Enhance Your Learning with Economics and IMF Flash Cards for quick learning
The study of how individuals, businesses, governments, and societies make choices about the allocation of scarce resources to satisfy their unlimited wants and needs.
The branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole, including topics such as inflation, unemployment, and economic growth.
The branch of economics that focuses on the behavior of individual agents, such as households, firms, and consumers, and how their decisions affect the allocation of resources in markets.
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 total value of all final goods and services produced within a country's borders in a specific time period, usually a year. It is used as a measure of economic activity and growth.
A sustained increase in the general price level of goods and services in an economy over a period of time. It reduces the purchasing power of money and erodes the value of savings.
The state of being without a job, often measured as a percentage of the labor force. It is a key indicator of the health of an economy and the availability of opportunities for workers.
The use of government spending and taxation to influence the economy. It involves decisions about the level of government expenditure, taxation rates, and the allocation of resources.
The process by which a central bank controls the supply of money, often through interest rates, to influence the overall economic activity, inflation, and employment levels in a country.
The exchange of goods and services between countries. It allows nations to specialize in the production of goods and services they can produce most efficiently and import those they cannot.
The increasing interconnectedness and interdependence of countries through the exchange of goods, services, information, and ideas. It has been facilitated by advances in technology and communication.
Organizations that provide financial services, such as banks, credit unions, insurance companies, and investment firms. They play a crucial role in the allocation of capital and the functioning of the economy.
The process by which a nation improves the economic, political, and social well-being of its people. It involves increasing productivity, reducing poverty, and improving living standards.
Statistics and data that provide insights into the overall health and performance of an economy. Examples include GDP, inflation rate, unemployment rate, and consumer confidence.
The way in which a society organizes the production, distribution, and consumption of goods and services. Examples include market economies, command economies, and mixed economies.
The characteristics and organization of a market, including the number of firms, the nature of competition, and the degree of market power. Examples include perfect competition, monopoly, and oligopoly.
An increase in the production of goods and services in an economy over time. It is often measured as the percentage change in real GDP and is a key indicator of a country's economic performance.
The unequal distribution of income among individuals or households in an economy. It is often measured using indicators such as the Gini coefficient and can have social and economic implications.
The condition of lacking sufficient resources or income to meet basic needs. Welfare refers to government programs and initiatives aimed at alleviating poverty and providing assistance to those in need.
The branch of economics that studies the impact of economic activity on the environment and how economic policies can be designed to promote sustainable development and protect natural resources.
The branch of economics that focuses on the behavior and decisions of workers, employers, and labor markets. It examines issues such as wages, employment, and labor market dynamics.
The study of how governments raise and spend money to meet their financial obligations and provide public goods and services. It includes topics such as taxation, government budgets, and public debt.
The process of making predictions about future economic conditions based on historical data, statistical models, and economic indicators. It is used by businesses, governments, and individuals to make informed decisions.
The study of past economic events, trends, and systems to understand how economies have evolved over time and the factors that have influenced their development. It provides insights into economic theories and policies.
A set of principles and concepts that explain how economies work and how individuals, businesses, and governments make economic decisions. It provides a framework for understanding and analyzing economic phenomena.
Simplified representations of economic systems or processes that capture the essential features and relationships. They are used to analyze and predict economic behavior and outcomes.
The process of examining economic data, theories, and models to understand and evaluate economic issues, policies, and decisions. It involves identifying costs, benefits, and trade-offs.
Actions and measures taken by governments to influence the behavior of the economy and achieve specific economic objectives. It includes fiscal policy, monetary policy, and regulatory policies.
The process by which countries reduce trade barriers and integrate their economies to promote economic cooperation and coordination. Examples include free trade agreements and economic unions.
Changes and adjustments made to an economic system or policy to improve its efficiency, competitiveness, and performance. It often involves liberalization, deregulation, and privatization.
A severe disruption in the functioning of an economy, often characterized by a sharp decline in economic activity, high unemployment, and financial instability. Examples include recessions and financial crises.
The process of enabling individuals, communities, and nations to take control of their economic circumstances and improve their well-being. It involves access to resources, education, and opportunities.
The ability of an economy to maintain long-term economic growth and development without depleting natural resources or causing significant environmental damage. It involves balancing economic, social, and environmental objectives.
The optimal allocation of resources to maximize the production of goods and services. It occurs when resources are used in the most productive and cost-effective way, minimizing waste and inefficiency.
The fair distribution of economic resources, opportunities, and benefits among individuals and groups in a society. It involves reducing income inequality and ensuring equal access to essential goods and services.
The absence of excessive fluctuations in economic activity, such as booms and recessions. It is characterized by low inflation, low unemployment, and steady economic growth.
Rewards or penalties that encourage individuals, businesses, and governments to make certain economic choices or behave in a particular way. They can influence behavior and shape economic outcomes.
The rivalry among sellers or producers in a market to attract customers and increase market share. It can lead to lower prices, improved quality, and innovation, benefiting consumers and driving economic growth.
The effect or influence of an economic event, policy, or decision on various stakeholders, such as individuals, businesses, industries, and the overall economy. It can be positive or negative.
Patterns or tendencies in economic data and indicators that provide insights into the direction and pace of economic activity. They can help forecast future economic conditions and inform decision-making.
The various elements and conditions that influence economic activity and outcomes. They include factors such as interest rates, exchange rates, government policies, technological advancements, and consumer behavior.
The process of selecting among alternative courses of action to allocate scarce resources and achieve desired economic outcomes. It involves weighing costs, benefits, risks, and trade-offs.
The assessment and analysis of the economic impact, cost-effectiveness, and efficiency of a project, policy, or investment. It involves comparing costs and benefits to determine the best course of action.
The systematic investigation and study of economic phenomena, theories, and policies to generate new knowledge and insights. It involves collecting and analyzing data, conducting experiments, and developing economic models.
Different viewpoints and approaches to understanding and analyzing economic issues and problems. They include mainstream economics, heterodox economics, and interdisciplinary perspectives.
Difficulties and obstacles that hinder economic growth, development, and stability. They can include factors such as poverty, inequality, unemployment, inflation, external shocks, and policy failures.