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Chapter 3 Vocabulary
Chapter 3 Economic vocabulary.
31
Economics
11th Grade
01/09/2013

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Term
Profit Motive
Definition

The incentive that drives individuals and business owners to improve their material well-being

 

Term
Open opportunity
Definition
THe principle that anyone can compete in the marketplace.
Term
Legal Equality
Definition
The principle that everyone has the same legal rights
Term
Private Property Rights
Definition

The principle that people have the right to control their possessions and use them as they wish.

 

Term
Free Contract
Definition

The principle that people may decide what agreements they want to enter into.

 

Term
Voluntary Exchange
Definition

The principle that people may decide what, when, and how they want to buy and sell.

 

Term
Interest group
Definition
Private orginization that tries to persuade public officials to act in ways that benefit its members
Term
Patriotism
Definition
love of ones country
Term
Eminent Domain
Definition
The right of a government to take private property for public use
Term
Public Interest
Definition
The concerns of society as a whole
Term
Macroeconomics
Definition

The study of economic behavior and decision-making in a nathions whole economy.

 

Term
Microeconomics
Definition

The study of the economic behavior and decision-making in small units, such as households and firms.

 

Term
Gross domestic product
Definition
the total calue of all final goods and services produced in a country in a given year.
Term
Business cycle
Definition
A period of macroeconomic expansion, or growth, followed by one of contraction, or decline.
Term
Referendum
Definition
A proposed law submitted directly to the public
Term
Obsolescence
Definition
Situation in which older products and processes become out-of-date
Term
Patent
Definition
A government license that gives the inventor of a new product the exclusive right to produce and sell it.
Term
Copyright
Definition
a government license that grants an author exclusive rights to publish and sell creative works.
Term
Work Ethic
Definition
A commitment to the value of work.
Term
Public good
Definition
A shared good or service for which it would be inefficient or impractical to make consumers pay individually and to exclude those who did not pay.
Term
Public Sector
Definition
The part of the economy that involves the transactions of individuals and businesses.
Term
Private sector
Definition
the part of the economy that involves the transactions of individuals and businesses.
Term
Infrastructures
Definition
The basic facilities that are necessary for a society to function and grow
Term
Free Rider
Definition
Someone who would not be willing to pay for a certain good or service but who would get the benefits of it anyway if it were provided as a public good.
Term
Market failure
Definition
A situation in which the free market, operating on its own, does not distribute resources efficiently.
Term
Externality
Definition
An economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume.
Term
Poverty Threshold
Definition
An income level below that which is needed to support families or households
Term
Welfare
Definition
Government aid to the poor
Term
Cash transfers
Definition
Direct payments of money by the government to poor, disabled, or retired people.
Term
In-Kind benefits
Definition
Goods and services provided for free or at greatly reduced prices
Term
Grant
Definition
A financial award given by a government agency to a private individual or group in order to carry out a specific task.
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