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Scott Kennedy

Racoon City Police Department

QuestionAnswer
Economics Social science that studies how people decide to use scarce resources to satisfy their wants.
Production Process that combines economic resources so the result is a good or service that is available for sale.
Distribution Process of getting a product or service to consumers, before the human want can be satisfied.
Consumption Using a product or service, completes the want satisfaction chain.
Land Natural, human, & capital.
Labor Physical and mental efforts people use to create goods and services.
Capital Buildings, tools, and machines people create and use to produce final goods and services.
Factors of Production Land, labor, & capital resources.
Entrepreneurship Imagination, innovative thinking, and management skills needed to start and operate a business.
Opportunity Cost Highest valued alternative given up as a result of making a choice.
Benefits Gains
Costs Losses
Incentives Positive rewards for making some kind of choice or behaving in a certain way.
Disincentives Fines or punishment.
Trade Exchanging something for something else.
Marginal Extra or additional costs or benefits of a decision.
Profit Positive difference between total sales and total costs, meaning that total sales must be greater that total costs.
Market Economy Economy that relies on voluntary trade as the primary means of organizing and coordinating production.
Market Arrangement that allows buyers and sellers to make exchanges.
Macroeconomics The study of the economy as a whole.
Microeconomics The study of individual consumers and businesses.
Free Enterprise People in their economic roles are free to make choices.
Private Property The resources and products owned by individuals or businesses.
Public Property The resources and products owned by government.
Specialization A process in which businesses and people focus on producing one or a few parts of an entire product.
Price System Monetary prices as a message system to facilitate exchanges between buyers and sellers.
Market Comptition Competition among businesses.
Command Economy The government holds most property rights.
Traditional Economy People rely on traditions or customs to make the what, how, and for whom choices.
Mixed Economy Emphasize private ownership and voluntary exchange, but they allow the government to play an important role in the economic lives of its citizens.
Money Anything that is generally accepted as payment for goods and services.
Barter An exchange of goods and services without using money.
Full Employment Almost all people in the labor force are able to find work.
Economic Growth An increase in output of goods and services in the U.S. economy during a year.
Price Stability Prices of goods, services, and resources do not fluctuate significantly, either up or down, in short periods of time.
Economic Freedom FReedom of choice in employment, buying, selling, use of our time, and other decisions related to our economy.
Economic Security The basic needs of every person should be met.
Economic Equity Fairness and impartiality.
Effciency Getting the maximum output from the resources used to produce goods and services.
Line of Credit An agreement a business makes, usually with a bank, to borrow up to a certain amount of money for ongoing cash needs.
Intial Public Offering A company's first sale of stock to the public.
Common Stock A claim to a share of the profits of a company after all expences and taxes are paid.
Preferred Stock Ownership shares issued as nonvoting stock.
Venture Capitalists Investors who make loans to new companies.
Stock Market A market in which the public is able to buy and sell stock.
Index A combination of different numerical data, such as prices, into one measure that is reported over time.
Yield The percentage return actually earned over time on a bond investment and is figured by dividing the annual interest by the price paid.
Created by: Demon9X
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