Enhance Your Learning with Economics - Capitalism Flash Cards for quick understanding
The study of how individuals, businesses, and governments allocate resources to satisfy unlimited wants and needs.
An economic system characterized by private ownership of resources, free markets, and competition, where individuals and businesses pursue their own self-interests.
The relationship between the quantity of a good or service that producers are willing to sell and the quantity that consumers are willing to buy at a given price.
An economic system where decisions regarding production, investment, and distribution are based on the interactions of buyers and sellers in markets.
A market system in which prices are determined by supply and demand, with little to no government intervention or regulation.
The rivalry among sellers in a market, resulting in better products, lower prices, and increased efficiency.
The process of starting, organizing, and managing a business, taking on financial risks in the hope of making a profit.
The desire for financial gain that drives individuals and businesses to engage in economic activities.
The ownership of resources and assets by individuals or non-governmental entities, allowing for exclusive rights and control over their use.
The specialization of tasks and roles among individuals and groups, increasing productivity and efficiency in the production process.
An increase in the production of goods and services over time, resulting in higher standards of living and improved economic well-being.
A sustained increase in the general price level of goods and services in an economy over a period of time, reducing the purchasing power of money.
A market structure in which a single firm dominates the industry, controlling the supply of a product or service with no close substitutes.
The unintended consequences of economic activities that affect third parties, either positively or negatively, without compensation.
Actions taken by the government to influence or control economic activities, such as regulations, taxes, subsidies, or public spending.
The way in which a nation's total income is divided among its population, often measured by income inequality indicators.
The increasing interconnectedness and interdependence of countries through the exchange of goods, services, information, and ideas.
The market in which individuals offer their labor services to employers in exchange for wages or salaries.
Markets where individuals, businesses, and governments trade financial assets such as stocks, bonds, currencies, and derivatives.
Statistics and data used to measure and analyze the performance and health of an economy, such as GDP, inflation rate, and unemployment rate.
The use of government spending and taxation to influence the overall level of economic activity, employment, and inflation.
The control of the money supply and interest rates by a central bank to stabilize the economy, promote growth, and control inflation.
The exchange of goods, services, and capital between countries, often driven by comparative advantage and specialization.
The sustained increase in the standard of living and well-being of a population, often measured by indicators such as GDP per capita and HDI.
The way in which societies organize and allocate resources to satisfy their wants and needs, such as market economies, command economies, and mixed economies.
Systematic explanations and interpretations of economic phenomena, such as classical economics, neoclassical economics, and Keynesian economics.
Simplified representations of economic systems or processes used to analyze and predict economic behavior and outcomes.
Fluctuations in economic activity over time, characterized by periods of expansion (boom) and contraction (recession or depression).
The optimal allocation of resources to maximize the production of goods and services, minimizing waste and inefficiency.
The fairness and justice in the distribution of economic resources, opportunities, and outcomes among individuals and groups.
The ability of an economy to maintain long-term economic growth and development without depleting natural resources or causing environmental damage.
The absence of government restrictions or interference in economic activities, allowing individuals and businesses to make their own economic decisions.
The unequal distribution of income, wealth, or opportunities among individuals or groups within an economy or society.
The ability of individuals or households to move up or down the economic ladder over time, often measured by income or social class changes.
The chance for individuals or businesses to improve their economic well-being through education, entrepreneurship, employment, or investment.
The absence of excessive fluctuations or volatility in key economic indicators, such as prices, employment, and production, promoting confidence and predictability.
The condition of having a stable and reliable income, access to basic needs, and protection against economic risks and uncertainties.
The fair and equitable distribution of economic resources, opportunities, and rewards, often guided by principles of fairness and social welfare.
The deliberate actions and measures taken by governments to influence or control economic activities, often aimed at achieving specific economic objectives.
The systematic examination and evaluation of economic data, theories, and models to understand and explain economic phenomena and make informed decisions.
The process of estimating or predicting future economic trends, conditions, or outcomes based on historical data, statistical models, and expert judgment.
The effect or influence of economic activities, policies, or events on individuals, businesses, communities, and the overall economy.
Changes or adjustments made to economic policies, institutions, or systems to improve efficiency, promote growth, or address economic challenges.
A severe disruption or breakdown in the functioning of an economy, often characterized by recession, financial instability, or high unemployment.
The period of renewed economic growth and improvement following a recession or economic downturn, often marked by increased employment and production.
Measures or policies implemented by governments to boost economic activity, such as increased government spending, tax cuts, or monetary easing.