Term
|
Definition
| Things that are necessary for survival. |
|
|
Term
|
Definition
| Things that are necessary for survival but which add comfort and pleasure to our lives. |
|
|
Term
|
Definition
| Things you can see and touch that meet our wants and needs. |
|
|
Term
|
Definition
| Meeting wants and needs through the efforts of people and equipment. |
|
|
Term
Economic Resources
or
Factors of Production |
|
Definition
| The means through which goods and services are produced. |
|
|
Term
What are the three kinds of
Economic Resources |
|
Definition
Natural Resources
Human Resources
Capital Resources |
|
|
Term
|
Definition
| The raw materials supplied by nature. |
|
|
Term
|
Definition
| The people who work to produce goods and services |
|
|
Term
|
Definition
| The tools, equipment and buildings that are used to produce goods and services. |
|
|
Term
|
Definition
| The conflict between unlimited wants and limited resources. |
|
|
Term
| The Key Economic Questions |
|
Definition
What goods and services to produce?
How to produce the goods and services?
For whom to produce the goods and services? |
|
|
Term
|
Definition
| A nations plan for answering the key economic indicators. |
|
|
Term
|
Definition
| The Key Economic Questions are answered by producing goods and services the way they have always been produced. |
|
|
Term
Directed Economy
Planned Economy |
|
Definition
| The Key Economic Questions are answered by the officials of the government. |
|
|
Term
|
Definition
| The Key Economic Questions are answered by individuals through buying and selling activities. |
|
|
Term
|
Definition
| Any place where buyers and sellers exchange goods and services and some form of money. |
|
|
Term
|
Definition
| Our Economic System where economic resources are usually privately owned rather than by the government. |
|
|
Term
Free Enterprise System
or
Private Enterprise System |
|
Definition
| The freedom of the individual to choose what to produce. |
|
|
Term
|
Definition
| An establishment or enterprise that supplies us with goods and/or services in exchange for payment in some form. |
|
|
Term
| The right of private property |
|
Definition
| Individuals can own, use or dispose of things of value. |
|
|
Term
|
Definition
| The money left from sales after subtracting all the costs of operating the business. |
|
|
Term
|
Definition
| The desire to work hard and be creative to earn a higher profit. |
|
|
Term
|
Definition
| The rivalry among businesses to sell the highest quality goods and services, at the lowest price, to buyers |
|
|
Term
|
Definition
| The quantity of a product or service that consumers are willing and able to buy at a particular price. |
|
|
Term
|
Definition
| The quantity of a product or service that a business is willing and able to produce at a particular price. |
|
|
Term
|
Definition
| The way you live as measured by the kinds and quality of goods and services you can afford. |
|
|
Term
Labor Productivity
or
Worker Productivity |
|
Definition
| The quantity of a good that an average worker can produce in an hour. |
|
|
Term
|
Definition
| Things that are needed by citizens and provided the government; such as schools, libraries, parks, streets and highways. |
|
|
Term
| Gross Domestic Product (GDP) |
|
Definition
| The total value of all final goods and services produced in our country during one year. |
|
|
Term
|
Definition
| The year chosen to compare an item, such as price, to the same item in any other year |
|
|
Term
|
Definition
| The GDP divided by TOTAL population. |
|
|
Term
|
Definition
| The movement of the economy from one condition to another and back again. |
|
|
Term
| What are the phases of the Business Cycle. |
|
Definition
Prosperity
Recession
Depression
Recovery |
|
|
Term
|
Definition
| The phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers. |
|
|
Term
|
Definition
| The phase of the business cycle when demand begins to decrease, businesses lower production of goods and services, unemployment begins to rise, and the GDP growth slows for two or more quarters of the calendar year. |
|
|
Term
|
Definition
| The phase of the business cycle marked by a prolonged period of high unemployment, weak sales of goods and services, and business failures. |
|
|
Term
|
Definition
| The phase of the business cycle in which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise. |
|
|
Term
|
Definition
| A sustained increase in the general level of prices. |
|
|
Term
| The three economic roles that all people share |
|
Definition
Worker
Consumer
Citizen - tax payer and voter |
|
|
Term
|
Definition
| Some countries combine government ownership and control of basic industries with some private ownership of consumer-goods businesses. Our economic system allows for some government regulation of business, so it is often referred to as mixed capitalism. |
|
|
