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Econ

Chapter 3

TermDefinition
Declaration of independence a document written by American colonists explaining why the american colonies should no longer be ruled by great britain
Natural right a right given by god
Constitution a plan of government
Legislature a law making branch of government
Congress the lawmaking branch of the american government
Amendment a formal change to the constitution
Bill of rights the first ten amendments to the american constitution
Search warrant a document issued by a judge that says exactly who and what will be searched
citizenship the act of being a member of a country
Due process the act of following clear rules in court and treating everyone fairly
Free enterprise a name for the american style of economy same as capitalist or market economy
Consumer the one who buys and uses products
Exchange the act of giving another person something back
Voluntary exchange an exchange someone makes on purpose
Discrimination unfair treatment because of a person's race sex religion age or physical condition
Total revenue all money received by selling something this amount is reached by multiplying the number of units sold by the average price of a unit
Total cost all costs involved in making something to sell
Revenue all the money taken in by a business
Fixed cost a cost that stays the same no matter how much business is done
Overhead the costs of doing business
Variable cost -a cost that changes
Lay off to release a worker because there is no longer work or no longer money to pay the worker
Loss -the event in which money is lost because the total cost of doing business is greater than the total revenue
Created by: mtrampf
 

 



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