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Chapter 3 Study

Test Thursday (10-28-15)

TermDefinition
Economics body of knowledge that relates to producing and using goods & services that satisfy human wants
Economic Wants desire for scarce material goods & services
Non economic Wants desires for nonmaterial things that are not scarves
Utility ability of a good or service to satisfy a want.
Producer Anyone who creates utility
Factors of Production land, labor, capital goods, and entrepreneurship
Natural Resources anything provided by nature that affects the productive ability of a country
Labor human effort, either physical or mental that goes into the production of goods and services.
Human Capital Accumulated knowledge & skills of human beings, the total value of each person’s education & acquired skills
Capital Goods buildings, tools, machines, & other equipment that are used to produce other goods but do not directly satisfy human wants.
Capital Formation production of capital goods
Consumer Goods & Services goods & services that directly satisfy people's economic wants
Economic System Organized way for a country to decide how to use its productive resources; that is, to decide what, how, and for whom goods and services will be produced
Market Economy economic system in which individual buying decisions in the marketplace together determine what, how, and for whom goods and services will be produced.
Mixed Economy economic system that uses aspects of a market and a command economy to make decisions about what, how, and for whom goods and services will be produced.
Privatization transfer of authority to provide a good or service from a government to individuals or privately owned businesses.
Capitalism Economic political system in the United States
Socialism economic-political system in which the government controls the use of the country's factors of production
Communism extreme socialism, in which all or almost all of a nation's factors of production are owned by the government
Private Property items of value that individuals can own, use, and sell
Profit computed by subtracting the total cost of producing the products from the total received from customers who buy them.
Demand the number of products that will be bought at a given time at a given price
Supply the number of like products that will be offered for sale at a particular time and at a certain price
Compeition the rivalry among sellers for consumers’ dollars
Economic Growth occurs when a country’s output exceeds its population growth
Consumer Price Index indicates what is happening in general to prices in the country
Recession decline in the GDP that continues for six months or more
Inflation the rapid rise in prices caused by an inadequate supply of goods and services
Business Cycles a pattern of irregular but repeated expansion and contraction of the GDP
Depression a ling a severe drop in the GDP
Command Economy Economic system in which a central planning authority, under the control of of the country’s government, owns most of the factors of production and determines what, how, and for whom goods and services will be produced.
Created by: thatchickbay_