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7th grade Econ III
more demanding vocabulary
| Term | Definition |
|---|---|
| Recession | a period of reduced economic activity lasting for at least 6 months |
| depression | a period of economic decline that is longer and more severe than a recession |
| Capitalism | economic system in which trade, industry, and the means of production are privately owned and operated for profit. Based on competition rather than cooperation |
| capital | money or other form of wealth that can be invested in some profit-making enterprise |
| Communism | economic system in which the government owns all or most property and people work and are paid according to their abilities and needs. Based on cooperation rather than competition |
| Socialism | economic system in which the government owns much of the means of production or strongly regulates it. Based on cooperation |
| merit | the quality of deserving success |
| Democracy | a system where decisions are made based on the will of the citizens expressed through their elected representatives. |
| autocratic | relating to a system where the ruler has absolute or almost absolute power |
| political freedoms | freedoms necessary to participate fully in public life eg. freedom of speech, freedom of religion, freedom of assembly etc. |
| Credit | purchasing some good or service by promising to pay for it in installments over time until the full purchase price is paid plus interest |
| interest | an extra charge on the purchase of a good or service on credit, a charge for borrowing money |
| consumer | the end user of a product |
| producer | a person or company that makes, grows, or supplies goods for sale |
| business cycle | cyclical boom and bust in a nation's economic activity |
| externality | a cost of production that is not paid by the consumer. It is paid by a third party who gets no benefit from the product. Ex. pollution from a factory affects people living far downstream |
| profit | Money from a company's income that is left over after all the company's bills have been paid |
| The Greek word "Demos" (DEMOcracy) means ______________ | "The People" |
| The Greek word "Cratos" (demoCRACY) means ______________ | "power" or "strength" |
| Translated from the Greek, the word Democracy means ______________ | "The People Rule" |
Created by:
football09
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