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Free Enterprise
| Question | Answer |
|---|---|
| Profit Motive | the force that encourages people and organizations to improve their material well-being |
| Open Opportunity | the concept that everyone can compete in the marketplace |
| Private Property Rights | the concept that people have the right and privilege to control their possessions as they wish |
| Free Contract | the concept that people may decide what agreements they want to enter into |
| Voluntary exchange | the concept that people may decide what and when they want to buy and sell |
| Competition | the rivalry among sellers to attract customers while lowering costs |
| Interest Group | a private organization that tries to persuade public officials to act or vote according to group members' interests |
| Public Disclosure Laws | laws requiring companies to provide full information about their products |
| Public Interest | the concerns of the public as a whole |
| Macroeconomics | the study of the behavior and decision making of entire economies |
| Microeconomics | the study of the economic behavior and decision making of small units, such as individuals, families, and businesses |
| Gross Domestic Product (GDP) | the total value of all final goods and services produced in a particular economy |
| Business Cycle | a period of macroeconomic expansion followed by a period of contraction |
| Work Ethic | a commitment to the value of work and purposeful activity |
| Technology | the process used to produce a good or service |
| Public Good | a shared good or service for which it would be impractical to make consumers pay individually and to exclude nonpayers |
| Public Sector | the part of the economy that involves the transactions of the government |
| Private Sector | the part of the economy that involves the transactions of individuals and businesses |
| Free Rider | someone who would not choose to pay for a certain good or service, but who would get the benefits of it anyway if it were provided as a public good |
| Market Failure | a situation in which the market does not distribute resources efficiently |
| Externality | an economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume |
| Poverty Threshold | an income level below that which is needed to support families or households |
| Welfare | government aid to the poor |
| Cash Transfers | direct payments of money to eligible poor people |
| In-kind Benefits | Goods and services provided for free or at greatly reduced prices |
| tweaking | Frantic & compulsive behavior often associated with crack & meth abuse. Those who are __ may find themselves unable to stop a particular random activity like searching drawers, scratching or pulling things apart. Yo! Check out that cluck, he's __! |
| cluck | Is a person with a drug problem that trades stolen or his/her things for drugs. Hey __ how much did you get for that laptop? |
| scrub | A __ is a now generalized term used as a synonym for a "noob" or "newb," which is someone who is bad at a video game or activity in general. |
| crunk | An overused hiphop term that has been beat to death more than "Bling-Bling". It means to get crazy and drunk. The term lost it's "cool" factor like two years ago, but that doesn't stop wanna be gangstas from using the the term as much as possible. |
| turnt up | getting loose (just being wild) |
| hit a lick | To rob or burglarize someone or something. Me and O.G. wanted to _ _ _ so we picked up some dudes and jack rolled them. |
| friendly | The act of being too nice or too generous, because people will often take advantage of you. That boy is too __, he always gives me his snacks. |
| Debo | To steal or take away from. Inspired by the character "__" from the film Friday, its original definition is to steal something. That cluck just __ed my IPhone! He __ed your rims. |
| corner store | Located at the corner of the street common in all urban areas across the U.S. Typically run by Asians, these sell all needs, including toiletries, food, drinks (alcoholic and non-alcoholic), and cigarettes. |
| U mad bro? | A phrase trolls use to anger an already mad person even more. |
| troll | One who posts a deliberately provocative message on a message board with the intention of causing maximum disruption and argument. |
| weaksauce | Paltry, insufficient, and laughable in effort |
| Noob Tuber | A really annoying person that keeps killing you with a grenade launcher in Call of Duty |
| owned | Completely annihilated or dominated. |
| Really? | A statement of disbelief in a sarcastic manner. It is like "seriously", but more obnoxious. |
| skitzing | What one does when on Meth, Ice, or whatever you call Speed. |
Created by:
weakstick
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