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The Economics Game

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    (Original post by danny111)
    Frictional Unemployment - unemployment due to job search times between jobs
    Trough:employment, prices, and output are at bottom level
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    (Original post by franzk)
    Recession - 2 quarters (6 months) of negative growth
    Oppurtunity Cost: the alternative use with the highest value of resources
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    Supply - Goods and services being provided by participants in the market
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    (Original post by Patriot Rich)
    Supply - Goods and services being provided by participants in the market
    Liabilities: debts owed by a firm, household, or gov't.
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    Supply side policies
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    Satisficing - when a firm balances out all of its objectives in an attempt to keep all stakeholders happy

    OR

    Economies of Scale - Long-run falling average costs

    which ever one is right
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    Laissez-Faire: (18th cent., I know) 'to allow to do'; when the gov't has no say in the economy with the exception of being a consumer of private firms' commodoties.
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    Reserve ratio.
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    Inflation: increase of prices/goods/services
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    Natural Monopoly
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    Liquidity: when an asset is able to be converted into money
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    tax
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    Aggregate Supply - Total output of good and services in an economy
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    (Original post by franzk)
    Aggregate Supply - Total output of good and services in an economy
    Longevity - One of the factors measured when calculating HDI.
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    True Cost Economics - An economic model that includes the cost of negative externalities into the pricing of goods and services.
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    Consumer Price Index - A measure of inflation.
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    Equilibrium - state of balance with no incentive to change
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    Utility - level of enjoyment an individual gets from choosing from a combination of goods
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    Trade - The exchange of goods/services.
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    Democratic Mixed Capitalism: foundation of multiparties democracy and various types of capitalist ownerships

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Updated: June 15, 2012
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