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jordynn@18-19
| Term | Definition |
|---|---|
| Economics | The study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants. |
| Microeconomics | the economic behavior and decision making by individuals and small businesses. |
| Macroeconomics | economic behavior and decision making by government or whole industries or societies. |
| Economic System | nations way of producing things its people want and need |
| Resource | the money, people, and materials available to accomplish a community's goals. |
| Scarcity | Not having enough resources to produce all of the things we would like to have |
| Trade-off | The alternative you face if you decide to do one thing rather than another. |
| Opportunity Cost | The cost of the next best alternative use of time and money when choosing to do one |
| Marginal Cost | The additional or extra opportunity cost associated with an action. |
| Marginal Benefit | The additional or extra benefit associated with an action |
| Cost-Benefit Analysis | Economic model that compares the marginal costs and marginal benefits of a decision |
| Services | Work performed by a person for someone else |
| Factors of Production | Resources necessary to produce goods and services |
| Capital | Previously manufactured goods used to make other goods and services |
| Entrepreneur | Individual who starts a new business, introduces a new product, and improves a management technique.q |
| Gross Domestic Product | total dollar value of all final goods and services produced in a country during a single year |
| Standard of Living | The material well-being of an individual, group, or nation measured by how well their necessities and luxuries are satisfied |
| Market | Free and willing exchange of goods and services between buyers and sellers |
| Factor Market | A market where productive resources are bought and sold |
| Product Market | a market where producers offer goods and services for sale |
| Productivity | The degree to which resources are being used efficiently to produce goods and services |
| Specialization | When people, businesses, regions, and/or nations concentrate on goods and services that they can produce better than anyone else |
| Economic Independence | A reliance on others, as they rely on you, to provide goods and services to be consumed |
| 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 |
| Free Enterprise | Economic system in which individuals and businesses are allowed o compete for profit with a minimum of government interference. |
| Consumer Sovereignty | The role of the consumer as the ruler of the market, determining what products will be produced |
| Private Property Rights | The freedom to own and use our own property as well as we choose as long as we do not interfere with the rights of others |
| Profit Motive | the driving force that encourages individuals and organizations to improve their material well-being |
| Voluntary Exchange | the act of buyers and sellers freely and willingly engaging in market transactions |
| Laissez-Faire Economics | economic system where government should not interfere in the marketplace |
| Disposable Income | Money income left after all taxes on it have been paid |
| Discretionary income | Money income left after necessities have been bought and paid for |
| Consumerism | A movement to educate buyers about the purchases they make and to demand better and safer products from manufactorers |
| Comparison Shopping | Buying strategy to get best buy for the money |
| 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 |
| Credit | Money borrowed to pay for a good or service |
| Annual Percentage Rate (APR) | Annual cost of credit expressed as a percentage of the amount borrowed |
| Collateral | property or valuable item serving as security for a loan |
| Bankruptcy | Inability to pay debts |
| Interest | The payment people receive when they lend money or allow someone else to use their money |
| Principal | The most important |
| Return | Profit earned through investing |
| Stock | Ownership share of a corporation |
| Dividend | Payment of a portion of a company's earnings |
| Bond | Contract to repay borrowed money with interest at a specific time in the future |
| Mutual Fund | Pools of money from many people who are invested in a selection of many individual stocks and bonds chosen by financial experts |
| Evaluate | To assess or find the value |
| Demand | The desire, willingness, and ability to buy a good or service |
| 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 |
| Market Demand | The total demand of all consumers for a product or service |
| Utility | The amount of satisfaction one gets from a good or service |
| Marginal Utility | Additional use that is derived from each unit acquired |
| Substitute | A competing product that consumers can use in place of another |
| Complement | Product often used with another product |
| Demand Elasticity | Measure of responsiveness relating change in quantity demanded to change in price |
| Supply | The amount of goods and services that producer are able and willing to sell at various prices during a specificed time period |
| Law of Supply | The principle that suppliers will normally offer more for sale at higher prices and less at lower prices |
| Profit | The money a business receives for its products or services over and above its cost |
| Market supply | The total of all the supply schedules of all the businesses that provide the same good or service |
| Subsidy | A government payment to an individual, business, or group in exchange for certain actions |
| Supply Elasticity | Responsiveness of quantity supplied to a change in price |
| Equilibrium Price | The price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy |
| 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 |
| Sole Proprietorship | A business owned and operated by a single person |
| Financial Capital | Money used to buy the tools and equipment used in production |
| Articles of Partnership | Formal legal papers specifying the arrangement between partners |
| Corporation | Type of business organization owned by many people but treated by law as though it were a person |
| Charter | A written document granting land and the authority to set up colonial governments |
| Stock | ownership share of a corporation |
| Stockholder | An individual who has invested in a corporation and owns some of its stock |
| Board of Directors | People elected by the shareholders of a corporation to act on their behalf |
| Cooperatives | A voluntary association of people formed to carry on some kind of economic activity that will benefit its members |
| Labor Union | Association of workers organized to improve wages and working conditions |
| Right-to-Work Law | State laws forbidding unions from forcing workers to join |
| Collective Bargaining | Process by which unions and employers negotiate the conditions of employment |
| Mediation | Situation in which union and company officials bring in a third party to try to help them reach an agreement |
| Arbitration | situation in which union and company officials submit the issues they cannot agree on to a third party for a final decision |
| Transparency | Process of making business deals more visible to everyone |
| Social Responsibility | The obligation a business has to pursue goals that benefit society as well as themselves |
Created by:
jlnorton1117
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