Free Enterprise
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| Economics | The study of how individuals, families, businesses, and societies use resources to fulfill thier wants and needs.
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| Unemployment | Must be looking for a job
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| Structural Unemployment | Caused by changes in the economy, such as technological advances or discoveries of natural resources
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| Cyclical Unemployment | Unemployment associated with up or down fluctuations in the business cycle.
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| Seasonal Unemployment | Unemployment caused by changes in the season or weather
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| Producer | Creates goods/provides services
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| Consumer | Buy/Uses Goods and Services
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| Entrepreneur | someone willing to take risks in business and fail
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| Resource | Something required for production
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| Opportunity cost | value of the next best alternative given up for the alternative that was chosen
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| Distribution | moving goods from where they are produced to people that will buy them
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| Economic System | A way of using services to satisfy peoples wants and needs
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| Wealth of Nations | An Inquiry into the nature and causes of the Wealth of Nations
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| Costs of Production | Cost to produce a good/service
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| Command Economy | government leaders make all decisions, people make no choices
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| Market Economy | People make all decisions and are in control (Capatilsim) Opposite of Command
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| Developing Economy | economy of 3rd World Countries, or those economies that are trying to develop
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| Socialism | Goverment owns all means of production, Gov controls Resoruces
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| Communism | No entrepreneurship, large gap in rich and poor, everyone owns everything, work to your full ability, receive according to your needs
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| Communist Manifesto | By Karl Marx, Founding principles of Communism
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| Underground Market | Transactions made by people who do not respect state and federal laws, and do not report earnings
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| Capitalism | Where individuals own factors of produciton
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| Capital goods | Used to make a product or provide a service
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| Conssumer goods | goods are services made to be used
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| Profit Motive | Motive to produce a good/service ($$)
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| When does a bicycle become a consumer good | when it is used to produce a good
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| What is the role of competition in the free enterprise system | to regulate price and quality
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| Generic Products | Are not name brand, are not advertised, are usually cheaper
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| Demand | The amount of goods and servieces that a consumer is willing and able to buy
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| Supply | Willingness and ability of producers to provide goods and services at various prices
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| Profit | Money left after costs of production have been met
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| Law of Demand | As price goes up, qunatity demanded goes down, If price goes down, quantity goes up
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| Law of Supply | as the price rises for a good, the quantity supplied goes up, as the price falls, the quantity produced decreases
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| How does supply and demand determin the best price for an item | they create an equilibrium price, (changes per purchase)
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| Fixed costs | Price for products is always the same
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| Variable Costs | Constant change in relation to a business
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| Total Costs | all the costs, made of fixed and variable costs
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| Average Costs | equal to total costs divided by the number of goods produced
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| Marginal costs | change in total cost when one more additional unit is produced
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| Monopoly | One Company controls production and sales completely of a product
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| Advertising | Used to sell the product, associates it with superiority, happiness, or acceptance
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| Natural Monopoly | A monopoly formed because of natural causes ex. a general store in a tiny town in the middle of nowhere would have a monopoly of all goods in that town.
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| Pure Monopoly | Meets the requirments of a single seller, no entry
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| Government Monopoly | Monopoly created by the government
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| Technological Monopoly | If you invent something, you own the rights, and therefor can have a monopoly of it
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| Collusion | Companies work together to decide prices of products and determine plans for the future
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| Laissez-faire | Where the government does not interfere with the economy
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| Federal Trade Commision | Protects from monopolies, price fixing, false advertising, and other illegal business practices
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| Monopolistic Competition | large number of sellers offer similar but slightly different products
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| Boycott | where consumers refuse to support a good for various reasons
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| Lockout | when the management or owners of a business prevent workers form working until they agree to conditions or contracts
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| Strike | mass refusal by employees to perform work for a corporation or public institution
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| Open Shop | A business/factory where no union members are allowed
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| Closed Shop | A business/factory where only union members are allowed
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| Right-To-Work | State laws forbidding unions from forcing workers to join, and/or pay union dues
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| Binding Arbitration | If the union and company hire an aribtrator, they follow the orders of the arbitrator
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| Salary | Yearly Pay
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| Wage | Hourly or Monthly Pay
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| Profit Sharing | Incentive plans introduced by businesses that provide direct or indirect payments to employees that depend on the companies profitability and the employees regular salary and bonuses
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| Purpose of Unions | To protect the rights of Workers
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| Apprenticeship | System of training a new generation of skilled crafters
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| Social Security | Social welfare service concerned with social protection
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| Medicare | A social insurance program administered by the US providing health care to people 65 and older or meet a criteria
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| Income Tax | Tax on ALL income
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| Income tax day | Federal - April 15 State - May 15
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| Office Management and Budget | Executive agency that advises the president on the federal budget, keeps track of income and expenses for the nation
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| Federal Budget | Budget for the federal government, is forcasted on Oct 1st - Sept 30th
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| "buying on the margin" | Risky technique involving the purchase of securities with borrowed money and with the shares as collateral
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| PAC | Political Act Commitee, try to influence senators and congressmen
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| Progressive Tax | Where people with higher income pay a higher percent of income tax than those with a lower income
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| Regressive Tax | Where people with higher income pay a lower percent of income tax than those with a higher income
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| PIN | Personal Identification Number, password at ATMs
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| ATM | Automated Teller Machine, allows customers to perform basic banking activities
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| Alexander Hamilton | Started the National Bank, Is on the 10$ bill, was the first Treasurer
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| Federal Reserve | the central banking system of the US composed of the Board of Governers, the Federal Open Market Commitee, and Regional Federal Reserve Banks
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| FDIC | Federal Depossit and Insurance corporation, insures deposits up to 100,000$
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| Collateral | Property accepted as security for a loan or other obligation
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| Mortgage | a temporary pledge of property to a creditor as security for the repayment of debt
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| Interest | A charge on a loan
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| Installments | The periodic payments you pay on a loan
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| Principal | Amount borrowed
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| Bankruptcy | When a debtor is unable to meet his debts or discharge his liabilities
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| 4 C's of credit rating | Collateral, Capacity to Pay, Character, Credit
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| How would the closing of the only factory in town change credit supply? | (blank)
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| If people save more, how will that change government spending? | (blank)
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| How are sales of consumer goods, affected by people putting money into savings accounts? | (blank)
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| Interest rates | percent sum of money charged for its use
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| Inflation | the persistent decline in the purchasing power of money caused by the increase in the available money beyond proportion of available goods and services
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| GDP | Gross Domestic Product - all production of a nation
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| GNP | Gross National Product - All production of home based companies
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| Stock Market | Where you can buy/sell stock in a company, along with bonds
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| Port of Shreveport | brings in raw materials
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| Red River | Wants to be family orientated, its not
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| Louisiana Boardwalk | Outlet mall, brings in people
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| What role does Louisiana play in the US economy? | (blank)
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| How will your career choice affect the US economy? | (blank)
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| How does the supply of oil affect production in the US? | (blank)
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| Applying for a job | dress appropriately, know how much you want to make, have a list of jobs before, resume
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| Warranties | a gaurantee from the company that the product is free of defect and will be replaced under certain circumstances
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| Employee Rights | Right to join a labour union, right to collective bargaining, fair working hours, and pay, safety and compensation, no discrimination
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| Contract Obligations | obligated to follow what is sated in the contract
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| Tax Reform | the process of changing the way taxes are collected or managed by the government
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| Checking Accounts | a bank account in which checks may be written appropriate to amounts in deposit
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| Know how to fill out a check | (blank)
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| Know how to fill out a ledger | (blank)
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| Credit Cards | A card issued by a bank/business authorizing to buy goods/services
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| Passport | an official document that certifies ones identity and citizen ship, and allows you to travel abroad
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| Foreign Currency | money from a foreign country
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| Personal Budget | a finance plan that allocates future personal income toward expenses, savings, and debt repayment
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| Market Structure | Describes the state of a market with respect to comptition
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| Market Exchanges | when you buy/sell stock in a market
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| Market Economist | believes market should decide everything
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| Democratic Socialism | Advocates socialism as a basis for the economy and democracy as a governing principle
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| Proletariat | The working class
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| Elastic Effect | the rise and fall in a products price greatly affects demand
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| Subsitution Effect | if two items satisfy the same need and the price of one rises, people will buy the one that is less expensive
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| Competetive Advertising | When people advertise competetively
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| Clayton Antitrust Act | prevents anticompetetive practices in companies, monopolies, and unfair business practicess
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| Oligopoly | Where a market is dominated by a small number of sellers, or oligopolists
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| Injunction | an equitable remedy in the form of a court order where a party is required to do, or prevented from doing certain acts
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| Commercial Bank | bank that deals with loans and deposits for large corporations or businesses
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| Credit Union | a union where the members are the owner, and typically gives higher interest on savings, and lower interests on loans
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| How does scarcity of raw materials affect production? | (blank)
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| How does the economy of one country affect another? | (blank)
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| Should there be a different minimum wage for teens and adults? | (blank)
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Created by:
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