Hon Econ Chapter 1 Introduction To Economics

traditional economy – relies on habit, customs, or ritual to answer the three basic economic questions; little room for innovation or change
E-Commerce – Electronic business or exchange conducted over the internet
Trademark – A brand name, brank mark, trade name, trade character, or a combination of these that is givben legal protection by the federal government.
gold standard – a monetary system in which paper money and coins are equal to the value of a certain amount of gold
Price Ceilings – (def.) the highest price allowed by law.
Hysteresis – unemployment causing unemployment.
if a country has an infant mortality of 100, what can you tell me about its health care? – their healthcare is well below average
transparency – revealing information on company
Expansionary Policy – (def.) fiscal policies that try to increase output.
Refer to Figure 2-10. What is the opportunity cost of producing one gallon of honey in Bora Bora?
Expansion/ Recovery – In a period of ________ the economy is growing once again and moving away from the bottoms experienced at the trough. Employment, production and income all undergo a period of growth and the overall economic climate is good.
Disposable Income – Total personal income minus personal current taxes.
Profit – when total income or revenue for a firm is greater than total costs
Refer tо Figure 2-10. Whаt is the оppоrtunity cost of producing one gаllon of honey in Borа Bora?
NYSE – Most respected stock in the world
entrepreneurs – individuals who start new businesses, introduce new products and improve new products, and improve management techniques

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