often measured as a percentage change in real GDP.
The state of being extremely poor and the unequal distribution of wealth and resources within a society.
The branch of economics that studies the economic impact of environmental policies and the sustainable use of natural resources.
The branch of economics that combines insights from psychology and economics to understand how individuals make economic decisions.
The study of strategic decision-making in situations where the outcome of one person's decision depends on the decisions of others.
The branch of economics that studies the supply and demand for labor, wages, and employment.
The branch of economics that studies the allocation of healthcare resources and the impact of healthcare policies on individuals and society.
The study of government revenue, expenditure, and debt, and how they impact the economy.
Statistics used to measure the overall health and performance of an economy, such as GDP, inflation rate, and unemployment rate.
The way in which a society organizes the production, distribution, and consumption of goods and services.
The study of past economic events, trends, and policies to understand their impact on the present and future.
The process of making predictions about the future state of the economy based on historical data and economic models.
The actions and decisions taken by governments to influence the economy, such as fiscal and monetary policies.
The process of examining economic data and information to understand and evaluate economic phenomena and policies.
A set of principles and concepts that explain how economies work and how economic agents, such as individuals and firms, make decisions.
Simplified representations of economic systems or phenomena used to analyze and understand real-world economic situations.
The process of enabling individuals and communities to participate in, contribute to, and benefit from economic activities.
The optimal allocation of resources to maximize the production of goods and services, given the available inputs.
The fair distribution of economic resources and opportunities among individuals and groups within a society.
The ability of an economy to maintain long-term economic growth and development without depleting its natural resources or causing significant harm to the environment.
The process by which a nation improves the economic, political, and social well-being of its people.
The process of combining economic policies and institutions among different countries to promote trade, investment, and cooperation.
The process of making changes to an economy's policies, institutions, and structures to improve its efficiency, competitiveness, and overall performance.
A severe disruption in the economy, often characterized by a sharp decline in economic activity, high unemployment, and financial instability.
The effect of an event, policy, or decision on the economy, such as changes in employment, production, or income.
The ability of an economy to withstand and recover from shocks, such as natural disasters, economic downturns, or financial crises.
The period of time following an economic downturn or recession when the economy starts to grow and regain lost output and employment.
Measures taken by the government to boost economic activity and promote growth, such as increased government spending or tax cuts.
Rewards or penalties that encourage individuals, businesses, or governments to take certain economic actions or make specific economic decisions.
Measures taken by one country or a group of countries to restrict or prohibit trade and economic relations with another country, often for political or security reasons.
The process of expanding an economy's range of industries and sectors to reduce dependence on a single industry or sector.
The ability of a country or region to produce goods and services that are able to compete in international markets.
The increasing integration and interdependence of national economies through trade, investment, and the flow of capital, technology, and information.
The mutual reliance and interconnectedness of economies, where changes in one economy can have significant effects on others.
The collaboration and coordination of economic policies and actions among countries to achieve common goals, such as promoting trade, investment, and economic development.