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k.lerchie FE
Stack #110256
| Question | Answer |
|---|---|
| Economics | The study of how individuals, families, businesses, and societies use limited resources to fulfill their wants and needs. |
| Unemployment | when you don't have a job |
| Producer | a person who makes or does a good or service |
| Consumer | any person or group that buys or uses goods and services to staisfy personal wants and needs |
| Entrepreneur | a business risktaker |
| Resource | The total means available for economic and political development, such as mineral wealth, labor force, and armaments. |
| Opportunity Cost | the value of the next best alternative that had to be given up to do the action that was chosen |
| Distribution | Process of moving products from the factory to the seller |
| Economic system | way of determining how to use resources to satisfy people's wants and needs |
| Wealth of Nations | Adam Smith, USA economy is based on the book, 1776 |
| Command Economy | system in which the government controls the factors of production and makes all of the decisions about their use |
| Costs of Production | Ask Lerchie |
| Market Economy | System in which individuals own the factors of production and make economic choices |
| Developing Economy | An economy that is expanding(new businesses) and growing(improving products) |
| Socialism | ? |
| Communism | ? |
| Communist manifesto | ? |
| Underground market | place where suppliers sell their goods illegally |
| Capitalism | economic system in which private individuals own the factors of production |
| Capital goods | the machines, buildings and tools that are used to make a profit |
| consumer goods | goods that are ready for consumption in satisfaction of human wants, as clothing or food, and are not utilized in any further production |
| Profit motive | desire to make a profit that motivates people to produce and sell goods and services |
| When does a bicycle become a capital good? | When you use it as part of your business to help make a profit |
| WHat is the role of competition in the free enterprise system? | Competition motivates people to succeed, and so the sellers are trying to sell their products. |
| Generic products | general name for a product rather than a specific brand name given to it by the producer |
| Demand | the amount of a good or service that consumers are able and willing to pay at various possible prices during a specific time period |
| Supply | the amount of a good or service that producers are willing and able to to sell at various prices during a specific time period |
| Profit | The amount of money left over after all the costs of production have been paid |
| Law of Demand | economic rule stating that the quantity demanded and the price move in opposite directions |
| Law of Supply | economic rule stating that as the pric of a good or service rises, the quantity supplied also rises. As the price falls, so does the quantity supplied |
| How does supply and demand determine the best price for an item? | Supply and demand help make the equilibrium price, which occurs when the quantity demanded and supplied are the same. |
| Fixed costs | business expenses that are constant for a company no matter what the production level is, e.g. rent |
| Variable Costs | contrast change in relation to the activity of a business such as sales or production volume. |
| Total Costs | ? |
| Average Costs | ? |
| Marginal Costs | ? |
| Monopoly | A market situation when a single seller makes up and entire industry for a product |
| Natural Monopoly | monopoly that occurs because it's just the way things work out and because it's more practical |
| Pure Monopoly | monopoly that meets the requirements of a single seller, no substitutes, no entry, and almost complet control of the price |
| Government Monopoly | monopoly that us declared a monopoly by the government |
| Technological monopoly | a business that gets a patent or copyright so that no one can make the same product |
| Collusion | a bunch of businesses in the same industry that get together to decide the prices of the products and what is going to happen to the market. |
| Laissez-faire | economic system in which the government minimizes its' interference with the economy |
| Federal Trade Commission | federal agency that redulates producty warranties and protects consumers from unfair ads |
| Monopolistic Competition | Market situation in which a large number of sellers offer similar but slightly different products and in which each has some control over the price |
| Boycott | when employees urge the public not to purchase goods or services produced by a company |
| Lockout | when the management or owners of a business prevents the employees from returning to wok until they agree to a new contract |
| Strike | deliberate work stoppage by employees to forse the employer to give into their demand |
| open shop | when there are no unions |
| closed shop | company in which only union members can be hired. |
Created by:
alliegatorwang
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