Term
|
Definition
| The condition that occurs because people's wants and need are unlimited while resources needed to produce services and goods to meet these needs and wants is limited. |
|
|
Term
|
Definition
| For whome to produce, what to produce, and how to produce. |
|
|
Term
|
Definition
| The value of any alternative that you much give up when you make a choice. |
|
|
Term
| Production Possibilities Frontier |
|
Definition
| All possible combinations of two goods that can produce in a certain period of time, under the condition of present techonlogy. No umemployed resources and efficient production. |
|
|
Term
|
Definition
| The process of choosing which needs will be met and how much of our resources will we use to satisfy them. |
|
|
Term
|
Definition
| One of the resources used to produce goods and servies - human factor of production. |
|
|
Term
|
Definition
| Produced goods that can be used as resources one for further production - the means of production includion tools, offices, equipment, also the finacial capita - the moneny to acquire land and labor. |
|
|
Term
|
Definition
| In econimics any material produced by nature that can be used to produce good or provide services. |
|
|
Term
|
Definition
| The choice between alternative uses for a given quantity of a resource. |
|
|
Term
|
Definition
| Concentarating the activity of a unit of production resource on a single task or operation. |
|
|
Term
|
Definition
| The situation in which a country can produce more of a good than another company can produce with same quatity of resources. |
|
|
Term
|
Definition
| The situation in which a coutry can produce a good at a lower opportunity cost than another country. |
|
|
Term
|
Definition
| An economic system in which individuals own most, if not all, the resources and control their use. |
|
|
Term
|
Definition
| An economy in which the major economic questions are determined by the government representing the interest of the entire society. |
|
|
Term
|
Definition
| An economic system where the basic question are resolved by a mixture of markey forces with government direction. (Free enterprise and socialism) |
|
|
Term
|
Definition
| An economic system in which the basic economic questions are answered by social custom. |
|
|
Term
|
Definition
| An economy in which the basic ecnomic question are decided by the individuals in the marketplace. |
|
|
Term
|
Definition
| A model of the economy that summarizes the flow of goods and services production from the four sectors - housefolds, businesses, government, and financial institutions. |
|
|
Term
|
Definition
| An economic system where the means of production are mostrly in private hands, market driven. Higher taxes to deal with social servies provided by the state. Sometimes called a welfare state. |
|
|
Term
| State Socialism (Communism) |
|
Definition
| An economic system where means of production are in the hands of government. Economic decisions made by a central authority. All wages set. |
|
|
Term
|
Definition
| An economic system based where means of production are owned by private individuals to produce for profit. Production is determined by market forces. |
|
|
Term
|
Definition
| Considered the Father of Modern Economics, wrote the "Wealth of Nations," this book was a major influence on our Founding Fathers and their pro free enterprise views coupled with limited government. |
|
|
Term
|
Definition
| States that the quantity of goods supplied will be greater at a higher price than it will at a lower price. The relationship is direct. |
|
|
Term
|
Definition
| States that the quantity demanded of a good will be greater at lower prices than will be quantity demanded at high prices. This is an inverse relationship. |
|
|
Term
|
Definition
| The price at which the questity demanded equals the quantity supplied. |
|
|
Term
|
Definition
| The quantity supplied of an item at a given price exceeds the quantity demanded. |
|
|
Term
|
Definition
| An economist whose book "Principles of Economics" had a major impact on the economics profession. Most known for defining the concepts of elsticity of demand. |
|
|
Term
|
Definition
| The satisfaction from consumption, sense of well-being |
|
|
Term
|
Definition
| Measurement of the degree of the response of a change in quatity to a change in price. |
|
|
Term
|
Definition
| The rivalry between two or more businesses striving for the same consumer market. |
|
|
Term
|
Definition
| Net returns after subtracting total costs from total revenue. |
|
|
Term
|
Definition
| Individuals who take the risk of prucing a product for a profit. |
|
|
Term
|
Definition
| A certificate of debt stating the amount of a coroporation has borrowed from a holder and terms of repatment. |
|
|
Term
|
Definition
| Shares of ownership in a company. |
|
|
Term
|
Definition
| Financial organization that pools peopel's money and invests it. |
|
|
Term
|
Definition
| One who acts as an agent for others in negotiation contracts, purchases of sales in return for a fee or commision. |
|
|
Term
|
Definition
| A stock that sells at a higher price because of public confidence in its long record of steady earnings. |
|
|
Term
|
Definition
| The portion of a corporations stock having a priority or preference over the common stock in the distribution of dividend and assets, usually Owned by employees. |
|
|
Term
|
Definition
| An investor whose concern in the stock markey causes her to sell sevurities thinking the price will fall thus cutting losses. |
|
|
Term
|
Definition
| An investor whose concern in the stock market causes him to buy securities anicipating the price to rise thus making profit. |
|
|
Term
|
Definition
| The part of a corporation's income paid to its stockholders. |
|
|
Term
|
Definition
| An increase in the amount of productive capital in the economy. |
|
|
Term
|
Definition
| A business that provides services for its members and is not run for profit. Members pool their resources to gain some benefit not availbale to them as an individual. |
|
|
Term
|
Definition
| The prevailing price at which merchandise, securites or commoditites are sold. |
|
|
Term
|
Definition
| A contract between by which a firm (corporation) that lets an indiviual (or group) use their name and sell their product, in return for payments being made and requirements being met. |
|
|
Term
|
Definition
| A form of business in which there is one owner. |
|
|
Term
|
Definition
| A tyrpe of business organization to which there are two or more owners. |
|
|
Term
|
Definition
| An organization of people legally bound together through a charter to conduct some type of business. |
|
|
Term
|
Definition
| The condition of those who are willing and able to work and actively seeking work but who do not currently work. |
|
|
Term
|
Definition
| A tax that provides disability and retirement for most working peole. |
|
|
Term
|
Definition
| State Disability insurance- A partial wage-replacement insurance plan for california workers. It provides affordabe, short-term benefits to eligible workers who suffer a loss of wages when they are unable to work. |
|
|
Term
|
Definition
| The lowest wage that can be paid for certain kinds of work. |
|
|
Term
|
Definition
| An organization formed to protect the rights of workers. |
|
|
Term
|
Definition
| A fixed amount of money paid to a person on a regular basis. |
|
|
Term
|
Definition
| Restructing a firm and decresing its size to cost less be more productive and become a more efficient operation. |
|
|
Term
|
Definition
| The price paid for the use on money, usually a percent of total loan. |
|
|
Term
|
Definition
| A payment for labor or service. |
|
|
Term
|
Definition
| The process of having a union negotiate with management to determine the terms of employment for all workers rather than each indiviual. |
|
|
Term
|
Definition
| A form of market orgainzation in which there is only one seller |
|
|
Term
|
Definition
| A form of market organization in which there are relatively few sellers |
|
|
Term
|
Definition
| A formal orpanization of firms in the same industry acting together to make decisions. |
|
|
Term
|
Definition
| A joining of two companies, when one company buys mroe than one half of the stock in another company thus they act as one. |
|
|
Term
|
Definition
| Twentieth centruy economist who changed the way we thought about the economy. He opened doors to government involvement in the economy. |
|
|
Term
|
Definition
| Federal Deposit Insurance Corporation - The agency that insures deposits of individuals and businesses for up to $100,000 in the event of bank failure. |
|
|
Term
|
Definition
| The central banking system for the Untied States. |
|
|
Term
|
Definition
| The changing of the quantity of money in the economy in order to reduce unemployment, keep prices stable and promote economic growth. |
|
|
Term
|
Definition
| Assets - Saving accounts that can be easily and quickly turned into money. |
|
|
Term
|
Definition
| An economic law stating that bad money drives good money out of circulation. |
|
|
Term
|
Definition
| The unspenct income that households do not spend on goods or services. Also sums of money stored or when prices are reduced. |
|
|
Term
|
Definition
| Money not redeemable for anything instinsic value, money declared by goverment decree. |
|
|
Term
|
Definition
| A legal tender that is established by the government and used as a value on the market. |
|
|
Term
|
Definition
| Occurrence of inflation and unemployment at the same time. |
|
|
Term
|
Definition
| An obligation or liability to pay or render service, something owned for goods or services. |
|
|
Term
|
Definition
| GDP that has been adjusted for price changes. |
|
|
Term
|
Definition
| Gross Domestic Product is the total dollar value of all goods and services produced by resources located in the Unites States during one year's time. |
|
|
Term
|
Definition
| A rise in value or price. |
|
|
Term
|
Definition
| A pledge to a creditor as a security against a debt. |
|
|
Term
|
Definition
| The amount by which speding exceeds revnue for the year. |
|
|
Term
|
Definition
| The condition in which unemployment is high and GDP falls for two or more consecutive quarters. |
|
|
Term
|
Definition
| A rise in the average level of prices. |
|
|
Term
|
Definition
| A decline in that average level of prices. |
|
|
Term
|
Definition
| Internal Revenue Service - The agency in charge of collection taxes for the US government. |
|
|
Term
|
Definition
| An item of value that can be used to settle debt. |
|
|
Term
|
Definition
| Consumer Price Index - A number used to calculate change in the average level of prices for a nuber of item typically bought by urban families. |
|
|
Term
|
Definition
| Cost of Living Adjustment - Automatically adjusts employee wages to match inflation. |
|
|
Term
|
Definition
| A charge imposed by the government on people or property for public purposes. |
|
|
Term
|
Definition
| An estimation of expected income, expenses, and savings. It is a tool to help a person meet financial goals. |
|
|
Term
|
Definition
| The changing of federal government spending and taxes in orger to control the level of economic activity. |
|
|
Term
|
Definition
| North American Free Trade Agreement is a trade agreement between Mexico, US, and Canada to promote economic growth and prosperity for all three economies by eliminating barriers to free trade. |
|
|
Term
|
Definition
| The business of buying and selling, conducting commerce, exchange of goods. |
|
|
Term
|
Definition
| An organization established by the UN at the end of WWII. The goal is to reduce poverty by strengthening economies of poor nations through monetary loans and other programs. |
|
|
Term
|
Definition
|
|
Term
|
Definition
| A limit on the amount of imports or exports. |
|
|
Term
|
Definition
| Goods or services that one coutry buys from another country. |
|
|
Term
|
Definition
| A direct trade of good or services. |
|
|
Term
|
Definition
| The rate at which one type of money can be traded for another. |
|
|
Term
|
Definition
| Good or services that one coutry sells to another. |
|
|
Term
|
Definition
| The use of trade barriers to protect a nation's industries against foreign competition. |
|
|
Term
| International Monetary Fund |
|
Definition
| IMF was established to promote economic cooperation by maintaiining an orderly system of world trade and exchange rates. |
|
|
Term
| World Trade Organization (WTO) |
|
Definition
| Was esablished in 1995. It is a global comerce agency with the same legal status as the Unites Nations. It is empowered to enforce global commerce rules with the imposition of economic sanctions. |
|
|
