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EPF Mod 2 Vocab 16-4
2nd chunk of Mod 2 Vocab
| Term | Definition |
|---|---|
| Collusion | occurs when competing firms in an industry work together to control prices and increases profits |
| Command Economy | economic system where economic decisions are made solely by the government |
| Comparative Advantage | when a country can produce a good with a lower opportunity cost than another country |
| Competition | a rivalry between two or more business trying to sell products to the same customer or market |
| Consumer Price Index (CPI) | a measurement used by economics to measure average prices of a market basket of consumer goods and services |
| Consumer Product Safety Commission | a government agency responsible for setting and monitoring safety standards for all consumer products |
| Consumer Sovereignty | a characteristic of a market economy that gives consumers the power to decide what businesses produce |
| Consumer Surplus | when you can buy things for less than what you were actually willing to pay |
| Contracts | an agreement between two or more parties that is enforceable in court |
| Cooperative | a group of people who pool their resources in order to buy and sell more efficiently than they could independently |
| Corporation | a legal entity with an existence that is separate from the people who create, own, and operate it |
| Cyclical Unemployment | unemployment that is caused by a recession or downturn in business activity; caused by a decrease in total spending |
| Depreciation | a decrease in the value of a nations’ currency and an asset |
| Dividends | distribution of the after-tax earnings that are distributed to company’s shareholders |
| Economies of Scale | - occurs when the average cost of production decreases as the producer grows larger |
| Embargo | a law that cuts off most or all trade with a specific country |
| Eminent Domain | the right of the government to take private property for public use and compensate the property owner |
| Environmental Protection Agency (EPA) | a government agency responsible for enforcing laws about pollution and hazardous materials in order to protect the environment |
| Exchange Rate | the amount of currency it takes to buy one unit of currency in another country |
| Exports | goods and services created in one nation and sold to another nation |
| Factor Market | resources that businesses use to produce their products related to the factors of production: land, labor, capital, and entrepreneurship |
| Federal Communications Commission (FCC | a governmental agency responsible for the regulation communications industry |
| Federal Reserve System | the central bank and monetary authority in the U.S. |
| Federal Trade Commission (FTC)- | a governmental agency responsible for maintaining competition and informing consumers in our free market system |
| Fiscal Policy | a method of taxing and spending used by the government in order to influence the economy |
| Fiscal Year | a twelve-month period used for financial purposes that doesn’t necessarily begin on January 1st |
| Fixed Costs | Personal finance- anticipated expenses that are the same each month and usually require payment around the same time each month; production- expenses that remain constant regardless of the amount of products produced |
| Food and Drug Administration (FDA) | a governmental agency responsible for the safety of our foods, cosmetics, and medicines |
| Foreign Exchange Market | a market in which currencies of different countries are bought and sold |
| Franchise | a type of business organization that is part of a larger parent company; the franchise is independently owned and operated but with rules and regulations mandated by the parent company |
| Frictional Unemployment | unemployment resulting from workers who are entering the workforce, or who have quit a job and are looking for a new job that better matches their skills |
| General Agreement on Tariffs and Trade (GATT)- | agreement that sets up rules and policies for international trade among the 150 member nations at the end of World War II. Replaced by the World Trade Organization |
Created by:
bmparsons79
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