Chat with us, powered by LiveChat 
Basic Economic Terms

Basic Economic Terms

Here are a list of some common economic terms and meanings:

  • Economics: The social science that studies the production, distribution, and consumption of goods and services
  • Gross Domestic Product (GDP): The total value of all final goods and services produced in the economy during a give period, usually a year
  • Inflation: A rise in the overall level of prices
  • Deflation: A fall in the overall level of prices
  • Business Cycle: The short-run alternation between economic downturns, known as recessions, and economic upturns, known as expansions
  • Exports: Goods and services sold to other countries
  • Imports: Goods and services purchased from other countries
  • Price Controls: Legal restrictions on how high or low a market price may go
  • Scarce: In short supply; a resource is scarce when there is not enough of the resource available to satisfy all the various ways a society wants to use it
  • Tariff: A tax levied on imports
  • Recession: A downturn in the economy when output and employment are falling; also referred to as a contraction
  • Labor Force: The sum of employment and unemployment; this is, the number of people who are currently working plus the number of people who are currently looking for work

Nice Carl

Call today to see how much you qualify for at Fast Cash Title Loans, 21615 Cascades Pkwy, Sterling, Va 20166 – 703-444-3840 or 6526 Arlington Blvd, Falls Church, Va 22042 – 702-237-5626

When you call in to get a loan, let us know that you saw our blog so an exclusive offer!