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