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T's sample econ

Economics Vocabulary

QuestionAnswer
Consumer One who buys or rents goods or services and uses them.
Economics The study of the behavior of individuals and institutions engaged in the production, distribution and consumption of goods and services.
Economic interdependence economic activities in one part of the country
Entrepreneur Individual who begins, manages and bears the risks of a business
Federal Reserve System The “Central Bank” of the United States (consisting of the Board of Governors and 12 district banks) which controls monetary policy; sometimes referred to as "The Fed" or Federal Reserve.
GDP Gross Domestic Product dollar value of all final goods and services
Goods Objects that can satisfy people's wants.
Income Payments earned by people in exchange for providing resources used to produce goods and services.
Inflation A general rise in the price level.
Interdependence Ideas, goods and services in one area affect decisions and events in other areas reducing self-sufficiency.
Law of demand The lower the price of a good or service, the greater the quantity that people will buy, all else held constant (e.g., incomes, tastes).
Law of supply The higher the price of a good or service, the greater the quantity that business will sell, all else held constant (e.g., resource costs, technology).
Market A place or process through which goods and services are exchanged.
Market economy An economic system in which decisions are made largely by the interactions of buyers and sellers.
Mixed economy An economic system in which decisions are made by markets, government and tradition.
Monetary policy Government decisions on money supply and interest rates to achieve economic goals.
Money A medium of exchange.
Natural resources Anything found in nature that can be used to produce a product (e.g., land, water, coal).
Partnership A business in which ownership is shared by two or more people who receive all the profits and rewards and bear all the losses and risks.
Producer One who makes goods or services.
Productivity Amount of output per unit of input over a period of time. It is used to measure the efficiency with which inputs can be used.
Profit Total revenue minus total costs.
Recession A contraction in National production that lasts six months or longer. A recession might be marked by job layoffs and high unemployment, stagnant wages, reductions in retail sales and slowing of housing and car markets.
Resources Inputs used to produce goods and services; categories include natural, human and capital.
Scarcity An economic condition that exists when demand is greater than supply.
Services Actions that are valued by others.
Tariff A surcharge placed on imported goods and services. The purpose of a tariff is to protect domestic products from foreign competition.
Trade Voluntary exchange between two parties in which both parties benefit.
Traditional economy An economic system in which decisions are made largely by repeating the actions from an earlier time or generation.
Wants Desires that can be satisfied by consuming goods, services or leisure activities.
Wealth accumulation of those products that are tangible, scarce, useful, and transferable from one person to another
Created by: MrsTakahashi