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FL E-Team Intermediate L-M
FL E-Team Intermediate L-M
42
Economics
6th Grade
03/14/2007

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Term
LABOR
Definition
one factor of production; the human input into the production process; workers hired by a business whose efforts are directed toward production of goods and/or services in exchange for which they are paid a wage or salary; Both physical and mental effort are considered types of labor.
Term
LABOR FORCE
Definition
"the total of all people over 16, working or looking for work"
Term
LABOR UNION
Definition
an association of workers who are organized to bargain collectively with employers
Term
LAISSEZ FAIRE
Definition
a policy that calls for government not intervening in business or economic activities; French term literally meaning “let do” or “allow to act”
Term
LAND
Definition
"one factor of production; the natural resources available for production; includes real estate (earth) and all natural resources such as mineral deposits, water and timber"
Term
LAW OF INCREASING COSTS
Definition
economic principle stating that the opportunity cost of additional units of a good tend to increase as the society attempts to produce more of the good
Term
LENDER
Definition
person or financial institution that loans money to another
Term
LIMITED RESOURCES
Definition
see scarce resources
Term
LIQUIDITY
Definition
ability to convert an asset into cash easily and quickly
Term
LOCAL GOVERNMENT
Definition
see city government
Term
LOSS
Definition
negative difference between cost and sale price;
Term
MANAGEMENT
Definition
1. the process of organizing and utilizing resources to produce goods and/or services; 2. the group or individual in a business that does the organizing of resources to produce goods and/or services
Term
MANAGERIAL ABILITY
Definition
"the skill needed to organize and utilize resources, including human resources, to produce goods and/or services; see entrepreneurship"
Term
MARGINAL UTILITY
Definition
the extra utility or satisfaction one receives from consuming one more unit of a good or service
Term
MARKET
Definition
"a specified category of potential buyers; any setting where buyers and sellers exchange goods, services, resources and currencies"
Term
MARKET CLEARING PRICE
Definition
"the price at which the quantity that people are willing to buy is equal to the quantity sellers are willing to offer, that is, there is neither shortage nor surplus; "
Term
MARKET ECONOMY
Definition
an economic system where most goods and services are exchanged through private transactions by private household and businesses; Buyers and sellers making exchanges in private markets determine prices.
Term
MARKET EQUILIBRIUM
Definition
situation occurring when there is equality between quantities supplied and demanded and the price at which goods are being exchanged has no tendency to change
Term
MARKET PRICE
Definition
the price at which a good or service is selling in the open market; also called market value
Term
MARKET SYSTEM
Definition
"a method of coordinating economic activity that relies on the individual choices of competing buyers and sellers, each seeking individual gain, to allocate resources in the production and distribution of goods and services; see command economy, traditional directed economy, and capitalism"
Term
MARKETING
Definition
"a system where suppliers (producers) advertise, distribute and sell products to the demanders (consumers)"
Term
MASS PRODUCTION
Definition
production of many units of a product with workers doing specialized jobs
Term
MECHANIZATION MEDIA
Definition
"the process of transforming productive activity from labor to capital intensive the means of communication such as radio, TV or newspapers that reach large numbers of people (plural form; singular form is medium)"
Term
MEDIUM OF EXCHANGE
Definition
see functions of money
Term
MERCHANDISE
Definition
the goods that someone wants to sell
Term
MICROECONOMICS
Definition
"the study of the decision-making processes of individual economic units (households, businesses); seeks to explain how the three (3) basic economic questions of What?, How? and For Whom? are answered in a market system"
Term
MINIMUM BALANCE
Definition
the amount of money required to be kept in an account to avoid paying a service charge
Term
MINIMUM WAGE
Definition
the lowest legal hourly wage
Term
MINT
Definition
the facility where coins are produced
Term
MIXED ECONOMY
Definition
"an economy where a combination of the three basic methods of coordinating economic activity (market, command and traditional) are used; All economies are mixed to some degree. Example: The US has a free enterprise system that has some government involvement in the marketplace (command); therefore, it is a mixed economy."
Term
MODEL (ECONOMIC)
Definition
simplified representation of the real world; used to make predictions or to better understand reality
Term
MONETARY POLICY
Definition
policy aimed at controlling the rate of growth of the nation’s money supply (currency plus bank deposits) so as to promote national goals regarding the level of economic activity and prices
Term
MONEY
Definition
a medium of exchange; a good that can be used to buy other goods and services or to repay debts
Term
MONEY CREATION
Definition
Banks (depository institutions) create money by granting loans to businesses and individuals. These loans add new deposit dollars to the account balances of the businesses and individuals. The amount of new money banks can create is limited by the policies of the Federal Reserve System.
Term
MONEY INCOME
Definition
the dollar amount of income; see real income
Term
MONEY SUPPLY
Definition
"the amount of coins, bills and deposits in checking accounts held by the general (non-bank) public; also called M1"
Term
MONEY WAGE
Definition
see money income
Term
MONOPOLISTIC COMPETITION
Definition
"a market situation in which there are a number of competing sellers of products that are not identical but that are close substitutes; Each seller may have a “monopoly” of a particular brand name or location, but the dominating characteristic is competition."
Term
MONOPOLY
Definition
one seller; a market structure where one business or individual controls the entire supply of a good or service for which there are no close substitutes
Term
MORTGAGE
Definition
a loan secured by real estate (land or buildings)
Term
MUTUAL FUNDS
Definition
an investment trust in which groups of investors pool their money and give management discretion to invest as it sees fit
Term
Who is the coolest E-Team Coach at CLMS?
Definition
Of course... Mr. Barber.
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