Economics Vocabulary - Statistics

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This quiz has been taken 641 times
The average score is 9 of 25

Answer Stats

Hint	First Letter	Answer	% Correct
To buy or bring in (goods or services) from a foreign country.	I	Import	86%
Exclusive control of the market supply of a product or service.	M	Monopoly	68%
The part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.	M	Macroeconomics	67%
A temporary depression in economic activity or prosperity.	R	Recession	67%
A period of high economic growth characterized by rising wages, profits, and prices, full employment, and high levels of investment, trade, and other economic activity.	B	Boom	64%
The part of economics concerned with single factors and the effects of individual decisions.	M	Microeconomics	63%
An economic system in which production and prices are determined by unrestricted competition between privately owned businesses.	M	{Market} economy	58%
The loss of potential gain from other alternatives when one alternative is chosen.	O	Opportunity cost	58%
An economic system combining private and public enterprise.	M	{Mixed} economy	54%
Capital that is provided for a new commercial enterprise by individuals or organizations other than those who own the new enterprise.	V	{Venture} capital	49%
The rate of interest used by individual commercial banks as a basis for their lending rates.	B	{Base} rate	42%
An economy in which business activities and the allocation of resources are determined by government order rather than market forces.	C	{Command} economy	34%
An economic system in which traditions, customs and beliefs shape the goods and services the society produces.	T	{Traditional} economy	33%
The difference in value between total exports and total imports of goods.	B	Balance of trade	26%
The amount by which government expenditure exceeds income from taxation, customs duties, etc, in any one fiscal year.	B	Budget deficit	25%
A service or other asset used to produce goods and services that meet human needs and wants.	R	Resource	21%
A description of a market or economy that takes all opportunities to make somepeople better off without making other people worse off.	E	Efficient	17%
The part of economics that focuses on the idea of fairness and what the outcome of the economy or goals of public policy ought to be.	N	{Normative} economics	16%
A school of economic thought that emphasizes the importance to a strong economy of policies that remove impediments to supply.	S	{Supply-side} economics	14%
The branch of economics concerned with describing and explaining economic phenomena, focused on facts and behavioral relationships of cause and effect. It includes the development and testing of economic theories.	P	{Positive} economics	13%
The practice of dividing a share of the profits of a business among employees, in addition to paying their regular wages and salaries.	P	Profit sharing	10%
The unemployment that remains in periods of full employment, as a result of those mentally, physically, or emotionally unfit to work.	R	{Residual} unemployment	10%
The ratio of export prices to import prices.	T	Terms of trade	10%
The level of subsistence or material welfare of a community, class, or person.	S	Standard of living	6%
Money (usually of a specific country) that is liable to depreciate in value and is therefore difficult to exchange for another currency.	S	{Soft} currency	5%

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