Economics
Vocabulary
27 November 2011π

1. Absolute Advantage- the ability to produce more or a given product using a given amount of resources 2. Aggregate Demand- the amount of goods and service in the economy that will be purchased at all possible levels 3. Aggregate Supply- the total amount of goods and services in the economy available at all possible price levels 4. Annual Percentage Rage- a finance charge expressed as an annual rate 5. Antitrust Laws- laws that encourage competition in the market place 6. Appreciation- an increase in the value of a currency 7. Appropriations Bill- a bill that sets money aside for specific spending 8. Arable- suitable for producing crops 9. Arbitration- a settlement technique in which a third party reviews the case and imposes a decision that is legally binding for both sides 10. Articles of partnership- a partnership agreement 11. Assets- money and other valuables belonging to an individual or business 12. Authoritarian- requiring strict obedience to an authority 13. Automatic Stabilizer- a government program that changes automatically depending on GDP and person’s income 14. Balanced Budget- budget in which revenues are equal to spending 15. Balance of Trade- the relationship between a nations imports and exports 16. Bank- an institution for receiving, keeping, and lending money 17. Bank Holding Company- a company that owns more than one bank 18. Bank Run- widespread panic in which great