Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Economics
Vocab Final
| Term | Definition |
|---|---|
| Barter | The direct exchange of goods and services without the use of money. |
| Affirmative action | a program, supported by law, requiring U.S. employers, labor unions, and other institutions to eliminate discrimination against women and minorities by increasing hiring. |
| Arbitration | a process for settling a dispute in which a mutually agreed-upon third party listens to each side and makes a settlement decision. |
| Capital resource | an item that is used in the production of other goods and services. |
| Consumer | one who buys goods or services for personal use rather than for resale or use in production or manufacturing. |
| Credit | a form of exchange that allows consumers to use items with a promise of repayment over a specified time. |
| Cost of production | the total cost of materials, labor and other inputs required in the manufacture of a product. |
| Cartel | group of producers or sellers of a certain good or service who unite to control prices, output, and market share. |
| Collateral | property pledged by a borrower as security for a loan- for example, real estate, automobiles, or equipment. |
| Division of Labor | the division of a complex procedure into small tasks, enabling workers to increase output through specialization. |
| Demand | the amount of good or service that consumers are willing and able to buy at various prices during a given period. |
| Depreciation | a decrease in the value of a capital good because of its age, use, or deterioration. machinery in a factory, for example declines in value over time and suffers depreciation. |
| Determinant of supply | a non-price factor that influences the available supply of a good or a service. |
| Dividends | a stockholders portion of a corporations profit. |
| Economist | someone who studies economic theory and applies it to the real world. |
| Efficiency | the production of goods or services using the smallest amount of resources for the greatest amount of output. |
| Entrepreneur | someone who undertakes and develops a new business enterprise |
| Elastic demand | the situation that exist when quantity demanded changes greatly in response to a change in price. |
| Elastic supply | the situation that exist when quantity supplied changes greatly in response to a change in price. |
| Factor of production | a resource used to produce goods and services. |
| fixed cost | a cost of doing business that remains constant as production increases or decreases. |
| fringe benefit | a non-wage payment that employers make to employees in addition to basic wages. |
| franchise | a business that pays another established business to use the latter's name and product line. |
| human resources | any human activity- mental or physical- used in the production process. |
| income effect | the effect that a change in an items price has on consumers ability to purchase goods. |
| inelastic demand | the situation that exists when quantity demand changes only slightly or not at all in response to a change in price |
| inelastic supply | when quantity supplied changes only slightly or not at all in response to a change in price. |
| interdependence | relationship of mutual reliance and influence among people, businesses, industries, regions, and nations. |
Created by:
cclake12
Popular Economics sets