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Unit 5
Foundations of Economics
| Term | Definition |
|---|---|
| boycott | refusal to buy |
| capital | Anything produced in an economy that is used to produce other goods and services |
| capitalism | A system in which people make their own decisions about how to save resources as capital, and how to use their capital to produce goods and provide services |
| career | The occupation for which you train and which you pursue as your lifes work |
| collective bargaining | Process by which representatives of Unions and Business try to reach an agreement about wages and working conditions. |
| command economy | Type of economy where the government or a central authority owns or controls the factors of production |
| consumption | the act of buying or using goods or services |
| corporation | A Business that is separate from the people who own it and legally acts as single person |
| demand | The amount of product or service Buyers are willing and able to buy at different prices |
| disposable income | The amount of money left after taxes have been paid |
| distribution | The process by which goods and services are made available to the people who want them |
| dividends | Payments from the profits of companies in which they own stock |
| entrepreneur | A person who starts a business |
| factors of production | the resources people have for producing goods and services to satisfy their wants LAND, LABOR, CAPITAL |
| fixed expenses | Expenses that have to be paid regularly, usuall every month, such as rent and car payments |
| free Enterprise | The system in which individuals in a market economy are free to undertake economic activities with little or no control by the government |
| fringe benefits | Indirect payments for work: Leave, Insurance |
| insurance | A plan by which a company gives protection from the cost of injury or loss |
| Interest | Payment for the use of capital |
| Invest | Use of money to help a business get started or grow. |
| Labor Unions | Organizations of workers that seek to improve wages and working conditions and to protect members rights |
| Liquidity | The ability to turn savings back into cash |
| market economy | An economy where private individuals own the factors of production and are free to make their own decisions about production, distribution, and consumption |
| market price | The price at which buyers and sellers agree to trade |
| mixed economy | An economy that is a mixture of the three basic types of economies |
| Occupational Outlook Handbook | A guide published by the Department of Labor Bureau of Labor Statistics |
| partnership | A type of business in which two or more people share ownership |
| profit | The difference between what is costs to produce something and the price the buyer pays for it. |
| opportunity cost | The benefit given up when scarce resources are used for one purpose instead of another |
| scarcity | resources are always limited compared with the number and variety of wants people have |
| sole proprietorship | A business owned by an individual |
| strike | Workers refusal to work |
| technology | The practical application of science to commerce or industry |
| time deposit | A savings plan with a set length of time keeping your money in the account |
| traditional economy | The economy where basic decisions are made based according to long established ways of behaving. |
| variable expenses | Expenses that change from month to month |
| warranty | A Manufacturer's promise to repair an item if it breaks within a certain time from the date of purchase. |
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