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Definitions
definitions
45
History
10th Grade
04/08/2008

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Term
saving
Definition
set aside a partition of income for a period of time so that it can be uses later
Term
discretion income
Definition
money left over after paying for these necessities that can be used for satisfying wants, including luxury items or savings accounts
Term
disposable income
Definition
the money income a person has left after all the taxes on it have been paid
Term
ethical behavior
Definition
respecting the rights of produces and sellers
Term
warranty
Definition
the promise made by a manufacturer on a seller to repair or replace a product within a certain time period if it is faulty
Term
voluntary exchange
Definition
the act of buyers and sellers freely and willingly engaging in market transactions
Term
profit motive
Definition
the driving force that encourges individuals and organizations to improve their material well-being-is largely responsible for the growth of a free enterprise system based on capitalism
Term
profit
Definition
that amount of money left over after all the costs of production have been paid
Term
competition
Definition
struggle that goes on between buyers an sellers to get the best products at the lowest price
Term
private property rights
Definition
the right/freedom to own and use, or dispose of, our own property as we choose as long as we do not interfere with the rights of others
Term
consumer sovereignty
Definition
describes the consumer as the "king"
Term
free enterprise
Definition
a term used to describe the American economy
Term
capitalism
Definition
an economic system in such private citizens own and use the factors of production in order to seek a profit
Term
economic interdependance
Definition
rely on others, and others rely on is to provide the goods and services the we consume
Term
division of labor
Definition
the breaking down of a job into separate, smaller tasks, which are performed by different workers
Term
specialization
Definition
takes place when people, bussinesses, regions, and even countries concentrate on goods or services that they can prduce better then anyone else
Term
productivity
Definition
a measure of the amount of output produced by a given amount of inputs in a specific period of time
Term
product markets
Definition
markets where producers offer goods and services for sale
Term
factor markets
Definition
the markets where produtive resources are bought and sold
Term
standard of living
Definition
the quality of life based on the possession of necessities an luxuries that make life easier
Term
gross domestic product
(GDP)
Definition
the total value in dollars, of all the final goods and services produced in a country during a single year
Term
entrepreneur
Definition
individuals who start new businesses, introduce new products, and improve management techniques
Term
Capitol
Definition
tools, machinery, and buildings used to make other products
Term
labor
Definition
physical and mental efforts that people contribute to the production of goods and services
Term
natural resources
Definition
"gifts of nature"
Term
factors of production
Definition
natural resources, labor, capital, entrepreneurs
Term
services
Definition
work that is performed for someone else
Term
goods
Definition
tangible products like books and cars to satisfy our wants and needs
Term
rational choice
Definition
choosing the alternative that has the greatest value from among comparable-quality products
Term
incentives
Definition
rewards that are offered to try to persuade people to take certain economic actions
Term
free enterprise
Definition
businesses are allowed to compete for profit with a minimum of government interference
Term
capitalism
Definition
private ctizens own most, if not all, of the means of production
Term
market economy
Definition
an economic system in which supply, demand, and prices help people make divisions and allocate resources
Term
cost-benefit analysis
Definition
compare the marginal costs and marginal benefits of a decision
Term
marginal benefit
Definition
the additional or extra benefit associated with an action
Term
marginal cost
Definition
the extra cost of producing one additional unit of output
Term
opportunity cost
Definition
the cost of the next best use of your time or money when you choose to do one thing rather than another
Term
trade-off
Definition
the alternative you face if you decide to do one thing rather another
Term
economic models
Definition
simplified representatives of the real world that are used to explain how the economy works, or to predict what would happen if something in the economy should change
Term
scarcity
Definition
when we do not have enough resources to produce all of the things we would like to have
Term
scarcity
Definition
when we do not have enough resources to produce all of the things we would like to have
Term
wants
Definition
things we would want to have
Term
Needs
Definition
things that are required for survival such as food, clothing, and shelter
Term
economics
Definition
the study of how we make decisions in a world where resources are limited
Term
interest
Definition
the payment people recieve when they lend money or allow someone else to use their money
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