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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Capital: The existing stock of productive resources, such as machines and buildings, that have been produced.
Capital Intensive: Production methods with a high quantity of capital per worker.
Capitalist Economies: Economies which use market-determined prices to guide peoples choices about the production and distribution of goods; these economies generally have productive resource which are privately owned.
Central Bank Intervention: Influence on exchange rates in the foreign exchange market when exchange rates are not fixed by law; i.e., a central bank buys its country's currency with foreign currencies to drive its currency up in value; to drive it down, a central bank sells its currencies in return for foreign currencies.
Change in Demand: A shift in the entire demand curve so that at any given price, people will want to buy a different amount. A change in demand is caused by some change other than a change in the goods price.
Change in Quantity Demanded: Movement up or down a given demand curve caused by a change in the goods price with no shift in the curve itself.
Change in Quantity Supplied: A price change causing movement along the supply curve but no shift in the position of the curve itself.
Change in Supply: A change in one of the cost determinants of supply causing a shift in the position of the supply curve. Choice: The act of selecting among alternatives, a concept crucial to economics.
Civilian Labor Force: All persons over the age of sixteen who are not in the armed forces nor institutionalized and who are either employed or unemployed.
Common Property Resources: Resources for which there are no clearly defined property rights; property owned in common by a society.
Comparative Advantage: The ability of a producer to produce a good at a lower marginal cost than other producers; marginal cost in the sacrifice of some other good compared to the amount of a good obtained.
Competition: Rivalry among individuals in order to acquire more of something that is scarce.
Complements: A price change for one product leads to a shift in the opposite direction direction in the demand for another product.
Comprehensive Employment and Training Act (CETA): Federal funding for local governments to retrain and employ difficult-to-hire workers.
Consumer Price Index (CPI): A measure of the average amount (price) paid for a market basket of goods and services by a typical U.S. consumer in comparison to the average paid for the same basket in an earlier base year.
Consumption Expenditures: The total dollar value of all goods and services purchased by the household sector for current use.
Consumption Function: A mathematical expression relating personal consumption expenditures to disposable income.
Contraction Phase: The part of the business cycle when GNP, employment and production are on the decline.
Corn Laws: Tariffs which England placed on grain imports from 1815 to 1846. By restricting the supply or grain in England, these laws raised the price of grain in England and increased the value of English farmland.
Cost: The most valuable opportunity forsaken when a choice is made.
Cost-of-Living Adjustments: Automatic adjustments in incomes paid to individual recipients which are tied to the inflation rate, usually measured by the Consumer Price Index.
Cost-Push Inflation: A term that applies when increases in the price level are caused by increases in cost.
Council of Economic Advisors: Three persons who act as the Presidents chief economic advisers.
Craft Unions: Exclusive combinations of workers in individual trades such as printers, shoemakers and bakers.
Credit: The capacity to borrow money up to a specified limit under specified conditions.
Crowding In: Increase of private investment through the income-raising effect of government spending financed by deficits.
Crowding Out: The tendency for federal government, by deficit financing to compete with firms or persons for borrowed funds; that is, firms and households unable to borrow at a low rate of interest curtail their investment and consumption spending.
Currency: Paper money issued by the government.
Current Account: A category in the balance of payments account that includes all transactions that either contribute to national income or involve the spending of national income.
Cyclical Unemployment: Temporary layoff of workers due to downturns in the pace of economic activity.
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