Word | Definition |
Producer Price Index | Monthly reports on the costs of production to producers |
Law of Diminishing Returns | Economic law that says at some point increasing one factor of production only will decrease productivity |
Recycling | the reusing of old materials to make new ones |
Education and Training | Chief way to develop human capital |
Market | getting goods to consumers who want them |
Laissiz-faire | Economic philosophy that the government should not regulate the economy |
Invisible Hand | (blank) |
Competition | The struggle that goes on between buyers and sellers to get the best products at the lowest prices |
Cooperation | an organization formed to share business costs or to buy and sell goods at the lowest possible price |
Consumer Severeignty | Belief that the demand of consumers drives the economy |
Profit Motive | Reason people go into business, to make money |
Exchange | Price at which one country's money is exchanged for another county's mother |
Communist Manifesto | Capsule statement of the philosophy of communism, written by Karl Marx and Friedrich Engles |
Wealth of Nations | Adam Smith's classic 1776 statement of the virutes of a free-market economy |
Keynesian Theory | Economic view that government involvement is necessary to promote economic growth and stability |
Market Economy | Economy that runs of the free enteprise system |
Mixed Economy | Economy that uses both free-market and command elements |
Command Economy | Economy that is organized and operated by the government |
Traditional Economy | Economy in which economic decision repeat the decisions made in the past |
Parents | (blank) |
Copyrights | Legal protection for written or other creative work |