Term
|
Definition
| economic decision maker, consisting of all those who live under one roof. |
|
|
Term
| Their demand for goods and services determines what gets produced. |
|
Definition
| Why are households so important? |
|
|
Term
|
Definition
| Know what percent of our labor force now works on farms. |
|
|
Term
1950 - 15 percent
Present day - more than half |
|
Definition
| know the percent of women with young children hat were in the labor force in 1950, and what the percent is now. |
|
|
Term
|
Definition
| know what households attempt to maximize |
|
|
Term
|
Definition
| What is the level of satisfaction or sense of well being. |
|
|
Term
|
Definition
| Economic unit formed by a profit-seeking entrepreneur who combines resources to produce goods and services and accept the risk of profit and lost. |
|
|
Term
|
Definition
| Entrepreneur gave households raw materials to households and hired them to make finished products. |
|
|
Term
|
Definition
| Development of large scale factory production |
|
|
Term
|
Definition
| When did the industrial revolution beginning and where? |
|
|
Term
Promoted more efficient division of labor
Allowed for the direct supervision of production .
Reduced transportation costs.
Facilitated the use of specialized machines for larger than anything that had been used in the home. |
|
Definition
| Recognized and list the benefits of the industrial revolution. |
|
|
Term
|
Definition
| Know what entrepreneurs try to maximize |
|
|
Term
| Profit = Revenue - Cost of Production |
|
Definition
| Be able to give the equation for profit. |
|
|
Term
Prices
Employment
Wages
Profit
What U.S households consume
What U.S firms produce |
|
Definition
| Recognize and be able to list the things in the U.S that are affected by international trade. |
|
|
Term
Raw materials
Diamonds
Coffee beans
Finished goods |
|
Definition
| Recognize and be able to list things the U.S buys |
|
|
Term
Computer hardware and software
Aircraft
Movies
Agricultural products |
|
Definition
| Recognize and be able to list the things U.S sells |
|
|
Term
|
Definition
| Legal claim that guarantees an an owner the right to use a resource or to charge others for its use. |
|
|
Term
The stimulus to turn inventions into marketable products
Example - Henry ford's assembly line |
|
Definition
| Know what innovation is, and be able to recognize examples |
|
|
Term
| assigns property rights to original expressions of an: Artist, Composer, or computer programmer |
|
Definition
|
|
Term
Establishes property rights to commercial marks and symbols
Examples - McDonald's Arches & Nike's Sign |
|
Definition
| List and recognize examples of trademarks. |
|
|
Term
Business people praise competition
They love Monopoly |
|
Definition
| Be able to tell what business people praise, but also what they love |
|
|
Term
1. May try to charge higher prices, hurting consumers more than benefiting them.
2. If insulted from competition, it may be less innovative than competitors would be.
3. May try to influence the political system to protect or enhance their power |
|
Definition
| Be able to list three problems caused by monoply |
|
|
Term
|
Definition
| Attempt to promote competition and reduce anti competitive behavior |
|
|
Term
|
Definition
| Cheaper for one firm to serve the market than for two or more firms to do so. |
|
|
Term
| Electricity is delivered more efficiently by a single firm that wires the community than by competing firms |
|
Definition
| give examples of natural monopolies |
|
|
Term
| Operate the monopoly or regulate on a privately owned monopoly |
|
Definition
| know the two ways the government can handle natural monopolies |
|
|
Term
Fiscal Policy
Monetary Policy |
|
Definition
| be able to name the two methods the government uses to reduce fluctuations of business cycle |
|
|
Term
|
Definition
| The federal govt's use of taxing and public spending to influence the national economy |
|
|
Term
| Cut taxes and increase spending |
|
Definition
| Know the two things government can do if the private sector slows down |
|
|
Term
Increase taxes
Reduce its own spending to cool down the economy |
|
Definition
| Know the two things the government can do if inflation is a danger |
|
|
Term
|
Definition
| Central bank;s attempt to control the money supply to influence the national economy |
|
|
Term
| Board of governors of the Federal Reserve system |
|
Definition
| Know what body is in charge of Monetary Policy |
|
|
Term
| Board of governors of the federal reserve system used monetary policy to revive the nation's stalled economy |
|
Definition
| know how the board of governors of the federal reserve system got more money into our economy in 2001 and 2002 |
|
|
Term
| Promote job opportunities |
|
Definition
| Know the governments first line of defense in fighting poverty. |
|
|
Term
| Spending for income redistribution at all levels of government has increased significantly |
|
Definition
| know what has happened to US spending for income redistribution since the 1960s |
|
|
Term
Social Insurance
Income Assistance |
|
Definition
| Be able to name the two broad categories of programs that redistribute income |
|
|
Term
| Income Assistance Program |
|
Definition
Social Insurance Income Assistance
Which is considered welfare |
|
|
Term
|
Definition
| Cash transfers for retirees, the unemployed, and others with a work history and a record of contributions to the program |
|
|
Term
1. Medicare - Provides health insurance
2. Social Security - Provides income for retired and disabled
3. Unemployment insurance - pays unemployed people.
4. Workmen's Compensation - supports workers injured on the job. |
|
Definition
| List 4 social insurance programs and know what they do |
|
|
Term
| Income assistance Programs |
|
Definition
| Government programs that provide money and in-kind assistance to poor people |
|
|
Term
| household's income and assets must fall below a certain level to qualify for benefits |
|
Definition
| What is meant by means tested |
|
|
Term
Fed. Gov.t - two thirds
State and local govt. - one third |
|
Definition
| who pays for the income assistance programs |
|
|
Term
Temporary Assistance for Needy Families [TANF] - provides cash to poor families with dependent children
Supplement security income [SSI] - Provides cash to elderly poor and the disabled |
|
Definition
| Name two main cash transfer programs and what do they do |
|
|
Term
| Provides goods and services |
|
Definition
| know what in-kind transfer programs do |
|
|
Term
Food stamps
Housing assistance
Healthcare
School lunches to the poor |
|
Definition
| list examples of in kind transfer programs |
|
|
Term
|
Definition
|
|
Term
| The government supplements wages of the working poor |
|
Definition
| know what earned income tax credit does and how it works |
|
|
Term
| must find a job within 2 years and cannot be on the program for 5 years |
|
Definition
| list two ways that TANF is different for welfare recipients from the program it replaced |
|
|
Term
| reduced welfare rolls and increased employment |
|
Definition
| be able to list two positive results of welfare reform |
|
|
