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Economics Part 1
Economics Vocabulary Unit 1
12
Economics
12th Grade
10/04/2007

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Term
economic growth
Definition
a sign of economic growth is an increase in the nation's outpt of goods and service
Term
economic stability
Definition
a seteady output of goods and sevices unemployment rate is low- many people have jobs.
Term
economic security
Definition
when people want to make sure that they have security even in hard times or when they are unemployed.
Term
economic justice
Definition
people want equal opportunities and rewards NOT based on race, sex, age, religion, or national origin.
Term
economic freedom
Definition
workers have the right to accept or refuse jobs. people have the right to own property, from a business, and make a profit. people have the right to spend or save money as they wish.
Term
economic efficiency
Definition
it takes human and natural resources to produce goods and services. these resources are limited in supply. an efficient economic system strives to do the most with what resources it has, and strives to get people the greatest output of goods and services from the input of human and natrual resources.
Term
invisible hand
Definition
in a pure free enterpise system, things work out without government officials interfering. the "invisible hand" is said to guide a free enterpise economy. 18th century economist- adam smith also used the term "self interest"

Ex. a storekeeper orders more goods for self interest. the government doesn't have to tell the storekeeper to re-stock items
Term
opportunity cost
Definition
something that must be given up in order to get something else- a trade off
Term
microeconomics
Definition
the study of individual part of an economy
Term
macroeconomics
Definition
the study of the economy as a whole
Term
How does the U.S Economic System operates
Definition
1. Freedom to choose our emplyment and form businesses
2.The right to private property
3.Profit motive
4.Competition
5.Consumer sovereignty
6.Rule of law
Term
Mixed Market Economy
Definition
An economic system that combines both private ownership and government ownership of the means of production. federal, state and local governments have the important role in the production of goods and services. the federal reserve board determines intrest rates in the u.s.
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