Maestro

Economy (Vocabulary)
1. Economics: is the social science that analyzes the production, distribution, and consumption of goods and services.
2. Market Economy: An economic system in whicheconomic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's citizens and businesses and there is little government intervention or centralplanning.
3. Mixed economy: is an economic system in which both the state and private sector direct the economy, reflecting characteristics of both market economies and planned economies
4.Economic system: is a system for producing, distributing and consuming goods and services, including the combination of the various institutions, agencies, consumers, entities that comprise the economicstructure of a given society or community.
5. Economic models: construct that represents economic processes by a set of variables and a set of logical and/or quantitative relationships between them.6. Economic security: or financial security is the condition of having stable income or other resources to support a standard of living now and in the foreseeable future.
7. Minimum wage: isthe lowest hourly, daily or monthly remuneration that employers may legally pay to workers. Equivalently, it is the lowest wage at which workers may sell their labor.
8. Inflation: it erodes thepurchasing power of a unit of currency.
9. Economic growth: is the increase in the amount of the goods and services produced by an economy over time
10. Demand schedule: A table which containsvalues for the price of a good and the quantity that would be demanded at that price.
11. Demand curve: A graph showing the relationship between the price of a good and the amount of demand for itat different prices.
12. Law of demand: the effect price changes have on costumer behavior
13. Market demand curve: The market demand curve for a good or service provided by a business can be...