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12 ECON Vocab 1-2-18

Ponder - Economics Vocab CH 1, 2, 18

Value worth of a good or service as determined by the market
economics study of how people try to satisfy their needs and wants through the use of limited resources
capital tools, equipment, and factories used in the production of goods and services; one of four factors of production
scarcity fundamental economic problem facing all societies that results from a combination of scarce resources and people's virtually unlimited wants
opportunity cost cost of the next best alternative use of money, time, or resources when one choice is made rather than another
wealth sum of tangible economic goods that are scarce, useful, and transferable from one person to another; excludes services
labor people with all their abilities and efforts; one of four factors of production
trade-offs alternative choices made by consumers in the marketplace
standard of living quality of life based on ownership of necessities and luxuries that make life easier
good tangible economic product that is useful, relatively scarce, transferable to others; used to satisfy wants and needs
capital good tool, equipment, or other manufactured good used to produce other goods and services; a factor of pro¬duction
consumption the final use of goods and services.
Need basic requirement for survival; includes food, clothing, and/or shelter
want way of expressing or communicating a need; a broader classification than needs
service work or labor performed for someone; economic product that includes haircuts, home repairs, forms of entertainment
production possibilities frontier diagram representing maximum combinations of goods and/or services an economy can produce when all productive resources are fully employed
production process of creating goods and services with the combined use of land, capital, labor, and entrepreneurship
factor market market where productive resources are bought and sold
durable good any good that lasts three years or more when used regularly
free enterprise economy economy in which consumers and privately owned businesses make the majority of the WHAT, HOW, and FOR WHOM decisions
Social Security federal program of disability and retirement benefits that covers most working people
economic system organized way in which a society provides for the wants and needs of its people
fixed income income that does not increase even though prices go up
capitalism economic system in which private citizens own and use the factors of production in order to generate profits
command economy economic system characterized by a central authority that makes most of the major economic decisions
mixed economy people carry on their economic affairs freely, but are subject to some government intervention and regulations.
profit the extent to which persons or organizations are better offat the end of period than they were at the beginning.
voluntary exchange act of buyers and sellers freely and willingly engaging in market transactions; characteristic of capitalism and free enterprise
private property rights fundamental feature of capitalism, which allows individuals to own and control their possessions as they wish; includes both tangible and intangible property
modified private enterprise economy free enterprise market economy where people carry on their economic affairs freely, but are subject to some government intervention and regulation
competition the struggle among sellers to attract consumers while lowering costs
economy the management of the resources of a community, country, etc., especially with a view to its productivity which includes frugality in the expenditure or consumption of money, materials, etc.
consumer sovereignty role of consumer as ruler of the market when determining the types of goods and services produced
profit extent to which persons or organizations are better off at the end of a period than they were at the beginning; usually measured in dollars
traditional economy economic system in which the allocation of scarce resources and other economic activity is the result of ritual, habit, or custom
inflation a persistent, substantial rise in the general level of prices related to an increase in the volume of money and resulting in the loss of value of currency
free enterprise economy in which competition is allowed to flourish with a minimum of government interference; term used to describe the American economy
market economy economic system in which supply,demand, and the price system help people make decisions and allocate resources; same as free enterprise economy
privatization conversion of state-owned factories and other property to private ownership
collectivization forced common ownership of factors of production; used in the former Soviet Union in agriculture and manufacturing under Stalin
capital-intensive industries production method requiring relatively large amounts of capital relative to labor
perestroika Soviet restructuring to make production more competitive in a market economy
state farm large farms owned and operated by the state in the former Soviet Union
Great Leap Forward Chinese plan to institute pure communism and industrial and agricultural revolution within five years
Piecework workers are paid for each unit produced
collateral property or other security used to guarantee repayment of a loan
keiretsu industry collaborative that prevents harmful competition among Japanese businesses
communism economic and political system in which factors of production are collectively owned and directed by the state; theoretically classless society in which everyone works for the common good
transparency making business dealings more visible to everyone, especially government regulators
storming Soviet practice of rushing production at month's end to fulfill quotas, often resulting in production of shoddy goods
infrastructure the highways, mass transit, communications, power, water, sewerage and other public goods needed to support a population
Five-Year Plan comprehensive centralized economic plan used by the Soviet Union and China to coordinate development of agriculture and industry
black market market in which economic products are sold illegally
socialism economic system in which the government owns some basic productive resources and manages them in the best interests of society
Gosplan central planning authority in former Soviet Union that devised and directed Five-Year plans
collective farm small farms in the former Soviet Union owned by the state, but operated by families who shared in some of the profits
Solidarity independent, sometimes illegal Polish labor union founded in 1980 by Lech Walesa
Created by: breckart2



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