What are the common words of economics?
“Recession”
What is the vocabulary of economy?
The general sense of economy is careful management of resources such as money and materials, so as not to waste them, but the more familiar reference is to a system of producing, distributing, and consuming goods and services.
What is economics vocab quizlet?
Economics. The study of choices when there is scarcity. Factors of Production. The resources used to produce goods and services; also known as production inputs or resources.
What does Z mean in economics?
In finance, Z-scores are measures of an observation’s variability and can be used by traders to help determine market volatility. The Z-score is also sometimes known as the Altman Z-score. A Z-Score is a statistical measurement of a score’s relationship to the mean in a group of scores.
What’s an example of economy?
Economy is defined as the management of financial matters for a community, business or family. An example of economy is the stock market system in the United States. A specific type of economic system. An industrial economy; a planned economy.
What is another name for choices in economics?
Scarcity, Choice, and Cost All choices mean that one alternative is selected over another. Selecting among alternatives involves three ideas central to economics: scarcity, choice, and opportunity cost.
What does C mean in economics?
total spending by consumers
C = total spending by consumers. I = total investment (spending on goods and services) by businesses. G = total spending by government (federal, state, and local) (Ex – Im) = net exports (exports – imports)
What does P mean in economics?
profit at present value after tax. Pvatk. profit at present value after tax in Period k. rR. royalty rate.
What are the three basic economic questions?
The three basic economic questions societies ask are: (1) What to produce? (2) How to produce? (3) Who to produce for? A free market is a self-regulating economic system powered by individuals acting in their own self-interest.