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CH 1 Vocabulary
Mr. Orsi's Economics
81
Economics
12th Grade
08/27/2010

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Term
Economics
Definition
social science dealing with the study of how people satisfy seemingly unlimited and competing wants with the careful use of scarce resources
Term
Need
Definition
basic requirement for survival; includes food, clothing, and/or shelter.
Term
Want
Definition
way of expressing or communicating a need; a broader clarification of needs
Term
Factors of production
Definition
productive resources that make up the four categories of land, capital, labor, and entrepreneurship.
Term
Production
Definition
process of creating goods and services with the combined use of land, capital, labor, and entrepreneurship.
Term
GDP-Gross Domestic Product
Definition
dollar value of all final goods, services, and structures produced within a country’s national borders during a one-year period.
Term
Scarcity
Definition
fundamental economic problem facing all societies that results from a combination of scarce resources and people’s virtually unlimited wants.
Term
Financial Capital
Definition
money used to buy the tools and equipment used in production
Term
Capital
Definition
tools, equipment, and factories used in the production of goods and services
Term
Labor
Definition
people with all their abilities and efforts, which does not include the entrepreneur
Term
Land
Definition
natural resources or “gifts of nature” not created by human effort
Term
Entrepreneur
Definition
risk-taking individual in search of profits; one of four factors of production.
Term
Economic Product
Definition
good or service that is useful, relatively scarce, and transferable to others
Term
Good
Definition
tangible economic product that is useful, relatively scarce, transferable to others; used to satisfy wants and needs.
Term
Consumer Good
Definition
good intended for final use by consumers rather than businesses.
Term
Capital Good
Definition
tool, equipment, or other manufactured good used to produce other goods and services; a factor of production
Term
Service
Definition
work or labor performed for someone
Term
Value
Definition
worth of a good or service as determined by the market
Term
Paradox of value
Definition
apparent contradiction between the high value of non-essentials and low value of essentials .
Term
Utility
Definition
ability or capacity of a good or service to be useful and give satisfaction to someone
Term
Wealth
Definition
sum of tangible economic goods that are scarce, useful, and transferable from one person to another; excludes services
Term
Market
Definition
meeting place or mechanism allowing buyers and sellers of an economic product to come together; may be local, regional, national, or global.
Term
Factor Market
Definition
market where productive resources are bought and sold.
Term
Product Market
Definition
market where goods and services are offered for sale
Term
Economic Growth
Definition
sustained period during which a nation’s total output of goods and services increases
Term
Productivity
Definition
degree to which productive resources are used efficiently; normally refers to labor, but can apply to all factors of production
Term
Division of Labor
Definition
division of work into a number of separate tasks to be performed by different workers; same as specialization
Term
Specialization
Definition
assignment of tasks so that each worker performs fewer functions more frequently
Term
Human Capital
Definition
sum of peoples’ skills, abilities, health, and motivation
Term
Economic interdependence
Definition
economic activities in one part of the country or world affect what happens elsewhere
Term
Capitalism
Definition
Economic system in which private citizens own and use the factors of production in order to generate profits.
Term
Free Enterprise
Definition
economy in which competition is allowed to flourish with a minimum of government interference; term used to describe the American econonomy.
Term
Voluntary exchange
Definition
act of buyers and sellers freely and willingly engaging in market transaction; characteristic of capitalism and free enterprise.
Term
Private property rights
Definition
fundamental feature of capitalism, which allows individuals to own and control their possessions as they wish; includes both tangible and intangible property.
Term
Profit
Definition
extent to which persons or organizations are better off at the end of a period than they were at the beginning; usually measured in dollars.
Term
Profit Motive
Definition
driving force that encourages people and organizations to improve their material well being; characteristic of capitalism and free enterprise
Term
Competition
Definition
the struggle among sellers to attact consumers while lowering costs
Term
Consumer sovereignty
Definition
role of consumer as ruler of the market when determining the type of goods and services produced.
Term
Mixed economy
Definition
free enterprise system with some government involvment
Term
What were two main reasons England industrialized before other countries?
Definition
Navigable rivers and natural harbors
Had greater political stability
Term
What was a significant outcome of the enclosure movement in England?
Definition
The movement of poor farmers from
into the cities
Term
What resulted from Louis Pasteur’s work with Bacteria?
Definition
better standards for public health
Term
James Watt’s experimentation with stream engines changed this the most.
Definition
moving freight (transportation of products and people)
Term
What was the primary reason that so many people moved to the cities during the Industrial Revolution?
Definition
to take advantage of the economic opportunities (jobs)
Term
Which are the three main components required for production in the Industrial Revolution? Also known as the factors of production.
Definition
land, labor, capital
Term
How did the British government respond/view the rise of trade unions?
Definition
it saw them as a threat to social stability
Term
What statement would a critic of capitalism have made during the Industrial Revolution?
Definition
Business owners get rich while workers remain poor
Term
What are the three main components needed for production--also known as the factors of production.
Definition
land, labor, and capital
Term
What concept from the U.S. constitution have influenced many countries around the world?
Definition
The idea that people can self-govern and preserve freedom for it's people.
Term
What idea did Karl Marx create where the workers would bring about a revolution and seize ownership of property to be shared by everyone?
Definition
Communism
Term
What geographical advantage did England have over other countries in order to industrialize first?
Definition
navigable rivers and natural harbors
Term
What invention had the biggest impact on the transportation of freight (goods,cargo)?
Definition
The steam engine (created by James Watt).
Term
What is one of the main similarities between the American Declaration of Independence and the U.S. Bill of rights?
Definition
Both outline the rights people should have.
Term
an economic system based on private ownership and on the investment of money in business ventures in order to make a profit.
Definition
Capitalism
Term
an economic system in which all means of production--land, mines, factories, railroads, and businesses--are owned by the people, private property does not exist, and all goods and services are shared equally.
Definition
Communism
Term
What country controlled India?
Definition
Great Britain
Term
The seizure of a country or territory by a stronger country. Also controlling the political, economic, and social life of the weaker country.
Definition
Imperialism
Term
Berlin Conference of 1884-85
Definition
Conference establishing rules for the division of Africa by European nations.
Term
Who was the philosopher that stated that government is granted power by the people.
Definition
John Locke
Term
Triple Entente (1907 alliance- pre WWI)
Definition
Great Britain, France, and Russia
Term
What region had a long history of ethnic disputes and nationalism and was known as the "powder keg" of Europe? (Think pre WWI, Austria-Hungrary and Serbia
Definition
The Balkan Region
Term
trench warfare
Definition
a form of warfare in which opposing armies fight each other from trenches dug in the battlefield.
Term
Schlieffen Plan
Definition
The German strategy in World War I to capture
Paris, France and then defeat Russia
Term
What two major events pushed the United States into World War I
Definition
Unrestricted submarine warfare on American ships and the Zimmerman Note.
Term
What event pulled Russia out of World War I?
Definition
The Russian Revolution caused Russia to leave the war.
Term
Total War
Definition
When a country devotes all their resources to the war effort.
Term
What group of people did the Ottoman Empire target for mass killings (genocide)?
Definition
The Armenians
Term
What country had to take complete responsibility for World War I (Treaty of Versailles)?
Definition
Germany
Term
What organization did the United States not join because they feared it would cause them to go to war in the future?
Definition
League of Nations
Term
Which Revolution did not establish a stable constitutional government--American Revolution or French Revolution?
Definition
The French Revolution
Term
What event did people establish that they had power over the king of France by creating a constitution?
Definition
The Tennis Court Oath
Term
What countries were created after WWI from the empire of Austria-Hungary?
Definition
Czechoslovakia,Yugoslavia, Austria, and Hungary,.
Term
This Soviet plan was created to increase economic development
Definition
The Five-year plan
Term
What do totalitarian states (ex.Fascism and Communism) stress?
Definition
Nationalism (state before the individual)
Term
Under Lenin, the Russia became what type of government?
Definition
Communist dictatorship
Term
What policy did Britain and France adopt for dealing with Hitler?
Definition
Appeasement
Term
Which European country was Germany unable to defeat because their air force was able to defeat the German Luftwaffe(air force)?
Definition
Great Britain
Term
What grew because of the Industrial Revolution?
Definition
Cities/urban areas
Term
Why did European countries feel they had the right to colonize territory in Africa and Asia?
Definition
Their wealth and power.
Term
Direct Democracy
Definition
Where all citizens have the right to vote on laws vs. representatives.
Term
Who created the idea of a "social contract" where people had the right to overthrow their government if they did not protect their rights.
Definition
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