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ErinZ@Chap 18-21
Civics & Economics Unit 6 Vocabulary
| Term | Definition |
|---|---|
| Annual Percentage Rate (APR) | annual cost of credit expressed as a percentage of the amount borrowed |
| Arbitration | situation in which union and company officials submit the issues they cannot agree on to a third party for a final decision |
| Articles of Partnership | formal legal papers specifying the arrangement between partners |
| Bankruptcy | inability to pay debts |
| Board of Directors | people elected by the shareholders of a corporation to act on their behalf |
| Bond | contract to repay borrowed money with interest at a specific time in the future |
| Capital | previously manufactured goods used to make other goods and services |
| Capitalism | a system in which private citizens own most, if not all, of the means of production and decide how to use them within legislated limits |
| Charter | a government document granting permission to organize a corporation |
| Collateral | property or valuable item serving as security for a loan |
| Collective Bargaining | process by which unions and employees negotiate the conditions of employment |
| Comparison Shopping | buying strategy to get best buy for the money |
| Complement | product often used with another product |
| Consumer Sovereignty | the role of consumer as the ruler of the market, determining what products will be produced |
| Consumerism | a movement to educate buyers about the purchases they make and to demand better and safer products from manufacturers |
| Cooperative | a voluntary association of people formed to carry on some kind of economic activity that will benefit its members |
| Corporation | type of business organization owned by many people but treated by law as though it were a person |
| Cost-Benefit Analysis | economic model that compares the marginal costs and marginal benefits of a decision |
| Credit | money borrowed to pay for a good or service |
| Demand Elasticity | measure of responsiveness relating change in quantity demanded to a change in price |
| Demand | the desire, willingness, and ability to buy a good or service |
| Discretionary Income | money income left after necessities have bought and paid for |
| Disposable Income | money income left after all taxes on it have been paid |
| Dividend | payment of a portion of a company's earnings |
| Economic Interdependence | a reliance on others, as they rely on you, to provide goods and services to be consumed |
| Economic System | nation’s way of producing things its people want and need |
| Economics | the study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants |
| Entrepreneur | individual who starts a new business, introduces a new product, and improves a management technique |
| Equilibrium Price | the price at which the amount producers are willing to supply us equal to the amount consumers are willing to buy |
| Evaluate | to assess or find the value of |
| Factor Market | a market where productive resources are bought and sold |
| Factors of Production | resources necessary to produce goods and services |
| Financial Capital | money used to buy the tools and equipment used in production |
| Free Enterprise | economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference |
| Gross Domestic Product (GDP) | total dollar value of all final goods and services produced in a country during a single year |
| Interest | the payment people receive when they lend money or allow someone else to use their money |
| Labor Union | association of workers organized to improve wages and working conditions |
| Laissez-Faire Economics | economic system where government should not interfere in the marketplace |
| Law of Demand | the concept that people are normally willing to buy less of a product if the price is high and more of it if the price is low |
| Law of Supply | the principle that suppliers will normally offer more for sale at higher prices and less at lower prices |
| Macroeconomics | economic behavior and decision-making by government or whole industries or societies |
| Marginal Benefit | the additional or extra benefit associated with an action |
| Marginal Cost | the additional or extra opportunity cost associated with an action |
| Market Demand | the total demand of all consumers for a product or service |
| Market | free and willing exchange of goods and services between buyers and sellers |
| Market Supply | the total of all supply schedules of all businesses that provide the same good or service |
| Mediation | situation in which union and company officials bring in a third party to try to help them reach an agreement |
| Microeconomics | the economic behavior and decision-making by individuals and small businesses |
| Mutual Fund | pools of money from many people who are invested in a selection of individual stocks and bonds chosen by financial experts |
| Opportunity Cost | the cost of the next best alternative use of time and money when choosing to do one thing rather than another |
| Price Ceiling | maximum price that can be charged for goods and services, set by the government |
| Price Floor | minimum price that can be charged for goods and services, set by the government |
| Principal | the most important |
| Private Property Rights | the freedom to own and use our own property as we choose as long as we do not interfere with the rights of others |
| Product Market | a market where producers offer good and service for sale |
| Productivity | the degree to which resources are being used efficiently to produce goods and services |
| Profit Motive | the driving force that encourages individuals and organizations to improve their material well-being |
| Profit | the money a business receives for its products or services over and above its costs |
| Resource | the money, people, and materials available to accomplish a community's goals |
| Return | profit earned through investing |
| Right-to-Work Law | state laws forbidding unions from forcing workers to join |
| Scarcity | not having enough resources to produce all of the things we would like to have |
| Services | work performed by a person for someone else |
| Social Responsibility | the obligation a business has to pursue goals that benefit society as well as themselves |
| Sole Proprietorship | a business owned and operated by a single person |
| Specialization | when people, businesses, regions, and/ or nations concentrate on goods and services that they can produce better than anyone else |
| Standard of Living | the material well-being of an individual, group, or nation measured by how well their necessities and luxuries are satisfied |
| Stock | ownership share of a corporation |
| Stockholder | an individual who has invested in a corporation and owns some of its stock |
| Subsidy | a government payment to an individual, business, or group in exchange for certain actions |
| Substitute | a competing product that consumers can use in place of another |
| Supply Elasticity | responsiveness of quantity supplied to a change in price |
| Supply | the amount of goods and services that producers are able and willing to sell at various prices during a specified time period |
| Trade-off | the alternative you face if you decide to do one thing rather than another |
| Transparency | process of making business deals more visible to everyone |
| Utility | the amount of satisfaction one gets from a good or service |
| Voluntary Exchange | the act of buyers and sellers freely and willingly engaging in market transactions |
| Warranty | the promise made by a manufacturer or a seller to repair or replace a product within a certain time period if it is faulty |
| Marginal Utility | additional use that is derived from each unit acquired |
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