WGU C201 Business Acumen (Western Governors University MSML Class Vocab & Complete Study Guide For UWC2)
balanced budget Correct Ans - situation in which total revenues raised
by taxes equal the total proposed spending for the year. budget Correct Ans - organization's plan for how it will raise and spend money during a given period of time.
taxes, fees, and borrowing. Correct Ans - The primary sources of government funds to cover the costs of the annual budget are
budget deficit Correct Ans - situation in which the government spends more than the amount of money it raises through taxes.
budget surplus Correct Ans - excess funding that occurs when government spends less than the amount of funds raised through taxes and fees.
capitalism Correct Ans - economic system that rewards companies for their ability to perceive and serve the needs and demands of consumers; also called the private enterprise system.
- Pure Competition
- Monopolistic Competition
- Oligopoly
- Monopoly Correct Ans - Types of Competition
communism Correct Ans - economic system in which all property would be shared equally by the people of a community under the direction of a strong central government.
Consumer Price Index (CPI) Correct Ans - measurement of the monthly average change in prices of goods and services.
core inflation rate Correct Ans - inflation rate of an economy after energy and food prices are removed.
cyclical unemployment Correct Ans - people who are out of work because of a cyclical contraction in the economy.
deflation Correct Ans - opposite of inflation, occurs when prices continue to fall. demand Correct Ans - willingness and ability of buyers to purchase goods and services.
demand curve Correct Ans - graph of the amount of a product that buyers will purchase at different prices.
economics Correct Ans - social science that analyzes the choices people and governments make in allocating scarce resources.
equilibrium price Correct Ans - prevailing market price at which you can buy an item.
expansionary monetary policy Correct Ans - government actions to increase the money supply in an effort to cut the cost of borrowing, which encourages business decision makers to make new investments, in turn stimulating employment and economic growth.
fiscal policy Correct Ans - government spending and taxation decisions
designed to control inflation, reduce unemployment, improve the general welfare of citizens, and encourage economic growth.
frictional unemployment Correct Ans - applies to members of the workforce who are temporarily not working but are looking for jobs.
gross domestic product (GDP) Correct Ans - sum of all goods and services produced within a country's boundaries during a specific time period,
such as a year.
hyperinflation Correct Ans - economic situation characterized by soaring prices.
inflation Correct Ans - economic situation characterized by rising prices caused by a combination of excess consumer demand and increases in the costs of raw materials, component parts, human resources, and other factors of production.
macroeconomics Correct Ans - study of a nation's overall economic issues, such as how an economy maintains and allocates resources and how a government's policies affect the standards of living of its citizens. microeconomics Correct Ans - study of small economic units, such as individual consumers, families, and businesses.
mixed market economies Correct Ans - economic system that draws from both types of economies, to different degrees.
monetary policy Correct Ans - government actions to increase or decrease the money supply and change banking requirements and interest rates to influence bankers' willingness to make loans.
monopolistic competition Correct Ans - market structure in which large numbers of buyers and sellers exchange heterogeneous products so each participant has some control over price.
monopoly Correct Ans - market structure in which a single seller dominates trade in a good or service for which buyers can find no close substitutes.
national debt Correct Ans - money owed by government to individuals,
businesses, and government agencies who purchase Treasury bills, Treasury notes, and Treasury bonds sold to cover expenditures.
No, a balanced budget does not erase the national debt; it just doesn't increase
it. Correct Ans - Does a balanced budget erase the national debt?
The U.S. government acquires funds through taxes, fees, and borrowing. Correct Ans - What are the three primary sources of government funds?
An expansionary monetary policy increases the money supply in an effort to cut the cost of borrowing. A restrictive monetary policy reduces the money supply to curb rising prices, overexpansion, and concerns about overly rapid economic growth. Correct Ans - What is the difference between an expansionary monetary policy and a restrictive monetary policy?
Gross domestic product (GDP), general level of prices, core inflation rate, the Consumer Price Index, and the unemployment rate are all measures used to determine the health of an economy. Correct Ans - What are some measures that economists use to determine the health of an economy?
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