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vocab econ
n/a
58
Economics
12th Grade
01/03/2011

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Term
economics
Definition
the study of choices people make to satisfy their needs and wants
Term
economist
Definition
someone who studies these economic choices
Term
microeconomics
Definition
(small/one) the study of choices made by households, companies and individual markets
Term
macroeconomics
Definition
(large/many) looks at the behavior of entire economies
Term
consumers
Definition
people who buy things (choose what to buy)
Term
producers
Definition
people who make the things to satisfy the consumers needs and wants (choose what and how to make and provide it)
Term
goods
Definition
physical objects that can be purchased
Term
services
Definition
actions or activities that are preformed for free
Term
resources
Definition
Anything is used to make or obtain what they need or want.
Term
factors of production
Definition
a collection of various resources which contribute to producing goods or services
Term
natural resources
Definition
the natural wealth of a country,
Term
human resources
Definition
the workforce of an organization of employees
Term
capital resources
Definition
Tools, machines, and factories used to produce goods.
Term
capital goods
Definition
The total of all the money coming into a country from abroad less all of the money going out of the country during the same period.
Term
consumer goods
Definition
goods that are ready for consumption in satisfaction of human wants
Term
technology
Definition
the branch of knowledge that deals with the creation and use of technical means and their interrelation with life, society, and the environment
Term
entrepreneurship
Definition
a person who takes risks
Term
entrepreneur
Definition
a person who takes risks
Term
scarcity
Definition
shortness of supply
Term
allocate
Definition
distribute / to set apart for a particular purpose
Term
productivity
Definition
the level of output that results from a given level of input
Term
efficiency
Definition
accomplishment of or ability to accomplish a job with a minimum expenditure of time and effort: The assembly line increased industry's efficiency.
Term
division of labor
Definition
a production process in which a worker or group of workers is assigned a specialized task in order to increase efficiency.
Term
specialization
Definition
to pursue some special line of study, work, etc
Term
trade-off
Definition
if a resource is used to produce or consume one good, that same resource cannot be used tor produce or consume something else (one is sacrificed for another)
Term
opportunity cost
Definition
the cost of the trade-off or the next best alternative is given up to obtain the preferred item
Term
production possibilities curve
Definition
shows all of the possible combination of twp goods or services that can be produced within a stated time period
Term
exchange
Definition
to give up (something) for something else; part with for some equivalent; change for another.
Term
barter
Definition
requires those whom you wish to trade with must have something YOU want, and that you in turn have something THEY want.
Term
money
Definition
as a medium of exchange, buyers can give it to sellers to pay for goods and services;
Term
credit
Definition
A loan extended or (sometimes) taken by, for example, delayed payment of an invoice. /any deposit or sum of money against which a person may draw.
Term
value
Definition
This usually refers to FIRMS, where it is defined as the value of the firm’s OUTPUT minus the value of all its inputs purchased from other firms. It is therefore a measure of the PROFIT earned by a particular firm plus the wages it has paid.
Term
utility
Definition
being useful/Underlying most economic theory is the assumption that people do things because doing so gives them utility. People want as much utility as they can get.
Term
self-sufficiency
Definition
able to supply one's own or its own needs without external assistance
Term
interdependence
Definition
depending on each other.
Term
traditional economy
Definition
undeveloped countries/ customs govern economic decisions/ tech. not used/ farming, hunting and gathering are done/ economic activities usually centered toward family or ethnic unit/ men and women given different economic roles and tasks
Term
command economies
Definition
govt. makes decisions and determines how resources will be used/ change and occur easily/ little individual freedom/ no competition/ businesses are not run to create a profit/ consumers have few choices in market place/ shortages are common because of poorly run factories and farms/ govt. decides your job/ govt. sets prices of goods and services ex: Cuba, north Korea
Term
market economies
Definition
resources are owned and controlled by individuals/ economic decisions are made by indiv. competing to earn profits/ indiv. freedom is considered very important/ economic decisions are made/ also called capitalist economies/ there are many economic freedoms/ there is competition among businesses
Term
market
Definition
a body of existing or potential buyers for specific goods or services:
Term
self-interest
Definition
regard for one's own interest or advantage, esp. with disregard for others.
Term
incentive
Definition
something that incites or tends to incite to action or greater effort, as a reward offered for increased productivity.
Term
mixed economy
Definition
A market economy in which both private-sector FIRMS and firms owned by GOVERNMENT take part in economic activity.
Term
authoritarian socialism
Definition
It is opposed to individualism and democracy. In politics, an authoritarian government is one in which political power is concentrated in a leader or leaders, typically unelected by the people, who possess exclusive, unaccountable, and arbitrary power.[1][2]
Term
communism
Definition
system of social organization in which all economic and social activity is controlled by a totalitarian state dominated by a single and self-perpetuating political party.
Term
capitalism
Definition
Capitalism is a free-market system built on private ownership, in particular, the idea that owners of CAPITAL have PROPERTY RIGHTS that entitle them to earn a PROFIT as a reward for putting their capital at RISK in some form of economic activity.
Term
democratic socialism
Definition
(everyone is equal) form of socialism with a democratic government; the ownership and control of the means of production, capital, land, property, etc., by the community as a whole
Term
free enterprise
Definition
Term
private proporty
Definition
Term
contracts
Definition
Term
competition
Definition
Term
competition
Definition
Term
voluntary exchange
Definition
Term
product market
Definition
Term
resource market
Definition
Term
income
Definition
Term
full employment
Definition
Term
price stability
Definition
Term
standard of living
Definition
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