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Economics Vocabulary

High School Economics Vocabulary Terms

allocate to distribute scarce resources--such as money, land, equipment, or labor--in order to satisfy the greatest number of needs and wants
articles of incorporation an application to form a new corporation
authoritarian socialism an economic system in which the government owns or controls nearly all factors of production
authoritarian socialism also known as communism
barter the direct exchange of goods and services without the use of money
black market buying and selling of goods in violation of the law, typically at a higher price than has been officially established
board of directors a panel elected by the stockholders of a corporation to establish its policies and overall direction
budget deficit the amount that an organization's spending exceeds the revenue it takes in over a designated period
budget surplus the amount that an organization's income exceeds its spending over a designated period
business cycle activity that is characterized by alternating periods of expansion and contraction
capital good a building, structure, machine or tool that is used to produce goods or services
capital resource an item that is used in the production of other goods and services
capitalism a market-based economic system in which individuals own and control the factors of production
check-clearing the daily process of debiting and crediting banks' reserve accounts and checking accounts
collateral property pledged by a borrower as security for a loan--for example, real estate, automobiles, or equipment
command economy an economy in which a central government authority makes all basic economic decisions and controls the factors of production
commercial bank a financial institution whose chief purpose is to accept savings and checking deposits, make loans to businesses and individuals, and transfer money among businesses, other banks, financial institutions, and individuals
commodity money a money system that is based on an item (a commodity) that has value to a society
common stock a share of ownership in a corporation; grants dividends and a voice in corporate management to the shareholder
communism economic system in which the government owns or controls nearly all factors of production
communism also known as authoritarian socialism
competition in business, a state of rivalry among sellers of the same or similar products, in which each seller tries to gain a larger share of a market and to increase profits
complementary good a good that is commonly used with another good and for which demand increases (or decreases) when the demand for the related good increases (or decreases)
conglomerate combination a corporation made up of several companies involved in different industries and markets
consumer one who buys goods or services for personal use rather than for resale or use in production or manufacturing
consumer good a finished product that is consumed by an individual
contract a legally binding agreement, either oral or written, between individuals, such as to buy and sell goods and services
contraction a period in the business cycle during which business activity slows down and overall economic indicators decline
cooperative a business that is owned collectively by those who use its goods or services
copyright a government-granted right to exclusively duplicate, perform, display, publish, and sell copies of a literary, musical, or artistic work for a specified period of time
corporate bond a document representing a loan made by an investor to a corporation
corporate charter a document that a government issues to grant certain rights and impose certain restrictions on a bank or corporation
corporation a business in which a group of owners, called stockholders, share in the profits and losses
cost of production the total cost of materials, labor, and other inputs required in the manufacture of a product
credit a form of exchange that allows consumers to use items with a promise of repayment over a specified time
currency the paper money and coins that are in circulation in a nation and that make up its money supply
customs duty a tax on goods brought into the United States
debit card a plastic card used to make withdrawals at an automatic teller machine or a place of business
debt ceiling the maximum limit of debt that a local, state, or national government allows for itself by law
default the failure to make payments on a loan
deficit spending a government policy of spending more money on its programs that it is able to cover with expected revenue
demand the amount of a good or service that consumers are willing and able to buy at various prices during a given period
demand curve a graphic representation of a demand schedule, showing the the relationship between the price of an item and the quantity demanded during a given period, with all other things being equal
demand schedule a tablet hat shows the level of demand for a particular item at various prices
demand-side economics an economic theory developed by John Maynard Keynes proposing that government should stimulate the economy through measures that influence the overall demand for goods and services
democratic socialism an economic system in which some means of producing and distributing goods are owned or controlled by an elected government
Created by: becky012ohs



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