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Government Policy and the Market. Review Flash Cards Use your left or right arrows to advance forward or backwards. command economy.

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Government Policy and the Market

Review Flash Cards

Use your left or right arrows to advance forward or backwards.



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An economic system in which economic decisions to answer the basic economic questions of "what", "how", and "for whom" are made by an authority such as a feudal lord or government agency.


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Consumer basic economic questions of "what", "how", and "for whom" are made by an authority such as a feudal lord or government agency.


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An individual or group who uses resources, goods and services to satisfy economic wants


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Consumer Price Index services to satisfy economic wants


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A measure of the overall price level in the economy services to satisfy economic wants


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consumption services to satisfy economic wants





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Distribution banks for overnight loans


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The movement, transfer, or disbursement of goods and services from the point of production to the point of consumption;

Also the allocation of resources, goods and services among consumers.


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economic growth services from the point of production to the point of consumption;


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Growth that occurs when increasing amounts of goods and services are produced over the long term; generally measured as

GDP (gross domestic product) or GDP per capita and reported on a quarterly and annually.


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economic system services are produced over the long term; generally measured as


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The institutions, laws, activities, controlling values and human motivations that collectively provide a framework for

economic decision-making of individuals and groups in a society; the organizing structure a society chooses to answer the basic economic questions of what to produce, how (and how much) to organize resources to produce goods and services, and for whom to produce (who gets the goods and services).


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equity human motivations that collectively provide a framework for


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Most Commonly thought of as “justice”, however equity developed as a separate body of law in England in reaction to the inability of the common law courts to Provide a remedy for every injury.


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Federal Reserve System developed as a separate body of law in England in reaction to the inability of the common law courts to Provide a remedy for every injury.


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The nation's central bank, developed as a separate body of law in England in reaction to the inability of the common law courts to Provide a remedy for every injury.

that seeks to affect the amount of money and credit available in the economy and the cost of the credit (Interest rates) in order to help the economy grow keep prices stable and keep employment at a high level.


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fiscal policy developed as a separate body of law in England in reaction to the inability of the common law courts to Provide a remedy for every injury.


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A course of action that seeks to achieve socioeconomic goals by affecting the level of taxes and governmental expenditures in the economy.


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free enterprise by affecting the level of taxes and governmental expenditures in the economy.


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An economic system characterized by private (individual and business) ownership of economic resources and goods and in which spending and capital goods; investments that are determined by private decision rather than by state control and are determined in a free market.


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goods business) ownership of economic resources and goods and in which spending and capital goods; investments that are determined by private decision rather than by state control and are determined in a free market.


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Physically tangible objects that can be used to satisfy economic wants, including but not limited to food, shoes, cars, houses, books and furniture.


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Gross Domestic Product economic wants, including but not limited to food, shoes, cars, houses, books and furniture.


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The total dollar value of all final goods and services produced within a country's borders in a given time period.


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Inflation produced within a country's borders in a given time period.


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Change in the value of money resulting in higher prices. produced within a country's borders in a given time period.


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International Monetary Fund produced within a country's borders in a given time period.


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This is an international organization of 184 countries established to promote monetary cooperation and exchange stability. The organization also fosters economic growth and high levels of employment and provides temporary financial assistance.


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market economy established to promote monetary cooperation and exchange stability. The organization also fosters economic growth and high levels of employment and provides temporary financial assistance.


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An economy in which decisions of what, how and for whom are decided in markets through the interaction of buyers and sellers.


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market failure decided in markets through the interaction of buyers and sellers.


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Markets work best when they are reasonably competitive, when buyers and sellers have access to sufficient reliable information, when resources are relatively mobile and free to move from one use to another in response to changing conditions and when market prices reflect the full costs and benefits incurred in producing and exchanging goods and services. Market “failures” occur when there are significant deviations from these conditions.


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monetary policy buyers and sellers have access to sufficient reliable information, when resources are relatively mobile and free to move from one use to another in response to changing conditions and when market prices reflect the full costs and benefits incurred in producing and exchanging goods and services. Market “failures” occur when there are significant deviations from these conditions.


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A buyers and sellers have access to sufficient reliable information, when resources are relatively mobile and free to move from one use to another in response to changing conditions and when market prices reflect the full costs and benefits incurred in producing and exchanging goods and services. Market “failures” occur when there are significant deviations from these conditions.course of action that seeks to affect the amount of money and credit available in the economy and the cost of the credit (Interest rates) in order to help the economy grow keep prices stable and keep employment at a high level.


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natural resources buyers and sellers have access to sufficient reliable information, when resources are relatively mobile and free to move from one use to another in response to changing conditions and when market prices reflect the full costs and benefits incurred in producing and exchanging goods and services. Market “failures” occur when there are significant deviations from these conditions.


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The renewable, and nonrenewable gifts of nature that can be used to produce goods and services, including but not limited to land, water, animals, minerals, trees, climate, soil, fire, seeds, grain and fruits.


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North American Free Trade Agreement used to produce goods and services, including but not limited to land, water, animals, minerals, trees, climate, soil, fire, seeds, grain and fruits.


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An agreement that removed trade restrictions among the U.S., Canada, and Mexico to increase free cross-border trade.


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opportunity cost Canada, and Mexico to increase free cross-border trade.



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price stability economic decision is made.



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production inflation



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recession resources.



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regulatory agencies quarters (6 months)


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Governmental jurisdictions or departments that issue laws, ordinances, and other regulations that design and

construction must comply with, such as the administrative units, Federal Communications Commission and the

Environmental Protection Agency, which has responsibility for monitoring and regulating ongoing economic activities.


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scarcity ordinances, and other regulations that design and


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The condition that results from the imbalance between relatively unlimited economic wants and the relatively limited resources, goods and services available to satisfy those wants.


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services relatively unlimited economic wants and the relatively limited resources, goods and services available to satisfy those wants.


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Physically intangible actions that can be performed to satisfy economic wants, including but not limited to medical care, dental care, haircuts, education, police protection, fire protection and national defense.


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socio-economic goals satisfy economic wants, including but not limited to medical care, dental care, haircuts, education, police protection, fire protection and national defense.


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Broad social goals that relate to economics and guide government, individuals and society in making decisions; social economic goals will vary in priority from one country to another and from one time period to another, depending on the nature of the political, social, and economic goals of the society and the political, social, and economic conditions which exist at the time. For additional information, see the section at the end of the glossary that describes the goals in more detail.


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tariff government, individuals and society in making decisions; social economic goals will vary in priority from one country to another and from one time period to another, depending on the nature of the political, social, and economic goals of the society and the political, social, and economic conditions which exist at the time. For additional information, see the section at the end of the glossary that describes the goals in more detail.



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tax imported or exported goods.


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Mandatory payment to the government. imported or exported goods.


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trade imported or exported goods.



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