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Chapter 1: Introduction
Economics: The Basics
13
Economics
Undergraduate 1
08/24/2010

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Term
Market
Definition
A way for buyers and sellers to voluntarily exchange goods and services for money.
Term
Market transactions
Definition
Activities that produce and exchange goods and services that other people are willing to pay for.
Term
Technological change
Definition
An improvement in knowledge that increses the quantity and range of goods and services that the economy can deliver.
Term
Globalization
Definition
The increasing exchange of goods, services, ideas, and people among countries.
Term
Financial markets
Definition
The parts of the economy connected with borrowing, investing, or transferring money.
Term
Centrally planned economy
Definition
Most economic activities are controlled by the government.
Term
Laissez-faire economy
Definition
An imaginary economy with few or no government regulations or laws at all.
Term
Economic competition
Definition
The effort by people and businesses to achieve a desirable outcome, given what everyone else is doing.
Term
Government intervention
Definition
The actions taken by government to affect the economy.
Term
Deregulation
Definition
The process of reducing government control over markets.
Term
Economics
Definition
The study of how individuals, businesses, and governments make decisions and trade-offs in the face of scarce resources.
Term
Gross domestic product (GDP)
Definition
The dollar value of the total output of a national economy over a year.
Term
Safety net
Definition
The government programs which provide a measure of security for the poor, sick, and vulnerable.
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