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Econ Exam Review I

Toni Johnson

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monopoly a market dominated by a single seller
in-kind-benefit an agreement among countries to reduce or eliminate trade barriers
allocation to set apart for a particular purpose
budget all the money available in the U.S.
blue collar worker market in which firms purchase the factors of production from households
human capital a legal entity owned by individual stockholders
elastic the skikks and knowledge gained by a worker through education and experience
corporation agreement that will eliminate all tariffs and other trade barriers between Canada, Mexico, and the U.S.
income tax the nation's central banking system
complement a plan for saving and spending
free enterprise goods that are bought and used together
law of demand a price index determined by measuring the price of a standard group of goods meant to represent a typical "market basket" of a typical urban consumer
NAFTA goods or services that are provided for free or at a ftreatly reduced rate
depression a tax on a person's earnings
money supply consumers buy more of a ggod whenits price is low and less when it increases
exports fund that pools the savings of many individuals and invests this money in a variety of stocks, bonds, and other financial assets
minimum wage the value of a foreign nation's currency in terms of the home nation's economy
exchange rate a good that is sent to another country for sale
Free Trade an economic system characterized by private or corporate ownership of capital goods
land a period during which business, employment, and stock market values decline severly or remain at very low levels of activity
factor market a minimum price that an employer can pay a worker for an hour of labor
consumer price index something like air, food that is necessary for survival
need natural reources that are used to make goods and services
mutual fund someone who works in an industrial job, often in manufacturing, aho receives wages
Federal Reserve describes demand that is very sensitive to change in price

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