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Econ
Chapter 3
Term | Definition |
---|---|
Declaration of independence | a document written by American colonists explaining why the american colonies should no longer be ruled by great britain |
Natural right | a right given by god |
Constitution | a plan of government |
Legislature | a law making branch of government |
Congress | the lawmaking branch of the american government |
Amendment | a formal change to the constitution |
Bill of rights | the first ten amendments to the american constitution |
Search warrant | a document issued by a judge that says exactly who and what will be searched |
citizenship | the act of being a member of a country |
Due process | the act of following clear rules in court and treating everyone fairly |
Free enterprise | a name for the american style of economy same as capitalist or market economy |
Consumer | the one who buys and uses products |
Exchange | the act of giving another person something back |
Voluntary exchange | an exchange someone makes on purpose |
Discrimination | unfair treatment because of a person's race sex religion age or physical condition |
Total revenue | all money received by selling something this amount is reached by multiplying the number of units sold by the average price of a unit |
Total cost | all costs involved in making something to sell |
Revenue | all the money taken in by a business |
Fixed cost | a cost that stays the same no matter how much business is done |
Overhead | the costs of doing business |
Variable cost | -a cost that changes |
Lay off | to release a worker because there is no longer work or no longer money to pay the worker |
Loss | -the event in which money is lost because the total cost of doing business is greater than the total revenue |