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FL E-Team Intermediate P-Q
FL E-Team Intermediate P-Q
36
Economics
6th Grade
03/14/2007

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Cards

Term
PREMIUM
Definition
the amount paid to purchase insurance protection
Term
PRICE
Definition
the value of a good or service stated in money terms
Term
PRICE CEILING
Definition
"the price for a particular good or service fixed, usually by government, at some maximum level above which the market price is not permitted to rise; If the price ceiling is set below the market clearing price, a market shortage will result. Example: rent controls"
Term
PRICE FLOOR
Definition
"a price for a particular good or service fixed usually by government, at some level below which the market price is not permitted to fall (minimum); If the price floor is set above the market clearing price, a market surplus will result. Example: minimum wage"
Term
PRICE INDEX
Definition
a weighted average of prices used to compare price levels in one time or place with price levels at another time or place; see consumer price index
Term
PRICE SYSTEM
Definition
a system using the interaction of supply and demand and free markets to allocate scarce resources in providing goods and services to meet human wants
Term
PRINCIPAL
Definition
"the actual amount of money being borrowed, before interest is added"
Term
PRIME RATE
Definition
interest which banks charge their biggest and best customers
Term
PRIVATE ENTERPRISE
Definition
business activities not controlled by government regulations
Term
PRIVATE PROPERTY
Definition
"property (things) owned by one person or a group of people (my bicycle, our house); each person having control over his/her private property and the right to receive the benefit from the use of the property unless it infringes on the rights of others—basis for capitalism"
Term
PRODUCERS
Definition
"people who use resources to make goods and services, also called workers or labor"
Term
PRODUCT
Definition
"tangible, man-made objects or services, used to satisfy the wants of the consumer; see goods"
Term
PRODUCTION
Definition
the process (act) of using resources (factors of production) to make goods
Term
PRODUCTION COSTS
Definition
the cost of changing resources into finished products (consumer good)
Term
PRODUCTION POSSIBILITIES FRONTIER
Definition
"1. the frontier between possible outputs (given quantity and quality of resources, level of technology and efficiency) and those which are not possible; 2. an economic model depicting all the possible combinations of two goods or services that can be produced with a given quantity of resources"
Term
PRODUCTIVE CAPACITY
Definition
ability to produce goods and services; the maximum potential output
Term
PRODUCTIVITY
Definition
the ratio of output (goods and services) produced per unit of input (productive resources) over a period of time
Term
PROFIT
Definition
the difference between the total revenue and total cost of a business; see loss
Term
PROFIT MOTIVE
Definition
1. the incentive that leads individuals to assume the risk of loss associated with investing one’s own resources in a business in the hope of achieving a greater financial reward than in any other enterprise involving the same degree of risk; 2. the guiding force of a free market system; The desire for profit leads investors to direct their resources to those areas of the economy where consumers place the highest value on the goods and services produced from those resources.
Term
PROGRESSIVE TAX
Definition
"a tax that increases with the income of the taxpayer; Example: Federal income tax gets higher, both as an amount and as a percentage, as income rises."
Term
PROPERTY
Definition
1. something tangible that one owns; 2. land or real estate
Term
PROPERTY TAX
Definition
taxes paid by households and businesses to local governments on land and buildings
Term
PROPORTIONAL TAX
Definition
all levels of income are taxed at the same rate; also called flat tax; Example: biblical tithe
Term
PROPRIETORSHIP
Definition
a business enterprise owned solely by one person or proprietor
Term
PUBLIC GOODS AND SERVICES
Definition
goods and services provided by the government; Examples: highways and highway maintenance
Term
PUBLIC PROPERTY
Definition
"property (things) owned together by all people for everyone’s use; Examples: certain schools, parks, libraries"
Term
PURCHASE
Definition
the acquisition of ownership or title to something in exchange for payment
Term
PURCHASING POWER
Definition
1. the relative amount of goods and services that can be purchased with the dollar as compared with some earlier period; also called the value of the dollar or the buying power of the dollar; 2. the ability of an individual or group to purchase goods and services as measured by their income or wealth adjusted for changes in the value of the dollar
Term
PURE MONOPOLY
Definition
a market situation in which there is only one seller of a good or service and no close substitutes for that good or service
Term
PURE COMPETITION
Definition
see competition
Term
QUALITY
Definition
the degree of excellence (of a product)
Term
QUANTITY
Definition
the amount of a product
Term
QUANTITY DEMANDED
Definition
see demand
Term
QUANTITY SUPPLIED
Definition
see supply
Term
QUOTA
Definition
"a proportional share or a maximum limit: 1. in international trade, limits put on the quantities of goods in place of protective tariffs to protect domestic producers from foreign competition; Export quotas may be used to deny scarce resources to foreign producers. 2. in labor relations, restrictions placed on the hiring of people with certain racial, religious, physical or other characteristics; 3. in planned or socialist economies, performance goals set by central planners for various subunits of the economy"
Term
wrong, it's magenta.
Definition
What is your favorite color?
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