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70 Cards in this Set
- Front
- Back
Price Ceiling
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A maximum price for a good or service
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Disequilibrium
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Any price or quantity not equilibrium
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Unskilled Labor
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This type of labor requires no specialized skills, education, or training
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Monopoly
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A market dominated by a single seller
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Partnership
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A business organization owned by two or more persons who agree on specific division of responsibilities and profits
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Bull Market
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When the stock steadily rises over a period of time
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Supply-Side Economics
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A school of economics that believes that tax cuts can help an economy by raising supply
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Oligopoly
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A market structure in which a few large firms dominate a market
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Shares
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Units in which ownership of a coporation are sold in
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Money
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Anything that serves as a medium of exchange, a unit of account, and a store of value
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Fiscal Policy
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The use of government spending to influence the economy
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Collective Bargaining
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The union and company representatives meet to negotiate a new labor contract
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Sherman Antitrust Act
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This act, created in 1890, banned monopolies and other business combinations that prevented competition
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Shortage
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This happens when quantity demanded is more than quantity supplied (excess demand)
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Bartering
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This is how people acquire goods and services without money, used only in a traditional economy
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Karl Marx
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A philosopher and political economist known better as a communist and author of the Communist Manifesto
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Federal Reserve
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This governmental division supervises and regulates banks, implents monetary policy, controls the amount of currency in circulation, and sets reserve ratios
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Inflation
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A general increase in prices
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Equilibrium
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The point at which quantity demanded and quantity supplied are equal
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Natural Monopoly
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A market that runs most efficiently when one large firm supplies all the output, like public water
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Sole Proprietorship
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A business owned and managed by a single individual
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Bank
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An institution for receiving, keeping, and lending money
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Stock Split
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This happens when each single share of stock spilts into more than one share, to encourage investors to buy stock
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Demand-Side Economics
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The idea that government spending and tax cuts help and economy by raising demand
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Communist Manifesto
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This book lays out the foundation of communism by describing the conflict between the proletariat and the bourgeois as leading to revolution
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Trickle Down Effect
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Investing money into companies and giving them tax breaks will benefit the economy because eventually consumers will experience the effects
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N.Y.S.E. (New York Stock Exchange)
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The countrys largest and most powerful exchange
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Professional Labor
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This type of labor demands advance skills and education
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Right to Work (State)
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This is a measure that bans mandatory union membership; North Carolina is one
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Surplus
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When quantity supplied is more than quantity demanded (excess supply)
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Commodity
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A product that is the same no matter who produces it
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Government Monopoly
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A monopoly created by the government
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Strike
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An orgranized work stoppage intended to force an employer to address union demands
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Monopolistic Competition
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A market structure in which many companies sell products that are similar but no identical
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Deflation
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A substantial drop in prices
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Corporation
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A legal entity owned by individual stockholders
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Bear Market
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When the stock market steadily falls over a period of time
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Price Floor
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A minimum price for a good or service
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Skilled Labor
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This type of labor requires specialized abilities and training to do tasks
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Arbitration
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The neutral third party reviews the case and imposes a decision that is legally binding for both sides
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Horizontal Merger
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The joining of two or more firms competing in the same market with the same good or service
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Semi-Skilled Labor
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This type of labor requires minimal specialized skill and education
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NASDAQ (National Association of Securities Dealers Automated Quoatation)
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The American market for over the counter stocks
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Federalist
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This group of people believed a centralized baking system was necessary
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Commerical Banks
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These banks offer checking services, accept deposits, and make loans
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Conglomerate
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The merging of more than three businesses that make unrelated products
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Capital Gain
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Money made when an investor sells stock for more than he or she paid for it
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Stockbrokers
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These people link buyers and sellers of stock, they work for a brokerage firm
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Dividends
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A portion of a corporations profit paid out to stockholders quarterly
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Expansionary Policy
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A policy that states during a recession or depression the government should increase spending or decrease taxes
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Vertical Merger
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The joining of two or more firms involved in difference stages of production of the same good or service
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Keynes
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The person who developed the idea of demand-side economics, which encourages government action to increase and decrease demand and output
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Multinational Corporations
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A large corporation that produces and sells it s goods and services throughout the world
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Savings and Loans
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Originally created when members deposited funds into a genreal fund and then borrowed money to borrow their own homes; now serves many of the same functions as a bank
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Mediation
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Neutral mediator meets with each side to try to find some solution and the decision reached is nonbinding
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Labor Union
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An organization that tries to improve working conditions, wages, and benefits for its members
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Capital Loss
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Money lost when an investor sells stock for less than he or she paid for it - when a company doesn't make a profit
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Anit-Federalist
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These people wanted a decentralized banking system where banks were operated by the states
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Credit Union
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Cooperative lending associations for paricular groups (ex. state employees), usually small, specialize in home mortgages and car loans, some provide checking/saving
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Colletral
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Property used to secure a loan
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Decrease
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During times of recession and depression the Fed _______ interest rates. (this encourages lending and discourages savings)
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Contractionary Policy
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A policy that during inflation the government should decrease spending or increase taxes
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Increase
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During times of inflation the fed ____ interest rates (this encourages savings and discourages lending)
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Richmon Federal (District)
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Of the Federal Reserve districts, North Carolina belongs to this one
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Dow Jones / S&P 500
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Used to determine stock performance by either examining 30 large companies or 500 companies
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Wage Discrimination
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This occurs when people with the same job, same skills and education, same job performance, and some seniority recieve unequal pay. Women and minorities are among those who have experienced this
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OTC Market
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Stock sold electronically
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Great Crash of 1929
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After the market reached an all-time high in 9/1929, over-speculation, inflated stock values, and buying on the margin led to a huge and swift fall in stock values - later caused the Great Depression
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Day Traders
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These people buy and sell stock rapidly in hopes of trying to make a profit. This is really risky
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Antitrust laws
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These are laws that encourage competition in the market
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